Chatmeter's VP of Sales, Dorian Chase, led a panel of experts and shared his expert opinion in the session "How to Sell When You Don't Have Any Customers" to over 300 businesses at San Diego Startup Week. San Diego has quickly become a hot spot for startup businesses recently and San Diego Startup is labeling the city as "The Next Silicon Valley". SDSW is an exciting time for entrepreneurs to network, share progress, resources and knowledge. For those of you not lucky enough to attend this event, we have laid out his key steps for you below.
1. Know what problems you're solving
A lot of businesses start off with an idea, usually it's unique and exciting. However, it is rarely asked if that idea is solving a problem that consumers and other businesses are actually dealing with.
"People don't want to buy their way in to something, they're often looking for a way to buy themselves out of a problem."
Everyday, your potential customers are surrounded by nagging pains such as too many reviews to manage or inaccurate listings with a difficult process to solve them. Understand their pain and present your business as a solution. One way Chatmeter excels at this is by providing complete online presence management into a single platform.
2. Know your audience
A very common problem that marketers make, whether you've just started in the business or you're an expert in the field, is not knowing who your audience is. You need to have an established ideal prospect or target market before you can even take the steps to market to them. Once you know who your established market is, stay focused on them and listen to what their needs are.
3. Build credibility
For businesses that are just starting out and looking to establish trust in their brand, there are two great ways to start building credibility:
Find the authority figures in your ideal target industry and give them your product for free in exchange for a testimonial. These authority figures should be the most recognizable brands to consumers and already well established in the industry. Those testimonials will be crucial in establishing your company and it doesn't take a lot for people to notice.
Give a discount to the early birds. This will encourage people to try out the product, which can lead to positive WOM from their experience and will draw more interest from potential customers.
4. The careful science of pricing
There's a theory that if your product has lower price than your competitors, the buyers will pick your product. This isn't true. It is much more important to focus on increasing your perceived value rather than lowering your cost. People recognize good value and are willing to pay for it. They also feel more confident in their choice if the price is higher because their must be a reason why it is higher. By differentiating and increasing the value of your product, you pull more interest from prospective buyers without having to engage in further selling. This avoids high volume costs typically incurred from low cost strategies, and frees up your business to focus on more profit maximizing activities. It is also a lot easier to drive revenue up with higher prices, than to take the volume approach with a race to the bottom pricing strategy.
5. Embrace and enjoy competition
This one stuck out to many in the audience as it contradicts most people's natural thinking. Dorian stated clearly that he thoroughly enjoys competition. High levels of competition are indicative of market appeal for the product or service, which can result in higher profits for your firm. In other words, there's money where the competition is: just figure out a different angle and beat them. Your competitors have already spent their time and money educating the market about this product or service which means you don't have to!
Learn how your competitors are conducting their business as a foundation to build off of; then you can find ways to differentiate your product from the competitors. If successful, you not only have a better product than them but you have a unique selling proposition as well. This will allow you to approach the industry in a new way that will attract consumers. Enjoy your company in a highly competitive industry!
Getting customers for your startup can be a daunting task but utilizing these five tips will help your business to get established in the industry and stand out amongst competition. San Diego Startup Week is a great way to network with other entrepreneurs and build business strategies. Go check out how chatmeter can help you build your business's online presence!
Chatmeter helps enterprise retail brands and agencies managing multiple locations increase their revenue. Since being the first Local Reputation platform in 2009, they now analyze and improve over 500,000 storefronts for their reviews, rankings and listings.
They help retailers make a distinct impact in revenue by identifying several areas in their online presence that drives customers to choose their stores over competitors. Chatmeter takes this a step further with the only integrated local visibility rank tracker so you can measure ROI using the most complete local presence management platform in the world.
The benefit for the clients is complete online presence management simplified into a single platform. They also power a white-label reputation management platform for many agencies across the U.S.
Some clients include Autotrader, Sears, Comcast, Aaron's Bruegger's Bagels, Texas de Brazil, and Dickey's BBQ.