Business Is A Box (Needle Movers)
Hello and welcome to the “Business Is A Box” module. In this module, we’ll be talking about the importance of setting up a solid foundation for your business, just like a box or a square has guidelines that you need to follow. Watch the video below and take action when prompted.
Business terminology can be confusing, but it’s important to understand key terms such as MOQ, infrastructure, customer service, monetize, and marketing. These terms are used to describe fundamental concepts in business, such as the foundation of your business (infrastructure), how you sell products (marketing), and how you generate revenue (monetize).
It’s important to communicate your business ideas clearly and concisely to potential investors and partners. Avoid using buzzwords or jargon that may confuse or turn them off. Instead, focus on delivering the bottom line – how your product or service will generate profits. Be genuine and have a deep understanding of your business and target market to present your ideas with confidence and clarity.
One of the most important aspects of a successful business is customer service. Understanding your clients’ needs and preferences is essential in developing a targeted marketing plan. By conducting market research, you can gain valuable insights into what motivates your customers to make a purchase. Developing a marketing strategy that speaks directly to their needs can help you attract new customers and boost sales.
Monetization refers to earning revenue from your assets or business. To monetize your business, you need to have a deep understanding of your target market and know how to convert your products or services into currency. An effective monetization strategy can help you generate more revenue and grow your business.
Marketing involves promoting and selling products or services, and effective marketing can help you increase your brand awareness, attract new customers, and boost sales. It’s essential to develop a marketing plan that speaks directly to your customers’ needs and preferences. Conducting market research can help you gain valuable insights into what motivates your customers to make a purchase, which can help you develop a marketing strategy that resonates with them.
In conclusion, when it comes to business terms, it’s essential to use them wisely and effectively. Fancy words and jargon may impress some people, but it’s better to focus on clear communication, deep understanding, and genuine passion for your business. By doing so, you can build trust, establish credibility, and attract the right partners and customers to help you achieve your goals.
What is a Business Box?
So, what do we mean when we say business is a box? Well, just like a box or a square has guidelines, so does business. And when you follow these guidelines, you’ll be able to meet your destination. Every square has a point, just like our lives. We all have a point, whether it be a point we want to reach or a point we want to exceed. For some, that point represents wealth, and for others, it represents just someone who is out to prove their own personal point. The bottom line is that you have some form of destination involved here.
1. What goes out:
This refers to the product or service that your business offers. It’s essential to have a clear understanding of what you’re offering, the value it provides, and how it solves your customers’ problems. Without a clear understanding of what goes out, it’s challenging to create effective marketing campaigns, build customer loyalty, or grow your business.
To be successful in today’s competitive marketplace, it’s important to not only have a clear understanding of what your business offers but also to differentiate yourself from the competition. This can be accomplished by identifying your unique selling proposition (USP) and communicating it clearly to your target audience. Your USP could be a feature or benefit of your product or service that sets you apart from competitors, such as superior quality, affordability, or convenience.
Ultimately, having a clear understanding of what goes out, including your unique selling proposition and how your product or service solves your customers’ problems, is essential to the success of your business. By leveraging a combination of front-end digital marketing channels and physical channels for upselling and increasing customer loyalty, you can effectively reach and engage your target audience, drive revenue growth, and build a strong, sustainable business.
Go ahead and write down “What it is you are offering”
2. Who it goes out to:
Identifying your target audience requires a thorough understanding of their demographic, psychographic, and behavioural characteristics. You can gather this information by conducting market research, surveys, focus groups, or analysing data from your website or social media analytics. Once you have a clear picture of your target audience, you can create buyer personas that represent your ideal customer.
These buyer personas should include information such as age, gender, income, education, hobbies, and values. You can use this information to create marketing campaigns that speak directly to your target audience’s pain points and aspirations. By doing so, you can build a strong brand connection that can drive customer loyalty and advocacy.
It’s important to keep in mind that your target audience may change as your business evolves. For example, if you’re launching a new product or service, you may need to identify a new target audience. Additionally, changes in market conditions or shifts in consumer behaviour may require you to adjust your targeting strategy. Therefore, it’s crucial to monitor your target audience regularly and make changes as needed to ensure your marketing efforts remain effective.
Go ahead and write down “Who will get what it is you are offering”
3. How to get it out to them:
This refers to your business’s marketing and distribution channels. You need to determine the best way to get your product or service in front of your target audience. This could include social media advertising, email marketing, SEO, or other forms of paid advertising. It’s essential to monitor your results and adjust your marketing efforts based on what’s working and what’s not.
When it comes to acquiring new customers, the front-end digital marketing channels are typically the best way to get your product or service in front of your target audience. This includes social media advertising, email marketing, and search engine optimization (SEO). By leveraging these channels, you can reach potential customers where they spend most of their time online and increase the visibility of your business.
We suggest that as you continue through the Future You Program, understanding in-depth the opportunities in Exponential Business and the Spatial Web, that you come back to this component of the Business is a Box to refine how you deliver your products, services, or experiences, and in general position your brand.
Go ahead and write down “How you will get what it is you are offering out to them”
4. How to benefit from everything:
The final wall of business is all about how to benefit from everything. This involves making sure that both parties in the business transaction receive value from the exchange. Your product or service should provide a solution to a problem or a desire that your customer has, and in return, they pay you for that solution. In this way, the customer benefits by obtaining a solution to their problem or fulfilling a desire, while you benefit by receiving payment for providing that solution.
In addition, it’s important to think about long-term benefits as well. By providing a valuable solution and building a positive relationship with your customers, you can establish a loyal customer base that will continue to do business with you in the future. This can lead to repeat business and positive word-of-mouth referrals, which can ultimately benefit both parties in the long run.
Ultimately, the key to benefiting from everything is to create a win-win situation for both parties involved in the transaction. When both parties are satisfied with the exchange, it creates a positive experience and sets the stage for future business opportunities.
Go ahead and write down “How you and your consumers benefit” from the transaction.
Welcome back and with that we are done with the Business Box, please feel free to share your business box in the next monthly group coaching, or next weekly inner circle session. Keep it up, to help fast tracking your success, we suggest completing the Needle mover tool, watch the video and take action!