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1. Reaching customers. Ralph Waldo Emerson famously said, Build a better
mousetrap, and the world will beat a path to your door. The reality is that
even if you did, no one would find you. Even when you know who your
prospects are, its usually difficult and costly to reach them. You have to find
them via the Internet and e-mail, or the old-fashioned waythrough
broadcast media, print ads, direct mail, telemarketing, or references or by
cold-calling. And these potential customers are not likely to be waiting to
hear from you and may not respond to you. So be sure you know how you
are going to find and reach them.
2. Differentiating your product. You think youve got the very best solution,
but so does the other gal (or guy). Theres always competition, whether you
realize it or not. Smart marketing executives know how to develop unique
product-positioning strategies that highlight a products true value. You
need to thoroughly understand the competition and effectively
communicate the unique advantages of your product.
3. Pricing. One of the most basic decisions you have to make is how much
youre going to charge for your product or service. Giving your stuff away is
the way to go on the web, but remember that you still need to figure out
how you are eventually going to make moneyyou cant make it up on
volume. Start by understanding how much customers value what theyre
gaining from you. Then you need to estimate your total costs, analyze the
competitive landscape, and map out your long-term strategy. For your

| 21

company to survive, your products price must be greater than its overall
cost.
4. Selling. Persuading customers to buy a product that they need is one of
the most important skills an entrepreneur must learn (read Its All About
Selling for Survival). Youre going to be selling at every juncture. So you have
to understand what it takes to close a deal and put together the necessary
sales process. And this process has to be perfectly conceived. Be sure you
test your selling strategy as you would your product.
5. Delivery/distribution. This is easy on the Internet. But for big-ticket
items, you usually require a direct sales force; for mid-range products,
distributors or value-added resellers; and, for low-priced items, retail outlets
or the Internet. Its different in every industry and for every type of product,
but you have to get this right. Your products need to be designed and
packaged for the channel through which they will be distributed to
customers.
6. Supporting Customers. In addition to teaching customers how to use your
product, you need to ensure that you can deal with defects and returns,
answer product questions, and listen to and incorporate valuable
suggestions for improvement. You may need to provide consulting services
to help customers integrate and implement your products. If your product is
a critical component of a business, you may also need to provide 24/7 onsite
or web support.
7. Achieving customer satisfaction. The ultimate success or failure of a
business depends on how much it helps customers achieve their objectives.
Happy customers will become your best sales people and buy more from
you. Unhappy customers will become your biggest liability.

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9) No business plan survives the first customer contact
10) Its the business model, stupid
11) Take time to think through alternative possibilities
12) Your business model idea is just a set of hipotheses
13) Dont build your company, until youve verified your Business
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