Listen To The Market š¤«
"Bro let the market tell you want it wants from you, not the other way around..."
One day last year I was having a really rough day in my business, it felt like nothing was working and no matter what I did to fix the situation, and make business better, nothing worked.
I called my best friend to voice my concerns and to simply vent and he offered some really sage advice, he told me to "listen to the market..."
During the conversation I listed 3-4 things that were working in my business then I listed some things that I was trying to get to work and he just asked:
"Well why dont you just maximize whats been working? Don't force something that isn't. Your audience will tell you what they want from you if you just sit back and listen."
I wasn't trying to hear to him or the market, as he put it. (lol)
I needed my ideas to work NOW!
But he was absolulutly right. In the 8 years we've been in business our audience had shown us time and time again what they want and value from us and it is our job to deiliver on that and not take it personal when they dont want something else.
The Lesson
When starting or growing your online business it is important to understand what your audience wants from you.
The most clear example I can give is this brand The School of Xcellence.
In late 2022 I got the idea to create an brand targeting Black Family Businesses or people who wanted to start their own. I thought it would be a simple message to get across since I myself run a family business but for over a year I struggled with it for a few reasons:
- People had preconceived nothings about "family business" and how it just couldn't work.
- I didn't specify if I was teaching general business or online business so I attracted a lof of people I couldn't help
- My offer was confusing so my potential customers were also confused.
- It was a very small TAM (total addressable market)
So with that the business stalled out.
It wasn't until about a month and a half ago after I signed up a client for my coaching and consulting that I realized who my customer avatar was and who my skillset could help.
Although I have been working with my family, we have been running an online business and when people reach out for help its usually not because they want to do the same thing with their family, its because they just want to learn how to do it for themsleves.
If their families join in that is a byproduct.
It was humbling, but I listened to the market.
Doesn't mean I can't create an offer just for family businesses but that doesnt need to be the entire brand.
Thus the School of Xcellence was born.
An Exercise For You
Sometimes our "amazing ideas" aren't taking flight because they arent truly fleshed out.
Here are some questions to ask yourself when creating your brand or business:
- What Problem Am I Solving?
- Who Is My Target Audience?
- What Makes My Brand Unique?
- What Is My Long-Term Vision for This Brand?
Asking yourself these questions will open you up to what the market needs from you.
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