The Who, What and Where, When, How and Why of Business

In public relations, the most important part of a press release is the lead. You need to succinctly present the “who, what, where, when, how and why” of the story, in a manner that catches your audience’s attention.

The same holds true for your business. You need to be able to answer these questions before you leap into action.

  • Do you know who is your target market?
  • Do you know what your target market needs?
  • Do you know where you fit in the marketplace?
  • Do you have a timetable for when you expect to reach your goals?
  • Do you know how you will reach your target market?
  • Do you know why you are doing this…what is your personal motivation?

I learned this the hard way. A “serial entrepreneur” as business coach once called me, I was quick to leap before securing my landing…the foundation of the business

It is not the writing of a business plan but the execution of that plan, that determines your success. Plan the work (but plan it realistically-unrealistic plans can lead to let down and failure)…then work the plan.

  • Knowing your target market includes doing the research to understand the demographics, the potential reach, the trends, and the marketplace
  • What is your unique selling proposition? Does your target market need and is your product or service filling a need, creating a new need, and what differentiates you from the rest of the “need fillers” out there?
  • Understanding if you are a little fish in a sea of opportunity or a big fish in a local pond.
  • Setting a timetable for milestones in your business will allow you to see ongoing victories, keep you motivated towards your goal and give you a measuring stick for how you are doing. It will help you determine at what point you may need to staff, tweak your marketing, to ramp up your sales process.
  • Today we have a plethora or marketing options.Your target market and the research you have conducted will determine where to market your product or services. Flooding the market with advertising and hoping something sticks, is throwing money away.
  • And for me, the most important question is one you must ask yourself: Why am I doing this, do I understand the risks, and do i have the dedication to ride the highs and lows of the journey?  If you cannot quickly and concisely answer these questions, you might need to take a step back and work on yourself before you work on your business.

If you need help answering any of (5) “W’s” and ( 1) “H”,  let’s talk! Give me a call at 609-238-0077.

 

 

 

 

 

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