What if I told you that you are looking at your business totally wrong? Many entrepreneurs are struggling right now because they aren’t making enough money. When this happens you need to examine what products or services you’re selling and how to connect with the audience that needs your product or service.
On today’s Black Entrepreneur Blueprint podcast episode # 468, Jay is going to unlock the secret of reverse engineering your business and give you a step-by-step blueprint to help make your business more profitable so that you can start selling what people want or need and are willing to pay for.
LISTEN TO THE FULL EPISODE NOW
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 468
On today’s show, I’m going to unlock the secret of reverse engineering your business and give you a step-by-step blueprint to help make your business more profitable.
Reverse Engineering (Dictionary Definition) – the reproduction of another manufacturer’s product following a detailed examination of its construction or composition.
My definition of Reverse Engineering is putting the problem before the product. Working backward (in reverse) from finding a problem to solve, and then creating the product or service to sell.
Sometimes you have to start from the end and move backward to the beginning to find the product or service to sell. Most entrepreneurs say, “This is my product or service, who can I sell it to?”
STEPS TO REVERSE ENGINEER YOUR BUSINESS FOR SUCCESS:
Many entrepreneurs identify what they want to sell but can’t identify or connect to the specific market they want to sell to. They put the product before the problem. Focus on the problem first and then create the product.
1 Find A Target Audience You Can EASILY Connect With. Being able to connect with your target audience is the key to having a successful business and making sales.
Can you identify an audience that you can easily connect with? (I’m a Philadelphia Eagles fan, there are several FB groups and social media platforms where my audience convenes). (If you sell baby products, you can easily find groups and forums for new mothers) Some audiences are harder to connect with than others and that could be a problem. Is your audience hard to connect with or easy to find?
Use two intersecting demographic targets to laser focus your marketing such as: If you sell T-shirts, you can sell shirts to: Firefighters’ wives in New York City, or Women graduates of NC A & T.
If you can’t find your audience easily, maybe you create a forum (like on Quora), a FB group, a website, or some point of gathering for that audience.
2 Determine what you are really selling – the easiest way to make money is to find a problem and help people solve it.
- Are you solving a problem, and selling a solution to that audience?
- Are you selling something that you’re passionate about? (Like home automation systems)
- Are you selling status to that audience (like selling to someone’s ego by selling a high-end product like an expensive watch, or a high-end brand)?
3 Identify Or Create Your Product Or Service That You Can Sell To An Audience That Is Easy To Find – Find a product or service that solves a problem, or sells status, or something that you are passionate about that makes sense for your audience. It could be your own product or service or an affiliate product or service. You can only sell 6 types of things: your physical products, your digital products, and your services, or someone else’s physical products, digital products, or services.
RESEARCH THE PROBLEM, NOT THE PRODUCT
Identify a problem or an affinity
Ask yourself if the audience who has this problem or affinity is easy to connect with
Offer the audience a solution to their problem or something of interest to their affinity (college, fraternity, club, veteran, Christian, etc.)
THE IMPORTANCE OF AN AFFINITY AND YOUR MARKETING
If you’re not solving a problem, you need to have some type of affinity to sell your product or service. For example, you sell athletic clothing – is the clothing for a specific target (affinity) audience like HBCU grads, women hikers, Black bike clubs, etc?
Now you are not just marketing puzzles in general, you’re marketing to an audience and you’re giving them something they have an affinity to and now you’re able to find and connect to those groups via FB, social media, and other platforms.