“What can I do to boost the chances that my startup will grow explosively?”
“How do those amazing new enterprises leap from initial sales to massive size?”
This morning I responded to those questions. They are often asked.
Serial entrepreneurs asked the same questions their first time, now they know what to do. One clever thing they use is to "line up the bowling pins." Let's take a look at how they do that.
TIPS ON HOW TO PLAN TO BUILD SALES MOMENTUM
- Most important: LINE UP THE RIGHT BOWLING PINS – ON DAY 1. The pins are market segments – subsets of your larger target market. Be deliberate. Slice the pie into pieces and start to line them up like bowling pins.
- The first pin is critical. It’s where your Ideal Customer lives. You have to knock it down (capture a large portion of those sales) to get it to knock over the next two pins (thus building sales momentum).
- Pins have to be focused and smaller. You cannot build momentum starting with Consumer, then Government, then Education. That is not focused enough. You have to divide the huge Consumer pin into smaller market segments (perhaps starting with an age range).
- Pins have to be related. Here is an example of a lineup that is focused and related:
- The ideal customer: 18-25 year old males who lift weights casually, guys who want to get bigger
- 26-39 year old males who are interested in staying in shape and having something to hold themselves accountable for / have something that effortlessly checks their progress
- 18-25 year old women who lift to stay in shape
- Use pin-talk to send your marketing message. People in each pin interact (food and fun) and communicate (e-social, mobile) with each other. They eagerly spread the word (“Wow! You’ve go to see this!”) about your cool product/service. Get your message to them, let them spread the word.
- And remember your product/service must have WOW! That special something your Ideal Customer gets excited about, very excited. And eagerly spreads the word.
BOTTOM LINE: Serial entrepreneurs plan their path to momentum well before starting to build the first prototype. That helps focus, increases insight about what is exciting and boring to people in the target market. The first bowling pin is critical – your startup must capture a significant share of the potential sales there. Extra work and research, customer contact, surveys – all help you make the decision who will be the people in pins two and three. It is worth the hard work and time. It is how serial entrepreneurs became so successful. You can do the same. It will add power to your unfair advantage.
I wish you The Best on your Adventure!