How to Launch a New Business (And Convince Your Customers It Matters)
Starting a new business is just the beginning of your growth journey. WATCH the episode with advice from Deborah Meaden and industry experts, and read on to unlock how to launch a successful business.
Launching a new business
When you launch a new business, your business growth is just beginning. It can be tricky to know how to make your business stand out and appeal effectively to your target market. Here is some key advice from business guru Deborah Meaden and NESCAFÉ® expert Katya Simmons on how to grow your business at the launch.
Don’t overlook direct-to-consumer
Consumers can help tell your story: When launching a B2B business, pay attention to direct-to-consumer. By focusing on consumers’ needs first, you can then appeal to other businesses effectively. It will help strengthen your story by allowing these businesses to see where you fit in their processes.
It proves there’s demand for your product: By targeting consumers instead of businesses, the consumers can do much of the advertising work for you. If the consumers are enjoying your product, you can use this as proof of why businesses should partner with you and purchase your product.
Have a compelling story
Find what makes your business stand out: Define your unique selling point to capture your target audience’s attention effectively. Whether it’s better looking or cheaper, you need to showcase what makes your product better than what other businesses already offer.
Make sure your product solves a specific problem: Develop your product catalogue to fit what your industry is actually asking for. If there is no demand for your product, it’s unlikely to gain traction.
Understand your industry
Keep to your industry’s processes: Many industries are very adverse to change, whether it's a change in process or a change in product. Make sure you follow processes similar to your target market to make the switch to your product as smooth and effortless as possible.
Use market research to understand where you can scale up: To know how to expand your business, you need to understand your current market. Identify your industry’s marketing trends and what different companies and consumers could benefit from your product. Find out what they’re already using and how you can scale up and improve upon what’s already out there.
Don’t be afraid to make mistakes
Trial and error is vital for progress: When launching a new business, it’s important to keep an open mind. The key to knowing how to grow your business is to use trial and error to see what works and what doesn’t.
Be fast enough to spot your own mistakes: When encountering errors or mistakes, be quick to recognise and learn from them. Failure is the best way to grow your business and get used to adapting to an ever-changing market.
Selling your brand story
Your brand story is the heart of your business. It’s where your passion and dedication are most evident. This is why it’s so important to refine your story if you want to grow your business. But how do you get your target consumers on board? Deborah Meaden and Katya Simmons outline their advice for getting customers to buy into your brand story.
Expand your story beyond your core mission
Address your customer: No matter what your brand mission is, whether sustainability or inclusivity, start with what’s most important to your customer. Rather than launching straight into the focus of your mission, address the common issues your target market faces and use that as a buy-in to your product.
"You need to speak in a language that addresses their particular fears.”
Deborah Meaden, Business Guru
Become part of the change: Once you’ve convinced your consumers to buy your product, you can inspire them with your brand’s story. Instilling this after purchase can help convince even the most reluctant customers to realise they are already on board with your mission without even realising it.
Find your ‘better’
Find multiple angles for your ‘better’: If your core mission is something like sustainability, this may not be enough to hook in your consumers. Instead, explore and define all the other ways your product is better. Is it cheaper, easier to use, looks better, etc.?
Showcase what makes you better: Use your website and other small business advertising materials to showcase all the ways your product is better. It’s the customers that have no interest in your brand mission that you want to attract, so speak in their language and address what they are actively looking for first.
“Whatever your better is, define that and speak in that language when you're talking to your consumer.”
Deborah Meaden, Business Guru
Scale up to strengthen your story
Emphasise your brand’s impact: Expand your brand and the volume of products you sell to strengthen your story's impact. Whatever the core of your brand mission is, match it with a high-volume output to emphasise your brand’s power.
Understand the size of your market: To expand your product range better, ensure you understand your market size and what your competitors are offering. Identify your competitive advantage and how you can stand out amongst a potentially large pool of products.
