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Turn Your Passion into a Bankable, Sustainable Vision

Guest post by: Holly Murdoch

Article Overview: Financial issues is something people do not like to talk about. But it is something that we must face. Turn you passion into profit by reading this article for tips and advice.

Turn Your Passion into a Bankable, Sustainable Vision

Let's say you've developed a product or service that you are passionate about. While passion is important for helping you define the full scope of what you stand for, you need more than passion to turn your idea into a bankable vision; one with staying power. You've got to figure out a way to package your passion into a customer-focused business that will make your customer base go absolutely crazy, and know which signs to look for that will tell you when it's time to change course.

That's the word from Paige Arnof-Fenn, who runs Mavens & Moguls, a national strategic marketing firm. According to Paige, successful entrepreneurs need more than the three Ps—patience, persistence and perspiration—to make sure their passion not only takes hold, but stays a viable business. It requires that you take time to figure out what you can do to keep those in your targeted market niche delighted each and every time they call or come in to buy your product or service. It also requires building rapport, trust and a relationship with customer referrals who can, in turn, refer you to others, ensuring you succeed even further. To do so, here are a few suggestions:

1. Make sure you are giving customers a product they truly crave. Sure you want to convert your passion and knowledge into an undertaking and see that it remains profitable. But remember it's not about you. Think about what's in it for your customers. Ask yourself: What are you offering and how does that stack up to the competition? What are you doing to improve it? How are you adapting it to meet current and future customer needs? Why should they come back to buy your product or service or give you referrals? Every great business is built on a great story. As you tell yours, find out if it still resonates with customers and see if potential customers buy what you're selling.

2. Listen to customers with more than your ears. Find out what's said and not being said by paying attention to what customers and phone reps say and doing your own market research. You don't have to hire an agency, but can proactively seek feedback from customers using online tools like SurveyMonkey or Zoomerang. When surveying your customers, ask questions in a very objective way.

Testing and listening should always be done with real customers and prospects, not with family and friends, who may only tell you what you want to hear. You need a real "nitpicker"—someone with a healthy skepticism to tell you what works and what doesn't, and what's not being said. If you find that your customer says he or she will be happy to give you referrals, but learn they are referring your main competitor before you, probe deeper to find out why.

3. Change course in rough seas. If you're hearing that customers are having a tough time in the current economy, modify your approach. Chances are they still need your services but are short on money. The solution? It could be to reconfigure your product or service; turn it into bite-size pieces and price it at what they can afford to pay.

For example, if one of the most popular packages at your service station is a battery replacement, tire rotation and oil change for $139.99, try offering the battery replacement and oil change at $89.99. If your client's budgets has been cut in half and she can no longer afford your six in-person workshops on time management, offer her three in-person training modules, or design a superb online course for those whose budgets have been cut even further.

The lesson? This is the new normal. If you wait for "normal" to return, you'll be waiting forever. Even if the downturn hadn't happened, it's always good to reconsider your value proposition and add new products into your mix each year.

4. Create evangelists for your idea. You've heard how critical it is to know your target audience, understand what matters to them and refine your message to stay relevant to their needs. But, you could also take it a step further. Build a fan base for your business. Make sure they know how, where and why to buy from you. This set of people who support your idea will help you find new customers. For example, Costco uses the concept of a membership club to build their fan base and Apple gets the same result using social media.

Once you have your fan base established, start creating a sense of urgency to build further demand for your product or service. What can you do to be the "have to have" instead of the "nice to have" in the business segment you are in? Help your potential customers make the decision to buy rationally and emotionally by understanding which features and benefits of your service accelerate the sales cycle and why.

5. Do a few things really well. Less is more. Do a few things really well. Own that space in your customers' minds so they always think of you first. Once you've earned their trust and respect with one product or service, you can parlay it into other areas later. Before starting her book club, Oprah first built credibility with her core audience. Amazon began with books then expanded into toys and music after getting high scores from booklovers.

The important thing is to keep moving forward and learn from every experience. You have to expand and course-correct as you get more feedback along the way. Being an entrepreneur means making decisions without perfect information. It also means never giving up on what you believe in. An entrepreneur is one who doesn't give up on a dream. You've made it this far and can go even further.

This article was written and contributed by Linda Descano, CFA® - President and Chief Executive Officer

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Article Tags: business, financial, women, women mentoring



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