When you are working for a company or brand, the first thing you should know about it is what problem it's going to solve, in other words, what is the business about.

One thing I’ve seen, far too many times, is that often, business owners or employees that are creating a new Marketing Strategy to improve their sales, haven’t thought about what it's really all about. There is a very easy and fast way to know a lot more about your business and which should be your priorities: DEFINING YOUR BUSINESS.

To define a business, I use a very simple mind-map that helps me get a very clear picture of what it is we are offering and the right path to take on any decision now and in the future of the company.

The Problem with Not Having your Business Well Defined:

When thinking about a solution, first you need to think about the problem, right? Well, in business it’s the same; first, you need to decide what problem you are trying to assess; and then, define how are you going to solve that problem, with what product or service; after that, you’ll need to understand how to reach your target market so that they know that you offer a solution to their problem (even when they don’t know there exists that problem). 

When you don't complete these first three steps before you define your Marketing Strategy, you are in for a huge-waste-of-resources-journey. And to make things worst, it could actually not even lead to sales. So, trust me, it is worth it. And as a plus, you are going to create an incredible business that no other will compare, this is how your company will be truly unique.

The objective should become solving something instead of just selling something. The marker is the sales.

Why Should you Define your Business:

Defining your business is the first step in creating your Marketing Strategy and Plan. It is about choosing a weapon before going into the battle. If you don’t do this first, you will have a hard time knowing which weapon you’re going to pull out on the battlefield, which will, in turn, make you lose a lot of precious resources. When you’re creating a business, it is not just about getting your product out there and making it popular, if you’re more strategic, you should first define it’s strengths and priorities so that you create a solid, powerful and inspiring brand that is not just a product, it’s a real solution to a real problem.

How to Define your Business:

Step One: Define The Problem:

When you create a business, you should know WHY you are creating a business, and the reason should be to solve one specific problem that you saw the potential to address, either because you knew how to address it or because you wanted to figure out how to address it.

And a huge question here is: WHY did you decide to address it in the first place? It is time to go deep into your thoughts and real feelings, having a clear picture of this is going to keep you going when things get tough, oh, and they will, trust me, there's no successful business that runs smoothly 100 percent of the time.

Then you figured out HOW to address it, which is the next step.

Step Two: Define the Solution:

Creating a true solution for this problem is really about thinking what the product/service will be. You can't have a company without offering a product or service. And a product or service should be defined as a solution to a need or a problem. What is the best way to address this problem in the best, most unique manner.

If you're not offering any real solution, don't bother. 

Even if it is something that is apparently unnecessary such as a luxurious product, deep down it offers comfort or feelings of belonging.

Step Three: Reevaluate your Business:

  1. Do you offer breakthrough technology instead of incremental improvements
  2. Is now the right time to start
  3. Are you starting with a big share of a small-market
  4. Do you have the right team
  5. Do you have a way to not just create but to deliver your product
  6. Will your market position be defensible 10 or 20 years from now
  7. Have you identified a unique opportunity that others don't see?

Step Four: Define your Market:

To reach this target market, you need to first have a clear definition of it. This is done in several ways, but the first step is to get a general scope of the market by giving it a broad definition:

After defining all these, you should get a very clear picture about what you should be doing and what focus your business should take, as well as next steps for growth or improvement.

Conclusion:

Defining your business is really about creating the core of your company, the true reason why you're here and why should people pay attention to you, to your product and to your service.

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