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How to start a successful business
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How to market your business
Think of this as putting yourself in the shoes of the company exec pitching their budget - what saving or benefit will they need to demonstrate to win the approval of the CFO? Importantly, which exec will be the one to best position your product to get the green light on budget?
The top tip here is to work out where the money will come from in your target clients - which line item in which budget is going to give you the revenue you need, and who is in charge of signing it off - you'll sometimes be surprised, because it's not always the person you think it is.
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I got a call from a large global business that liked the product, and wanted an unlimited license for their 10,000 employees and £500k/mo wasn't the budget they had in mind! Nor should it have been!
Our pricing model needed to adapt to allow businesses of different sizes to pay more, but sc...
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After saying all of this, you don't have to, and probably won't get it right first time. When you first go to market, irrespective of how well prepped you are, how well understood the market is, the chances are your pricing model will need to adapt as you grow and the market changes. The ...
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So many technology companies go to market competing on price rather than value.
You definitely don’t have to be the cheapest, however, you also don't need to be the most expensive.
This largely comes down the phrase "If it's that cheap, it must be rubbish" - I've seen it time and ti...
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When you first take your product to market, beyond the price, clients also want to see proof points and case studies. If they're the first customer, this will always make them nervous, particularly if there's a lot of money on the line. This is where the old adage of "No-one ever...
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Now, just because you're in the same market as your competition, it doesn't mean you have to copy their pricing strategy, nor should you look at competing on price. However, you should leverage the work that they've done to understand their buyers, and the psychology behind it.
Look at h...
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If you're about to launch a SaaS platform, you can't really go wrong by analysing how some of the most successful businesses have approached their pricing matrix. I know it's cliché, but they will have spent a lot of time and money in understanding the customer, their psy...
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There’s no need to go into this too much as for any business owner, this is 101 - but it is always the foundation of getting your pricing strategy right. Ensure you understand how much your product has cost to develop, how much it will cost to deliver and how that cost will scale...
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We need to look at the kind of idea we plan to propose and figure out who would have the power to implement the same. Study the power dynamics of your company using the RACI matrix:
We would advise small businesses to have a budget equivalent to a senior-level marketer’s salary, e.g., $120,000. This is why it is often cost effective to hire an agency—a small business gets a whole team of experienced staff for the price of one employee.
As a last resort, if the small b...
An emergency savings fund buffer is vital for freelancers. It will help you to keep your head above water when your income fluctuates.
A zero-sum budget means living off last month's income alone. This can be done in the following way:
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