Interesting & valuable lessons learned from a business launch

Please note that the percentages used below are not academic. I used them to purely put my point across.

When you invite 100 people to a business launch or a product launch, they are likely to represent the following ten interesting groups:

The first 5% of the guests

These guests are at the launch to witness and prove that indeed you have the guts to start a business. They are not at the launch to buy your products, now or in the future. Not even a good sales person who can easily convince people to buy a stone will change their minds.

The 2nd 5% of the guests

This group is there to fulfil and represent their socialite status. They can’t help but accept every invite that they receive. They are the “anything goes” kind of guests. Some of them are there to look for future wives and husbands. They are not there to support. Their presence has absolutely nothing to do with your business. In fact, they couldn’t care less about what you are launching. Maybe this group is the reason behind the new trend of requesting people to buy tickets for attending business launches.

We are now left with 80% percent. Let us break it down further:

The 1st 10% of the remaining 80%

Although, they have accepted your invite, it does not mean that they will like your products enough to buy for themselves. They won’t buy because the products that you are selling is not in line with their taste. Don’t take it personal. We all must be allowed to honour our taste. You also don’t buy everything that you come across, right?

The 2nd 10% 

They will love your products, unfortunately at the time of the launch they genuinely won’t have money to buy. They are likely to contact you as soon as they have the means to buy. Keep these contacts in your database and send them information about new products as often as possible. A client and potential client database is an asset for any business.

The 3rd 10%

They will genuinely love your products, BUT-they cannot fathom the idea of them contributing towards your success. They are suffering from the jealousy syndrome. They will rather go buy at established businesses than buy your good and fresh tomatoes. Their only motivation for not buying is to avoid boosting your business. Again, hard as it is to swallow, don’t take it personal. Fortunately for you, not every person think like them.

The 4th 10%

They will also genuinely love your products, but they are already loyal clients to other brands who sells same products as yours. Again, it is not personal. You also have brands that you have been loyal to for many years, because those brands have never disappointed you. Maybe this is your opportunity to find new ways to win them over as new clients. Think outside the box. Look out for an article on how to innovate, to win over new clients.

We are getting there. We are now left with %50 person.

The 5th 10%

They are very sneaky. They will pretend that they love your products, knowing very well that they don’t. So to avoid being forced to buy, they will study your products and deliberately ask if you can make something different from what you already have in stock. That time they know very well that you don’t tailor make your products. If you are not aware, you will make what they asked for and they will be nowhere to be found. Maybe ask them 70% upfront before before you begin the work. That way you will realise that they were bluffing.

The 6th 10%

They are guests who do not necessarily like your products for their style, but will still buy your products as a gift for someone. Why? It is in their nature to support growth and development of small businesses and would do anything to support. They are just informal angel investors. Keep in touch with this 10% and request that they spread the word about your products. They will definitely make efforts to tell others about your business, but you must take the lead and make it their worthwhile.

The 7th 10%

They will love your products, but they are generally stingy. This group can’t even buy themselves a KFC street wise even if they were to win a million. There is really nothing that you can do to change their mind. Also, not personal.

The 8th 10%

They are generally slow to act and take time before they make a decision. They wait patiently and observe what the first actors are doing. You must allow them to indulge their snail pace nature. Don’t push them too hard, you may loose any chance of them coming back when they have made their minds. Keep their details and slowly get their buy in. Your chances of winning them over are 50/50.

The last but not least 10%

These 10% is your target market. They will love your products and buy without complaining about price. In fact, they will come back and buy more if you maintain a good relationship with them.

Keep on fishing

The moral of the story above is: In order to reach more of the  “last bust not least 10%” of your target market, keep on shouting. At the beginning, you are likely whispering. Increase the volume. Do everything humanly possible to spread the word about your offerings until you have enough percentage to sustain your business. Go fishing everyday, try different spots and spread the net wider. Your target market is out there in the midst of the many ten percents that will look like they are your target market when they are not. Don’t give up.

Although, today we have means to launch products on social media, the same rules still applies. If you still need new customers to build your business, keep on using every means possible. Even the big companies are still spending big budgets to advertise their products. They also know that they must continue searching for their target market, find them and encourage them to buy, year in and year out.

I hope this encourages you to see that you still have a lot of fishing to. Look out for an article on how to fish more.

If you need one on one business coaching, to discus business innovation and business development, or life coaching contact us at bookings@lifewithterry.com. Our life and business coaching is based on Principles & Tools of Creation, a methodology developed by Life with Terry.