"Tita Bess, are you bad?" My little daughter asked our neighbor.
"Why?" Asked Bess.
"Because my Mom said that smoking is bad. Are you bad?"
That was an embarrassing moment for me.
But then, Confucius said:
"The man who asks a question is a fool for a minute, the man who does not ask is a fool for life."
So instead of reprimanding my daughter, I smiled apologetically. After all, a wise person is not afraid to ask questions. It is not a sign of ignorance. It is a sign of curiosity.
"Mommy N! Grabe ang sales ko! Thank you!"
The lines in the registration booth were all really long, even the line for senior citizens where I waited impatiently.
I got hugged really tight from behind by Jackie (not her real name) who, like me, was also attending the 10th Filipina Entrepreneurship Summit in the World Trade Center a few days ago.
She was the quietest mentee in the room a year ago. When everybody has left, she asked, "Mommy N, my neighbor is now selling cupcakes like mine and she is selling at a much lower price. Wala pang 5% ang margin namin! What should I do?"
Here’s what I told her:"Most businesses compete on price, (pababaan ng presyo). Do not make the same mistake because this will surely lead to you eventually closing your business because of narrow margins. Instead, focus on the quality of your product and differentiate it from your competitor."
There are 2 Preparation Steps:
"Why?" Asked Bess.
"Because my Mom said that smoking is bad. Are you bad?"
That was an embarrassing moment for me.
But then, Confucius said:
"The man who asks a question is a fool for a minute, the man who does not ask is a fool for life."
So instead of reprimanding my daughter, I smiled apologetically. After all, a wise person is not afraid to ask questions. It is not a sign of ignorance. It is a sign of curiosity.
"Mommy N! Grabe ang sales ko! Thank you!"
The lines in the registration booth were all really long, even the line for senior citizens where I waited impatiently.
I got hugged really tight from behind by Jackie (not her real name) who, like me, was also attending the 10th Filipina Entrepreneurship Summit in the World Trade Center a few days ago.
She was the quietest mentee in the room a year ago. When everybody has left, she asked, "Mommy N, my neighbor is now selling cupcakes like mine and she is selling at a much lower price. Wala pang 5% ang margin namin! What should I do?"
Here’s what I told her:"Most businesses compete on price, (pababaan ng presyo). Do not make the same mistake because this will surely lead to you eventually closing your business because of narrow margins. Instead, focus on the quality of your product and differentiate it from your competitor."
There are 2 Preparation Steps:
- Identify Your Product’s Benefits (not just features)
- How does your product benefit your customer more than others?
- What problems does your product solve better than others?
- What emotional triggers (fear, happiness, guilt, frustration, etc.) does your product address?
2. Identify Your Target Audience
- Write down everything about your perfect customer (men/women, income, age, single/married, occupation, with kids, location, homeowners, preferences, habits, etc.)
- Where will you find these people? (Where do they hang out? Shop? Eat? Facebook Groups? Instagram? etc.)
"Again, do not talk about the features. Talk about the benefits. Focus on the benefits of your product or service.
How can your product make the life of your customer easier?
What value can the product give to the user that the cheaper ones cannot fulfill?
Do you have certifications to brag about? If you’re in the food industry, get certifications from USDA, FDA, HALAL, CERES, etc.
But always remember that you cannot be for everything for everybody. Know your target market and target your messages to them. "
Jackie pondered on my questions as she worked on her cupcakes.
She found that the quality of her cupcakes was far above that of her neighbor. But the location of her store could only attract passersby in that neighborhood who cannot afford good cupcakes.
After thinking about the answers to the questions I asked, she suddenly thought of improving the quality and packaging of her cupcakes and selling them to high-end coffee shops in the city.
The coffee shops were glad that they did not have to retain bakers and they welcomed her products with open arms.
Aside from cupcakes, they asked her to make cookies and muffins for them as well.
With the expansion of her product line, she closed down her store and freed up her time. She is now exploring better products which she can sell with a higher margin.
She now also has the time to network and find the right customers for her products.
It all started with one question she asked me, followed by the many questions I asked her. Now, was that being stupid, curious, or being really smart?
So, got questions for me?
No comments:
Post a Comment