A Sales and Marketing Consultant with Sales PRO Universal Ghana, Patricia Ansong, has admonished would-be entrepreneurs not to undertake any business venture based on unsubstantiated comments by friends or relatives that a product or service will do well without any supporting research as they risk losing their capital.
She explained that several factors ought to be carefully considered before any business venture is birthed “and these must be followed religiously if you want to be a successful entrepreneur”.
“Take for example you want to start a business and you do not undertake target audience analysis, you are bound to fail. There are times people will produce a certain product because someone’s mum said she thinks people will buy if you produce it. This has no basis in business especially if you want to be successful because with such comments you are not clear who you want to sell to.”
She continued: “You must know that the target audience is the reason why you are doing what you are doing. If you are selling a product meant for kids, be very clear which range of kids, which age bracket, are they in the urban or rural areas. If you get it right then your product or service will succeed”.
Patricia Ansong was speaking at a seminar at the 10th edition of Connect FM’s Western Trade Fair at the Takoradi Shopping Mall.
The seminar is among many activities lined up for the 7-day event.
The seminar – first of its kind – was to educate the exhibitors on the place of branding in their business.
According to Ms Ansong, every brand exists to serve or satisfy a particular consumer need and advised the exhibitors to ensure that they understand why they decided to start their business.
“Your purpose must be very clear from the onset. If yours is to heal waist pains then it becomes the consumer need you have identified and that becomes your business purpose, so then you are clear in your mind. If you don’t have a clear purpose then there will be a problem as it will be a waste of time, energy, money and any other resources you intend to use. Because selling is essentially to serve a consumer need”.
Patricia Ansong therefore entreated the exhibitors to “take a step back if your purpose is not too clear… Then it is also important to re-evaluate your purpose from time to time to ensure you are still on the right path”.
The Sales and Marketing Consultant also stressed on the need for would-be entrepreneurs to undertake competitor analysis as that will help in terms of pricing and/or service quality.
“You have to find out who is also doing what you want to do. If you are lucky to find someone doing what you want to do, it will be a good basis for you to learn…. You get to know how the person is doing it, what are the mistakes and opportunities in doing that business and use that information to your advantage.
“…for example, you will get to know how much the person is selling that product. Then you can compare it to how much you can sell taking into consideration your production cost. And you must price right. If you price low, some consumers will think your product is of inferior quality therefore the cheap price. If you sell too high too people who are price sensitive will not purchase because mind you someone may be offering if not the same product or service, a similar one.”
By Eric Yaw Adjei|Connect FM|3news.com|Ghana