What happens if you get your market research wrong and sales don't take off?
You don't have to call it quits, but it's clearly time to consider a new customer focus--and fast. "You can't just say, 'If we build it, they will come,'" says Kevin Daum, author of Roar! Get Heard in The Sales and Marketing Jungle (Wiley, 2010). "You've got to go where the business is."
Here are three ways entrepreneurs have refocused their companies to jumpstart their businesses -- and you can, too.
Ticket Kick Founder Greg Meunder
Photo courtesy of the Company
No. 1 -- Change the focus of your service. When Greg Muender was a junior in college, he founded TicketKick, a San Diego-based company that helped contest speeding tickets for California drivers. Back then, in 2008, he thought pinpointing his core market--college-age men--was a no-brainer, given their high number of speeding tickets. In those early days, Muender's customers came almost entirely by word-of-mouth, and business was slow.
But about a year after starting TicketKick, Muender got a call from a driver who had received a ticket in the mail showing that a camera had caught him running a red light. Muender didn't know what to do for the customer, but he couldn't afford to lose the business. As he looked into the matter, he found that most drivers were stumped when it came to disputing red light tickets based on camera surveillance.
Read More: How to Redefine Your Business in a New Market