Discovering Your ‘Why’:
We’ve all been there. We sit on the couch, daydreaming about what life would look like if we started our own online business. But, anyone who’s taken this journey will tell you there’s something more meaningful. It’s about more than just money. That’s when your ‘why’ kicks in, the inner push that guides your way.
Purpose Over Profit:
You remember that moment, right? The idea of starting a business wasn’t just about money. It was about something deeper. Let’s uncover that.
The Golden Circle is a concept developed by Simon Sinek. It’s a great tool for helping entrepreneurs define their business. Here’s an exercise to help you use it to define WHY, HOW, and WHAT:
- WHY: This is the core belief of the business. It’s why the business exists. What’s your cause? What do you believe in?
- HOW: This is how the business fulfills that core belief. What are the specific actions you take to realize your WHY?
- WHAT: This is what the company does to fulfill that core belief. What do you do? What products or services do you offer?
- Discovering Your WHY:
- Reflect on what makes you passionate about starting this business. Is it to change the world, disrupt the industry, help a specific group of people, or something else?
- Write your values and beliefs down. Think about how to put them into your business.
- Ask yourself: What impact do I want to have on my customers or the world?
- Articulating Your HOW:
- Consider the ways you will use to deliver on your WHY. These can be processes, approaches, or strategies. How will you be different from competitors?
- List out the values or principles that guide the way you do business. These could include great customer service. They could also include innovative products. Or, they could include a focus on sustainability.
- Defining Your WHAT:
- Describe the products or services you offer. Be specific about what you sell or what you provide to customers.
- Think about how these offerings connect back to your WHY and HOW. Do they align with your core belief and the way you operate?
- Your WHY Statement:
- “In everything I do, I believe in [Your Belief]. I believe that [What You Think About the World]. The impact I want to create is [Your Desired Impact].”
- Your HOW Actions:
- List three things. You will do them in your business. They show how you bring your WHY to life.
- Your WHAT Offerings:
- Clearly say what your business does. Or, what it offers to customers. This should reflect your WHY and be enabled by your HOW.
After filling out the worksheet, take a moment to reflect on your answers. Ask yourself if your WHAT truly reflects your WHY, and if your HOW is a genuine method to get there. Your business’s Golden Circle should reflect your values and goals. It gives a clear path for making decisions and strategy.
- WHY: “In everything I do, I believe in empowering individuals to live a healthier lifestyle. I believe that everyone deserves access to wellness education and resources. The impact I want to create is a community thriving in health and knowledge.”
- HOW: “To achieve this, I will give personalized wellness coaching. I will create an inclusive online community. I will also keep learning about health trends to share with my audience.”
- WHAT: “I offer online wellness coaching programs. I also offer health education webinars. And, a supportive community forum is offered. These are for individuals looking to improve their well-being.”
Mission, Vision, and Values:
Stepping into online business isn’t just a professional shift—it’s deeply personal. Your mission, vision, and values aren’t just business buzzwords. They reflect who you are and what you stand for.
- Your Mission: That’s your business’s purpose. It is the core reason it exists besides making money. It’s about the change you’re committed to making in the world. Or, the unique problem you’re solving for your customers. Your mission is what drives your daily operations and informs your long-term strategy.
- Your Vision: Think about the inspiring future you’ve often imagined. That’s your vision. It’s the impact you want to make or the unique place you want to find in the competitive digital world. Whether it’s redefining sustainability or making luxury accessible, it’s personal and impactful.
- Your Core Values: We all possess them—values we refuse to compromise on. In business, these are your unwavering principles. You maintain integrity. You prioritize customer satisfaction. You embrace transparency, even in challenges. These values define your brand.
Your mission, vision, and values form your brand’s base. They guide every decision you make. They help you navigate the complexities of the market and stay true to your path.
A Heart-to-Heart
At the heart of every successful online business lies an authentic, deeply-rooted ‘why’. It’s about looking beyond the surface. It’s about diving deep and finding that heartbeat. It’s the reason which gets you excited every morning. In the chaotic world of online business, trends will come and go, but your ‘why’? That’s your forever compass, always pointing the way. Remember, this journey is not just about business; it’s deeply, beautifully personal.
Mission, Vision, and Values are three key elements. They serve as the cornerstone of an organization’s identity.
Mission
What it is: The mission statement defines the organization’s current purpose and its primary objectives. It answers what the organization does, who it serves, and how it serves them.
Vision
What it is: The vision statement outlines the organization’s future goals and where it aims to be. It reflects its long-term aspirations and the impact it seeks to make.
Values
What it is: Values are the core principles. They guide the organization’s actions and decisions. They shape the culture and ethical standards of the company.
Differences and Importance
- Mission provides the immediate purpose; it’s about the present.
- Vision outlines the future aspirations; it’s about the future.
- Values dictate the ethical framework. They also guide how the organization operates and achieves its mission and vision.
Mission Statement Template ”Our mission is to [what you do]. We do this by [how you do it] for [whom you do it]. We aim to achieve [result/outcome].”
Vision Statement Template “Our vision is a [timeframe] where [description of the future state]. We strive to [actions you’ll take] so that [outcome for stakeholders].”
Values Template
- Value #1: [Value Name] – We believe in [what the value represents] and demonstrate this by [actions and decisions reflecting the value].
- Value #2: [Value Name] – Commitment to [value] drives us to [how this value influences your operations or culture].
- Value #3: [Value Name] – [Value] is at the core of our interactions with [who is affected] and shows in [examples of value in action].
How to Use This Template:
- Fill in the Mission Statement:
- Focus on the present and what the business does daily.
- Be concise and specific.
- Complete the Vision Statement:
- Think long-term and aspirationally.
- Consider the ultimate impact you want to have.
- List Your Core Values:
- Choose 3-5 core values that are non-negotiable and define your company culture.
- Describe how each value is lived out in practice.
Example:
Mission Statement ”Our mission is to provide eco-friendly packaging. We do this by using innovative designs and sustainable materials. We serve businesses that want to cut their environmental impact and go green.”
Vision Statement “Our vision is a decade from now. Our packaging solutions have greatly cut our clients’ carbon footprint. We strive to push the boundaries of eco-design. We do this to make sure our children inherit a cleaner planet.”
Values
- Sustainability: We believe in protecting the environment and demonstrate this by using recycled and biodegradable materials in all our products.
- Innovation: Commitment to creativity drives us to explore unconventional approaches to packaging, ensuring our clients receive unique and effective solutions.
- Customer Focus: Customer satisfaction is at the core of our interactions with clients and shows in our personalized service and dedication to meeting their needs.
Find Your Niche:
Looking for the ‘perfect niche’ online? Every entrepreneur goes on this search. It’s like a dance to find your special spot in the big digital world, where your heart is happy and your wallet is too. Let’s walk through this journey together, one step at a time.
Passion vs. Profit:
Imagine waking up each morning. You are eager to dive into work you truly love. Sounds like a dream, doesn’t it? That’s the magic of crafting a business around your passion. However, here’s the catch: passion alone may not cover your expenses.
Before going all-in:
- Dive into your passion: Write down your real interests. They could be vegan cooking, tech gadgets, eco-travel, or fantasy novels. What brings that sparkle to your eyes when you talk about it?
- Validate with data: Now, it’s time to wear your researcher hat. Dive into tools like Google Trends or SEMrush. Are people searching for what you’re passionate about? Is there a growing interest or is it a fleeting trend?
Remember, the sweet spot is where your personal passion meets real market demand. It’s where your heart’s desires align with
what the world is willing to pay for.
Gap Analysis:
Ever walked into a store and thought, “I wish they had this particular thing”? That’s a gap! In the digital world, spotting and using these chances can be your key to success.
Here’s your action plan:
- Competitor Analysis: Start by listing the significant players in your selected niche. Conduct thorough research. What products or services are they providing? More importantly, what are they not offering?
- Stay Tuned In: Join online forums, Facebook groups, or Reddit communities. They should be related to your niche. What topics are getting people excited? What issues are they frustrated with? These insights are valuable.
- Define Your Unique Value: This is where your personal touch shines. Perhaps you can provide a more personal service. Or, maybe you have a unique skill or view missing in the market.
Your Personal Takeaway
Finding your niche isn’t about fitting a pre-defined box. It’s about carving out a space that’s truly you. It’s where your personal flair meets a
genuine market need. And once you find it? That’s where the magic happens. It turns browsers into loyal customers.
And, passion projects into profitable ventures.
Understanding Your Audience:
Do you remember that feeling when you meet someone and think, “They just get me”? That’s the magic you aim for in business. You can create products and experiences that resonate deeply. To do this, you must understand your audience. It’s as if you’ve read their minds. So, let’s embark on a journey into the hearts and minds of those you aim to assist.
Using Google Trends:
- Identify Keywords: Start by listing keywords related to your business idea or niche. These should be terms potential customers might use to search for products or services like yours.
- Explore Interest Over Time:
- Go to Google Trends.
- Enter your first keyword.
- Review the interest over time graph to see if the term is gaining popularity or declining.
- Note any seasonal trends that may affect your business.
- Compare Keywords:
- Use the “Compare” feature to add additional keywords and see how they stack up against each other.
- Identify which terms are most popular and may be worth targeting.
- Geographical Interest:
- Look at the interest by region to determine where your potential customers are located.
- Consider if your business can serve these regions effectively.
- Related Topics and Queries:
- Check out the ‘Related topics’ and ‘Related queries’ sections to find additional keywords or trends that you may not have considered.
Using SEMrush:
- Keyword Research:
- Access SEMrush and go to the Keyword Overview tool.
- Enter your main keyword to receive a full analysis, including volume, trend, and keyword difficulty.
- Save the keywords with a healthy volume and a difficulty level you’re comfortable targeting.
- Analyze Competitors:
- Use the Domain Overview tool to enter a competitor’s website.
- Review their organic search positions and look for gaps that you could potentially fill.
- Observe their paid search strategies if applicable.
- Backlink Analysis:
- Check your competitors’ backlink profiles to understand where they are getting their authority.
- Make a list of potential websites for future outreach and link-building efforts.
- Site Audit (if you already have a website):
- Perform a site audit to ensure your site is optimized for search engines.
- Address any issues like broken links, missing tags, or slow load times.
Google Trends:
- List primary and secondary keywords.
- Check interest over time for each keyword.
- Compare popularity of keywords.
- Investigate geographical interest for targeted keywords.
- Explore related topics and queries for additional insights.
SEMrush:
- Perform keyword analysis for volume and difficulty.
- Analyze top competitors’ domain overview.
- Review competitors’ organic and paid search strategies.
- Conduct a backlink analysis of competitors.
- If applicable, perform a site audit and address any issues.
General:
- Define the target audience based on keyword and competitor analysis.
- Identify market trends and seasonality that could impact your business.
- Establish a list of potential content ideas based on popular keywords and queries.
- Create a strategy for tracking your website’s performance once it is live (SEMrush can track rankings, backlinks, and more).
- Keep a document of all findings and insights to inform your business and marketing strategy.
This guide and checklist will help you lay the groundwork for understanding the market landscape, your competition, and potential customer interests. As you gather data, be sure to analyze it critically and consider how it aligns with your business goals and capabilities
Creating Buyer Personas:
Imagine Sarah. She’s a 30-year-old working mom. She is always on the hunt for time-saving hacks and loves podcasts. She’s willing to invest in eco-friendly products, even if they’re a bit more expensive. When you know Sarah in such detail, marketing to her becomes so much more intuitive.
To create such personas:
- Explore Demographics: Age, location, occupation, income… the basics, but oh so crucial.
- Discover Their Interests: What do they read? Watch? Listen to? Where do they spend their Saturdays?
- Identify Pain Points: What keeps them up at night? What problem can you solve for them? Remember, the more specific, the better.
Engage & Listen:
The beauty of today’s world? You don’t have to wonder what your audience wants; you can just ask them.
- Become a Digital Explorer: Wander in forums, Facebook groups, or any corner of the internet where your customers hang out. Be genuinely curious.
- Converse and Connect: Ask open-ended questions and join discussions. But, here’s the secret: listen more than you speak. Let them reveal their desires, fears, and aspirations.
- Gather Golden Nuggets: Every comment, rant, or rave is a piece of the puzzle. The more you gather, the clearer the picture of your ideal customer becomes.
Your Personal Insight
Building an online business isn’t just about transactions; it’s about connections. By truly understanding who you serve, you not only boost your sales. You also create a community of loyal customers who feel seen and heard. Think of it as forging friendships, one digital interaction at a time. After all, in a world screaming for attention, what people crave the most is to be understood.
Buyer Persona FAQs:
Defining the WHY, HOW, and WHAT of your business is not just branding. It’s a key step. It will guide all your business decisions and strategies.
Start with 1-3 personas to focus on your most significant audience segments.
Absolutely! Different features or benefits may appeal to distinct personas.
Review and adjust your personas at least annually or whenever your market, product, or service significantly changes.
Essential information includes demographic details, interests, pain points, goals, and preferred communication channels. Understanding their behavior, challenges, and how they make purchasing decisions is also key.
Data sources include customer surveys, interviews, social media analytics, website analytics, and engagement on forums or community platforms related to your industry.
Each persona should be as specific as possible to accurately reflect a segment of your target audience. Include detailed characteristics that help differentiate one persona from another.
Yes, personas can evolve as your business, products, or the external market changes. Regularly revisiting and updating your personas ensures they remain accurate and relevant.
Use personas to tailor your marketing messages, content, product development, and services to meet the specific needs and preferences of each segment of your audience.
Yes, negative personas (representing who you’re not targeting) are useful for understanding whom to exclude from your marketing efforts, helping to focus your resources on your true audience.
Personas guide the tone, topics, and channels for your content, ensuring it resonates with and is relevant to your target audience, ultimately driving engagement and conversions.
Target markets are broad categories of potential customers, while buyer personas are detailed profiles of ideal customers within those markets, offering more specific insights for personalized marketing.
Having too many personas can dilute your marketing efforts. Focus on a manageable number that represents your most important customer segments to maintain effective, targeted strategies.
By understanding the specific needs, preferences, and behaviors of your personas, you can create more personalized interactions and solutions, enhancing the overall customer experience.
Buyer Persona Worksheet Template:
General Information
- Persona Name: “Marketing Mary” (Create a name that reflects this persona’s characteristics, e.g., Manager Mike, Developer Dana)
- Job Title: “Marketing Manager”
- Industry: “Technology”
- Company Size: “100-500 employees“
Demographics
- Age Range: “30-40“
- Gender: “Female“
- Location: “Urban, New York City“
- Education Level: “Bachelor’s Degree in Marketing“
- Income Range: “$70,000 – $90,000“
Professional Background
- Key Responsibilities: “Oversee marketing campaigns, manage budgets, and lead a team.“
- Skills and Expertise: “Digital marketing, strategic planning, leadership.“
- Career Goals: “Become a Chief Marketing Officer.“
- Professional Challenges: “Keeping up with rapidly changing digital trends.“
Psychographics
- Personality Traits: “Ambitious, creative, data-driven.“
- Values: “Innovation, efficiency, teamwork.“
- Hobbies/Interests: “Podcasts on marketing trends, yoga, reading business books.“
- Lifestyle: “Busy professional balancing work and family life.“
Online Behavior
- Preferred Social Media Platforms: “LinkedIn, Twitter.“
- Frequent Online Communities: “Marketing forums, Reddit marketing threads.“
- Search Behavior: “Latest digital marketing trends,” “effective team management.”
- Device Preferences: “Laptop for work, smartphone for personal use.“
Goals and Aspirations
- Primary Goal: “Enhance brand awareness and lead generation.“
- Secondary Goals: “Improve team productivity.“
- How they measure success: “ROI from marketing campaigns, team performance metrics.“
Pain Points and Challenges
- Primary Challenge: “Adapting to new digital marketing platforms.“
- Secondary Challenges: “Allocating budget efficiently.“
- Obstacles to Achieving Goals: “Limited resources, staying ahead of competition.“
Buying Motivation
- What motivates them to buy: “Product efficiency, proven success cases, value for money.“
- How they find product information: “Industry blogs, webinars, peer recommendations.“
- Role in the Buying Process: “Decision-maker.“
Buying Concerns
- Objections during the buying process: “High upfront costs, uncertain ROI.“
- Factors that could deter a purchase: “Lack of case studies, unclear product implementation.”
Preferred Communication
- How they prefer to be contacted: “Email for first contact, followed by a call.”
- Content Preferences: “In-depth guides, case studies, webinars.”
Custom Section (Optional)
- Influencers They Follow: “Simon Sinek, Seth Godin.”
- [Any other relevant information specific to your industry or product/service]:
Note: This template is meant to be adaptable. Focus on sections that are most relevant to your business needs and customer segment. Not every detail is mandatory; prioritize capturing key insights that will inform your marketing and product development strategies effectively.