The Business Creator's Marketing Mastermind #18: A Business Creator's Roadmap
Dan Prudhomme | August 6, 2023
Read time: 3 minutes
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WHO I’M QUOTING:
“Don't worry about failure; you only have to be right once.” -Drew Houston
WHAT’S ON READING RADAR:
"The Lean Startup" by Eric Ries.
This book focuses on the principles of building a startup efficiently, validating ideas, mapping, and adapting quickly based on feedback, which resonates with the idea of a roadmap for business creators.
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WHAT’S NEW IN AI FOR BUSINESS STRATEGY:
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ACTIONABLE TIP:
Break your big goals into smaller, clear steps-these are your milestones.
Assign numbers and deadlines to each one.
They keep you motivated, help you track progress, and let you adjust as needed.
SUCCESS STORY:
When Warby Parker was founded, its goal was to disrupt the eyewear industry by offering affordable and stylish glasses directly to consumers. The founders set clear and actionable milestones within their business roadmap that guided their journey:
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Milestone: Launch a Collection of Affordable, Stylish Glasses Online.
Warby Parker's founders aimed to challenge the high prices of eyewear by offering a collection of fashionable and reasonably priced glasses on their online platform.
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Milestone: Donate a Pair for Every Pair Sold.
As part of their social mission, Warby Parker committed to donating a pair of glasses to someone in need for every pair sold. This not only helped the company contribute to a social cause but also became a unique selling point.
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Milestone: Open a Physical Retail Store.
Despite being an online-first company, Warby Parker recognized the importance of a physical presence. They strategically opened retail stores where customers could try on glasses and experience the brand firsthand.
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Milestone: Launch a Home Try-On Program.
To address the common concern of buying glasses online without trying them on, Warby Parker introduced the Home Try-On program. Customers could select frames to be sent to their homes, try them on, and decide on their purchase.
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Milestone: Reach a Certain Number of Customers.
Warby Parker aimed to serve a specific number of customers by a particular point in time, indicating the growth trajectory they were pursuing.
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Milestone: Expand Product Offerings.
After establishing itself as a leading eyewear brand, Warby Parker expanded their product line to include sunglasses and other accessories, further diversifying their offerings.
By setting these milestones, Warby Parker not only provided a roadmap for their growth but also ensured they stayed true to their mission of affordable eyewear and social impact.
These milestones allowed them to measure their progress, make informed decisions, and adapt their strategies as needed – all key elements of a successful business creator's roadmap.
Q&A:
A lot of questions on this week's topic.
Here's why a business creator's roadmap is a strategic plan that outlines the journal an individual or team takes to develop, launch, and grow a new business venture. The approach can be used in your relevant business.
Q: What are the key components of a business creator's roadmap?
A: A business creator's roadmap typically includes:
- Vision and Mission: Defining clearly the purpose and goals of the business.
- Market Research: Analyzing the target market, competition, and industry trends.
- Product/Service Development: Outlining the creation or refinement of offerings.
- Business Plan: Detailing the overall strategy, marketing approach, and financial projections.
- Execution: Implementing the plan, launching the business, and acquiring initial customers.
- Scaling: Expanding operations, reaching more customers, and optimizing processes.
Q: How do milestones fit into a business creator's roadmap?
A: Milestones are specific, measurable goals set at various stages of the roadmap. They break down larger objectives into manageable steps, allowing for progress tracking and motivation. Achieving milestones validates the business's growth and helps entrepreneurs stay on track.
Q: How can a business creator adapt their roadmap to changing circumstances?
A: Flexibility is key. Regularly review and reassess the roadmap, considering market shifts, customer feedback, and internal developments. Adjust milestones and strategies accordingly while keeping the overarching business vision intact.
Q: How does a business creator's roadmap support innovation?
A: A roadmap encourages systematic innovation by creating dedicated stages for research, experimentation, and refinement. It allows for the exploration of new ideas while ensuring that innovations align with the business's long-term goals.
Q: How does the concept of a business creator's roadmap apply to different types of businesses, such as tech startups or creative ventures?
A: While the specifics may vary, the core principles of a roadmap apply universally. Tech startups may emphasize product development and rapid iteration, while creative ventures might focus on building a unique brand and audience engagement. Customizing the roadmap to the business's nature ensures it remains relevant and effective.
Q: Can a business creator's roadmap help secure funding or attract investors?
A: Absolutely. A well-structured roadmap demonstrates a clear understanding of the business's potential and how it will achieve growth. It showcases the entrepreneur's commitment, planning, and vision, making it an attractive proposition for investors and lenders.
If you have any questions or requests like the above Q&A example when it comes to response, please feel free to DM or email me at [email protected]. I'm always happy to connect, impact, and share.
UNLEASHING YOUR INNER MASTERMIND:
Unleash your inner mastermind through a business creator's roadmap. A business creator's roadmap serves as a strategic blueprint for entrepreneurs aiming to turn their ideas into successful ventures. This roadmap encompasses crucial stages, from initial concept to growth, ensuring a well-guided journey.
Today's Action Step: One action step to unleash your inner mastermind when it comes to your roadmap is to define your vision and mission. Clarify and review your long-term goals and the purpose of your business. This foundational step and/or review will set and/or reset the tone for the rest of your roadmap's development.
RESOURCES
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Read past issues of The Business Creator's Marketing Mastermind in The Business Creator's Marketing Mastermind Newsletter.
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