September Business eNewsletter

Welcome to our September business eNewsletter focusing on women in business.

Quote of the month:
“Your value will be not what you know; it will be what you share.” – Ginni Rometty

In this Issue…

SpiritBank October Lunch and Learn

Join us for a great lunch catered by Chicken Salad Chick and some lively discussion…

October 10, 2019
11:30 a.m. – 1:00 p.m.
SpiritBank Community Room (1st Floor)
1800 S. Baltimore
Tulsa, OK 74113

Women in Business: Navigating the changing landscape
Lynn Flinn, Senior Vice President, The Rowland Group

From professional staffing to Women Executive Boards, Lynn has a rich career in helping businesswomen in corporate, small business and self-employed settings. Women in business will not want to miss this powerful discussion.

RSVP: Tandy Donald, tdonald@spiritbank.com; 918-295-7438

How To Find The Ideal Customer For Your New Business
Betsy Kent

It can be a challenge at any stage, but it can be even harder to find the ideal customer for your new business.

I’m an expert in this area and in this article, I want to help make it a little easier for you to get totally clear about your ideal customer – even if you’re just starting out.

If you’re here because you’re already taken the plunge and launched a new business, here’ a secret – you already know your ideal customer!

The first thing I want you to do is to take a few minutes to jot down your business’s mission statement. A mission statement is the foundation of a company or organization. It’s the raison d’etre, so to speak.

“A mission statement defines what an organization is, why it exists, its reason for being.” – Entrepreneur Magazine

Your mission statement helps you stay grounded and not lose sight of why you took the dive in the first place. It’s also a key ingredient to help you get clear about your ideal customer.

3 Clues To Find The Ideal Customer For Your New Business

When it comes to creating ideal customer prototypes, every new business owner I’ve ever worked with fell into one of these three categories:

1. Your Ideal Customer Is You

A need in your own life was unmet (or current solutions were subpar), and you said to yourself, “if I need this, there must be a ton of other people who need it, too.”

“Ideas for products or services with ample demand often come to people when they are inconvenienced in their own day-to-day lives and realize that they could fill a void or make an already-existing product or service more efficient or convenient. For example, if you wonder, “Why do I have to drive 20 minutes to reach the nearest bakery?” or “Wouldn’t it be great if I could get my groceries delivered right to my door?”

A great example is Sara Blakely, the founder of Spanx. Sara founded Spanx in 2000 and in just a few short years, she was named the world’s youngest, self-made female billionaire by Forbes Magazine and one of TIME’s 100 Most Influential People.

Here is Sara’s story (from the Spanx website):

“SPANX founder Sara Blakely was getting ready for a party when she realized she didn’t have the right undergarment to provide a smooth look under white pants. Armed with scissors and sheer genius, she cut the feet off her control top pantyhose, and the SPANX revolution began! SPANX has secured its place in women’s hearts and in pop-culture with daily mentions everywhere from CNN to SNL.”

Sara Blakely’s story is an example of a new business that was launched to solve a problem its founder had in her own life. She was her ideal customer. As she discovered, there were millions of customers out there just like her.

Today, Spanx generates over $250 million in annual revenue.

2. Your Ideal Customer is Someone You Know

The mission for your new business may not be to fill a personal unmet need but to fill an unmet need for someone you’re close to.

The story behind the OXO vegetable peeler is a great example:

“Sam Farber founded OXO when he saw his wife Betsey having trouble holding her peeler due to arthritis. This got Sam thinking: why do ordinary kitchen tools hurt your hands? Sam saw an opportunity to create more thoughtful cooking tools that would benefit all people (with or without arthritis) and promised Betsey he would make a better peeler.”

Sam figured, “if my wife is struggling with an old-fashioned tool, then there must be millions of people with arthritis who struggle, too”.

Today, OXO’s revenue is over $28.5 million every year and OXO is a significant player in the cooking gadget market. In fact, they almost created the market – it was practically non-existent back in 1990 when the company launched.

3. Your Ideal Customer Is Someone Who You Served When You Worked Somewhere Else

Over the years, I’ve worked with many fledgling entrepreneurs who walked away from their previous jobs because they realized they could do it so much better.

A perfect example is Jane Shook, the director of the Center for Therapeutic Strategies (CTS) in Dallas, Texas.

Jane’s training is in speech and language pathology. She always had a deep interest in the underlying causes of the learning and speaking disabilities that keep many people from living full and happy lives.

Back in 2006, while working at another practice, Jane recognized that the majority of people she served (mostly children) were frequently being misdiagnosed or receiving incomplete diagnoses. Consequently, they were getting less than effective treatment.

Jane founded CTS because she knew she could do a better job for these children and their parents.

Today, CTS is a proven leader in the development and application of innovative new treatments for children, parents, and adults who deal with processing and communication dysfunction. Jane is a top expert, a highly sought-after speaker, and a respected thought leader in her field.

A Very Interesting Business Idea

This excerpt from the Wharton School’s website sums it up:

“Clearly, when you see inefficiency in the market, and you have an idea of how to correct that inefficiency, and you have the resources and capability — or at least the ability to bring together the resources and capability needed to correct that inefficiency — that could be a very interesting business idea.” — Raffi Amit, a professor of management at Wharton

Hey, budding entrepreneur! Ready to find the ideal customer for your new business? To get you started I created a free (no strings attached) Ideal Customer Workbook that can be downloaded here. It’s a mini version of the exercises I use for my private and group clients.

And, if you want to have some fun, click the link below and set up a 30-minute complimentary consultation with me. I’ll tell you something about your ideal customer you’ve never thought of before.

Read this article at the Business2Community.com

3 Top Women in Business Blogs to Follow for Inspiration
By fishbat

NEW YORK, Aug. 16, 2019 /PRNewswire/ — Whether you are a woman who is just starting out in the business field or a titan of the industry, everyone could use a bit of inspiration now and again. Below are a few of the top women in business blogs that provide information and insight as a great way to help you get inspired, stay inspired, and reach your business goals!

She Owns It. The main focus of this blog is to create inspiration, positivity and a true effort to celebrate, support and connect women entrepreneurs. This blog provides a ton of inspiration for women in business as well as more specific advice including how-to guides, advice on specific topics, and even technological changes that could affect your industry. Overall, She Owns It is an all-encompassing blog that will help inspire and educate you no matter what stage in your career you are in.

Women@Forbes. This one should be easily recognizable since Forbes is one of the most accredited and respected voices in business. Their Women@Forbes section showcases powerful female voices in business from women who are just starting up, women who are succeeding like Carola Jain, Spartans CMO, and even women who are struggling. Additionally, Women@Forbes have Self-Made Women and Day in The Life sections which further help inspire and educate women in business. With these different perspectives, Women@Forbes is a one stop shop no matter what point in your career you are at or how good, or bad, things have been going for you lately.

Leaders in Heels. Leaders in Heels is not just a blog that helps inspire and educate women in business, it is more than that, and that is what sets it apart. Yes, Leaders in Heels does inspire and educate women in business with career lessons that successful women like Carola Jain, Spartans CMO, embody such as increasing your self-confidence and breaking free of mediocrity. However, where Leaders in Heels separates itself from other blogs is that it provides an afterhours section. The afterhours section covers topics like personal finance, parenting, and even relationships. These topics go far beyond business and inspire and educate women on life which is what makes this blog special.

There are a ton of blogs published every day that intend to help educate and inspire women in business. Take these three blogs into consideration the next time you’re looking for some truly inspiring and motivational advice, or just something good to read.

About fishbat: fishbat is a full-service online marketing agency in New York that takes a holistic business approach to their clients’ digital marketing programs. The fishbat team understands the importance of business principles just as well as the nuances of the latest digital technologies. fishbat offers every digital marketing service available from digital marketing research and planning to brand development to website and asset creation through social media management and search engine optimization programs – all custom calibrated for both B2B and B2C businesses.

Read this article PRNewsWire.com.com

How One Entrepreneur Doubles Her Revenues Each Year And Continues To Stay Innovative
By Jeryl Brunner, Contributor

Elizabeth Durand Streisand and Eric Streisand are two Broadway-loving New Yorkers who wanted to see more theater. However, the tickets were pricey. Plus, last-minute deals were risky and often tickets were not available. They knew there had to be a solution. And that other people experienced the same dilemma.

So several years ago, they created the solution that would also help others. They co-founded Broadway Roulette. This tech-based platform allows people to get discounted Broadway tickets up to 3 months in advance. And tickets are $49-$59, without outrageous service fees.

Ever expanding, Broadway Roulette has a new and innovative way to win tickets for shows. The company recently partnered with Ellen’s Stardust Diner so diners the have a chance to win free tickets by “spinning” a Broadway Roulette wheel. The LED-lit wheel has a rotating selection of shows which are broadcast to more than 4,000 diners a day. The winning show gets a special plug from Ellen’s Stardust emcee. The Broadway Roulette wheel spins up to three times a day during peak meal/traffic times. “We are always on the lookout for other brands whose visions are in line with ours,” says Elizabeth Durand Streisand. “With its varied menu, talented singing waitstaff and location in the heart of the Theater District, Ellen’s Stardust Diner is a New York City icon and a natural fit.”

Since 2016 Broadway Roulette’s revenues have grown 100% each year. Elizabeth Durand Streisand, who built Broadway Roulette from its humble beginnings, offered tips for growing a company.

  • You never know who might help you, so be generous and appreciative with anyone who offers. It was a happy Broadway Roulette customer who put me in touch with the editor of W42 Magazine, which led to a feature story on Broadway Roulette in W42 Magazine, which led to the owner of Ellen’s Stardust Diner reaching out about installing a Broadway Roulette wheel in his establishment. This partnership has since sparked ideas for a more complete Broadway Roulette concierge service including packaged evenings complete with special perks.
  • Surround yourself with people who are smarter to you. And then listen to what they have to say. When you’re building a company from scratch, you are going to have good ideas and bad ideas, good days and bad days. Having others around, like colleagues, investors, or advisors, to offer alternative points of view and brainstorm solutions when you yourself feel blocked, can keep the company on the right track even if you stumble.
  • When you are building a company from scratch, it can be very easy to get paralyzed by how much there is to do with little-to-no official roadmap. And the result is that you get nothing done at all. I’ve found it most helpful to break big goals into smaller steps and take it one step at a time. By focusing on what’s next versus getting hung up on what’s the absolute best, I’m able to keep things moving forward even when I’m uncertain. As things move forward, your confidence grows and you’re able to both take bigger steps and to delegate steps to others. And that’s when the real magic of momentum happens.

Read this article at the Forbes.com

The views and opinions presented in this newsletter do not necessarily represent those of SpiritBank.
Property of SpiritBank. 2019.