Listen To The Market Very often a business leader has a passion for a product, service or segment. Yet, if you do an 80/20 analysis on a business, you’ll find the profit and growth is coming from somewhere else. You have two choices. Continue to swim against the current — or swim with the current. I think you can guess which is going to help grow your business the fastest. Just because we have a passion, an idea, a focus doesn’t mean the market is going to buy it. Sell them what they are buying! Understand The Difference Between Qualitative And Quantitative Companies sometimes try to build a business purely around a qualitative value proposition, which is difficult and has a higher likelihood of failure. The market is less willing to pay for a better user experience or the promise of increased engagement, even if they like the product and find it useful. A quantitative value (lowers cost, drives revenue, more customers, etc.) dramatically increases the odds of success. One way to remember this rule is the pacemaker versus the hearing aid analogy: If you could only have one, which one would you choose? Apply Technology To Your Business A Chinese Business Mogul once said “When You Simply Apply Technology to the Resources Around You, Money will Flow”. Technology plays a role in every business, so all small business owners can benefit from not only having an understanding of the technology that impacts them directly, but also keeping track of how it changes. Ask Your Customers The customer is normally one of the best people to ask where you could add value because they have probably researched the market before opting for your offering. Customer feedback tells you how to improve or adapt your current offer, what to change, what to stop, where to expand. This alone is 90% of the job and 90% of the growth opportunity. Find Dissatisfied Customers It can be human nature to concentrate on the positive, but one way to find new markets for your products and services is to do the exact opposite. Seek out the people who are not satisfied by your offering or the range a rival offers and find out why. Explore New Channels For Marketing The most successful small businesses are willing to explore new outlets of online marketing -- in combination with their offline marketing activities -- to see what produces the most interest. Consistently changing, testing and mixing my marketing activities have helped me to see what works, what doesn’t and what type of result it produces. Use Goal-Setting To Create Consistent Growth Goals can be a great way to clarify your focus, measure progress and track achievements. And for the most successful among us, goals also present an opportunity to push the lines of your comfort zone and take calculated risks. Work with these ideas and you will enjoy limitless success in business. Take Action Now!
Posted on: Thu, 25 Dec 2014 13:49:29 +0000
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