Top 10 Requirements for Your Business to Become and Remain Profitable
We live in a relentlessly competitive
world. The daily pressure to work "better, cheaper and faster" can make even
talented business owners and entrepreneurs lose site of first principles. As you
cope with the decisions and details of running your business, focus on the
fundamentals! Regardless of the type of business or the products or services you
sell, here are my suggestions for the Top 10 Basics that will make your fortune:
1. Customer Benefits. You and your customers must clearly understand the
benefits that your products and services provide. Most buying decisions are
based on the consumer’s perception that a new color will add prestige or that a
smaller, lighter product will be more convenient. Customer’s buy benefits.
2. Extra Value. Customers must receive more in value than you charge for your
goods and services. Most of us don’t want a "fair" exchange, we want a bargain,
the sense that we got extra value for our money.
3. Extraordinary Service. This means attention to detail. Answering the phone on
the first ring, providing an 800 number and 24-hour customer service numbers are
examples. L.L. Bean has made a fortune with it’s "no questions" guarantee. So
can you!
4. Know your Audience. Every business has to know their audience. Volvo and
Nissan have very different audiences, and their advertising, pricing and even
the location of their dealerships reflect this. Young adult audiences may value
low price, while another group may value quality, performance, reliability or
some other item. This is even more critical for service organizations who’s
products are invisible (consulting, education, coaching, etc).
5. Location. In the old days, this meant the street address of your shop or
store. Now it means getting your marketing messages into your customer’s hands
when and where they are receptive. Be certain your website is located at the top
of the search engines. Make your Yellow Page ad larger or distinctive. NASCAR
race fans are the most brand-loyal consumers in America. If you want to reach
them, buy space on a race car!
6. Convenience. Customer’s expect to shop at their convenience, to pay by credit
card, to call an 800-number, and to have their questions answered correctly the
first time. Obviously, most service providers (medical, legal, consulting) can
not be available 24-hours a day, and how you handle that problem will say much
about you and your business to potential customers. Make it easy to do business
with you!
7. Innovation. New is good, newer is better. Customers expect the benefits of
the most modern technology. At a minimum, they expect the convenience of email,
voice mail, pagers, and fax. If there is a faster, better, cheaper and more
reliable way to do it, adopt cutting edge techniques before your competition
does!
8. Reliability. Consumers assume they can rely on your products and services. If
they are purchasing your time and expertise, they rely on your availability,
your advice, your attention to detail, and your follow through. Durability may
be less important in a throw-away age, but consumers demand 100% reliability. Be
available for them every single time!
9. Planning. Planning takes on strange twists when a computer chip "generation"
lasts 6 months and a website may be "old" in 6 weeks. Planning is the ability to
monitor, influence, and profit from change. Planning means having a mission
statement and the flexibility to respond instantly when new information allows
you to fulfill your mission more effectively. Planning means you control your
destiny.
10. Communication. Communication means instant, 2-way communication between
every level and every branch of an enterprise. It means communicating with your
vendors and competitors, and working with your customers so they become your
most important designers, researchers and customer service experts. It means an
"open door" policy and flat organizational models. It means listening is more
important than
speaking. It means ideas rule the world.
"Written by Dr
Philip E. Humbert, writer, speaker and success coach. Dr.
Humbert has over 300 free articles, tools and
resources for your success, including a great newsletter.
It's all on his website at: http://www.philiphumbert.com"
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