It doesn’t matter if you are just starting out as a new business owner or you have successfully been running one for quite some time, there are always new strategies that can help maximize your success rate in the marketplace.
Your current income regardless of the amount, you can double or nearly triple that number by paying close attention to these four simple strategies:
- Professional development- we all need it.
No matter what category your business happens to fall in, one thing is necessary in order for you to provide your customers tremendous value: to make the commitment to continuously learn and study what’s “hot” in your field. For example as a dedicated bookkeeper, I spend 3 months out of the year to study the new tax laws. If you’re in the construction industry, look for some of the new trends and study them.
Taking an hour a day to learn about and research your field, will instantly start to set you and your business apart from your competition. These hours will begin to add up quickly and before you know it, you’ve entered into an elite category.
A valuable piece to the research aspect is paying attention to what your market needs and what your customers are saying. Does the saying “the customer is always right” come to mind? Dig into what they are going after. You can talk to the guys and ladies on the sales floor of any hardware or lumber store to get the inside scoop. If you are outside the construction industry, then go to whoever serves your target market and ask questions.
- Offer High quality products/services
One of the fastest ways to set yourself apart from the competition is to provide your customers with high-quality products at the same price as your competitors. If you don’t know what they are charging, then take the time or have a friend/employee call them and figure out what they are charging. Quality is everything when it comes to growing your business. Spend the time to plan, organize and deliver top-notch quality products/services in everything you do.
- Add Customer value
Providing value in the lives of your customers is critical when thinking about creating lasting business success. If you are not changing or adding extreme value to your customers’ lives, your business will hit “stall mode” very quickly. The stall mode is when you truly believe you are doing everything right and working extremely hard, but the results and success aren’t present to show for it.
Take the time to go the extra mile. It is relatively easy to do this, if you just take the time to listen to what your customer is and isn’t saying. Sometimes customers will tell you what they want in a roundabout way. If you are unsure of something your customer said to you, then ask them “Please tell me more about…” This will help you get the clarity you need to improve your edge.
It is also important to ask yourself regularly before you take on a new task or release a new product or service, “What is the value for my customers in this product?” If you can’t think of an ample reason as to why your product or service is of extreme value, then chances are you should go back to the drawing board to plan and recoup some new ideas. Taking the time to really focus on your customer will help you have the long term success you desire.
- Serve above all else
It drives me nuts when I see a business pay more attention to what they think is right rather than to what the customer has to say. Remodeling an area on the sales floor isn’t always the best solution for your business. Your employees/staff can help you find out what your customer is looking for. Listen, we all make mistakes and some of the best business people fall into this category as well. Just look at the businesses you used to like and no longer want to do business with. Listening is just as important as breathing.
If a customer isn’t satisfied or happy, you have to do everything in your power to make that customer happy. Give them what they want. Even if your customer was the one who was wrong, take the initiative to fix things and correct them immediately.
When you are working with your customers, take time to ask them how you can better serve them, this will dramatically boost your business and success rate. Always think in terms of serving.
By implementing these four simple strategies, you can maximize your success rate, amplify profit margins and create longevity in a competitive marketplace. You are the key to your business’ success.