As entrepreneurs, we need to be mindful of plateauing with our business. This can feel frustrating, especially when trying to grow. However, if you are just starting your business, you may be looking for a secret recipe to make your dreams come true.
Did you know that when it comes to building a successful business, many entrepreneurs are worried about inconsistent revenue growth, feel overwhelmed with catching up with capacity to meet increasing demand, or are hesitant between making money and spending money? These entrepreneurs are doing okay, but there’s more to business than just about the money. Unfortunately, this stress is getting in the way of making more sales and slowing down the growth of your business.
Does this sound familiar?
I believe all dreams can become true as long as you dare to dream! You will need determination, commitment, consistency, and time while working towards your goals. It’s possible to do this, and I know firsthand.
From my experience as an executive coach, I developed four primary keys you need to set yourself up to achieve business success.
Be Clear About Your Why
What drives your passion? What fuels your motivation?
So the first key to success is your WHY. Your purpose is the magic force that drives you towards your destination, no matter what. Knowing your WHY will keep you on track while tracking you to reach your goals.
Think of your WHY like it is your destination that you plug into your GPS before you set out on a trip. Even if you have no idea how you will get there, as long as you have a clear destination, the GPS will guide you to the shortest and fastest route. If you happen to make a wrong turn, no problem! Your GPS will recalculate and find the quickest way from where you are. The same concept relates to business. Once you get the clarity of your WHY, you will have a route to your final destination.
Understand Who Your Ideal Customer Is
Who is your dream customer or client?
Identify your ideal customers that align with your WHY. People tend to buy your WHY rather than your WHAT. Your business will grow when your customers align with your purpose and vision.
The first thing that you need to do is focus on YOU and ask yourself these questions:
- What are you naturally good at?
- What do others often ask you for help with?
- What do you have expertise in?
- Are there particular groups (age, geographic, personality/financial profiles) you are drawn to serve?
Remember, we don't have to sell to everyone!
Next, align your customers with your goal, then dive deep to get to know them. It's essential to have those customers believe in and share your WHY.
Many businesses fail because they assume they know instead of really understanding who their customers are. This is because they don’t talk to customers. Once you know who your customers are, have conversations with them. Get out of your comfort zone and have direct conversations with your ideal prospects to understand their pains and expectations. This will help you gain a deeper knowledge of their needs and how you can serve them in a way that they’re willing to pay for your services.
Image from Salespanel
Create An Irresistible Offer That Your Customer Can’t Say No To
What is something that is so desired by your ideal customer that they can’t say no to it?
Remember, people don’t buy what they want; they purchase what they need. They spend money on products and services to help them solve a problem.
At the beginning of the online shopping era, Zappos, the online retailer for women’s shoes, offered shoe lovers free shipping and returns when customers bought twelve pairs of shoes to tackle customers’ hesitance about ordering shoes online due to sizing issues. So, customers could order, try on, and return shoes until they are satisfied. Surprisingly, barely anyone returns the shoes after the 12 pairs of shoes are shipped to their door. Even though some did not perfectly fit, ladies simply could not resist the beautiful new shoes and wanted to wear them no matter what.
Doing so allowed Zappos Shoes to overcome the biggest hurdle for an e-commerce shoe store (the highest cost of shipping and return risk), not to mention making them worth well over 1 billion by the time Amazon acquired them.
What problem do you solve, and how can you make your customers’ lives easier and better?
Plan To Always Over-Deliver
What are you promising your customers? Can you deliver what you promise in the timeframe that you committed to? How can you over deliver and add in a “surprise and delight” factor?
Happy customers are loyal return customers and your vital brand advocates. On average, it takes over nine times more investment to acquire a new customer than to keep a repeat customer. People buy from people they like, know and trust. They will remain loyal when you keep your customers happy and make them feel you care about them. When you give more than you commit to, impress with deliverables, and give consistent little surprises, you will build your rapport and nurture that long-term relationship. Not only will doing this keep your loving customers returning, but they are more likely to refer you to their networks.
Whenever you feel stuck in your business, slow down and take a step back to reflect on these four keys of my secret sauce for business success. At VIV Coaching, consider me your code-breaker to help you demystify those super complex business strategies, models matrices, and frameworks designed by those big consulting firms. I then make them simple to apply to your business practices and guide you to success.
Haven't started your business yet? Check out our 5 essential tips you need to know before starting your business in this blog.
If you have more questions about these 4-key business strategies that set you up for success, I invite you to book a free coaching consultation.