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. Client Benefits.
You and your
clients 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. Clients buy benefits.
2. Extra Value.
Clients 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 client'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.
Clients 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 clients. Make it easy to do business with you!
7. Innovation.
New is good, newer is
better. Clients 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 clients 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.
By Philip E. Humbert
Image by Ivan Chuyev
Image by Ivan Chuyev
© Copyright
2003 by Philip E. Humbert. All Rights Reserved. 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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All those tips are important in their own right, especially number 7. New and creative ideas are a great way to attract the attention of new clients and keep the old ones coming back for more.
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