Success and sustained performance
Do you have the entrepreneurial drive to sustain performance?
Are your business action plans realistic and achievable?
Recently, a friend asked me if I had noticed those huge advertising billboards by the roadside between my home and our meeting place. Quite frankly I had not noticed any of those giant advertisements as I was focused on safe driving under current icy road conditions.
“In your face marketing” doesn’t seem to be reaching consumers. It is not just the medium that needs to be changed. In a world where consumers have choices the content of your marketing becomes important.
A realtor has to be aware that there are many others offering similar services. A pizza place has to compete not just with other pizza businesses but also all the other food businesses out there.
Know your customers and their needs
Today’s markets are in constant flux. Your customer’s needs may change or new market demands may emerge as competitors innovate and offer new products and services.
The big box stores find that they now have to compete with small online stores for the year end festivity spending on gifts and foods. An internet e-commerce portal cuts out the rush to the mall. Consumers can shop from the comfort of their home with payment online and delivery made right to their doorstep. But those who shop online tend to turn to familiar websites.
Whether yours is a business that offers services or products online or traditionally through meetings with customers you need to get to know your customers and their needs. Just as important is making sure your prospective customers know enough about you and your offerings to want to buy from you.
Building trust is the key. This takes time. You have to be able to sustain your performance over a long enough period of time for prospects to get to know you and what you offer.
Remain Competitive and relevant
It is critical to have the entrepreneurial spirit. This means being genuine and passionate about your business.
Passion means being interested enough to master the knowledge of your business. It means keeping in touch with developments in the market and the innovations that competitors bring to the market.
Keep reading and talking to those more knowledgeable then you so you remain relevant and excited about your field of expertise. Share your knowledge with prospects and long-time customers.
A successful realtor still sends calendars to clients who purchase a home through him 20 years ago! Why? Perhaps it may now be time for them to buy a bigger home or their children may now be looking for a home to buy.
The conversations the calendar creates keeps him top of mind. He even encloses useful home maintenance and industry tips and advice in an accompanying newsletter.
Widen your circle of contacts
The entrepreneurial spirit can be kept alive by constantly seeking out new people to meet and develop new relationships. Sticking to a small pool of customers may mean missing out on opportunities that arise from establishing new relationships with new people.
It is important to grow your circle of contacts while maintaining and even deepening existing relationships.
Too many businesses rely on a small group of long term customers. Turn these customers into your advocates by providing them with useful information in an interesting manner. Engage with your suppliers, team members and customers and help them spread the word about your business.
Every individual you meet is potentially a customers or a promoter of your business.
Focus on a return on investments
Business is about sales and paying customers. But to be sustainable, your business must give you personal satisfaction while generating financial returns.
Success is not just measured by the money you earn. Ultimately success is measured by the quality of living you experience.
The secret then is to invest your time in learning and appreciating the business you are in. Seek out the advice of consultants and industry experts. These are the essentials you need to be knowledgeable and convincing with prospects. Knowledge, passion and being genuine builds trusted relationships. This sustains the entrepreneurial spirit and promotes business success.
International Business Consultant
Reboot your business plan for sustained high growth
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