Manage episode 269919740 series 1410522
If there were 5 things You Could Do to GROW YOUR BUSINESS...WOULD YOU??
A recent report discussed 5 reasons a business fails...but, what IF there were 5 Things to Grow Your Business!!
I had an opportunity recently to review this report from a group, I was thinking about small to medium businesses that are struggling things that are going on with COVID, and so forth. And and this particular report laid out, I think, five things that that that small businesses run into that causes them to fail.
And here's the list is that first one was said 79% fail because they start with too little money, right? That's one of them. Number two, they said was 78% fail because they lack a well designed, or well developed business plan. All right, sell and then the third one was 77% fail because they didn't price things properly, or they fail to include all the necessary factors when they determine prices. All right, number four, they said 73% fail because they were overly optimistic about achievable sales. And then the last one, they said 70% fail because they don't recognize or accept their weaknesses and don't seek help from others.
This came from a report from keap.com. Alright, so those are the five things that they had identified, it got me to thinking as I reviewed it. What if there were five things that you could do that would grow your business? The question is, would you do them? Would you actually do it? If you knew five things to actually go do to grow your business? Would you actually get those done? Alright, so I'm gonna lay out five of these. Okay. And so the real question is, is, will you actually do it? And in fact, I heard a guy present like this. This is a couple years ago, his name's ping Joon, brilliant, brilliant marketer anyway, he says, I'm gonna tell you how to do something. He says the chances are you probably won't do it very provocative, right? And the list the things that he laid out for us to do in order to accomplish certain objectives or outcomes for a business. You're like, Okay, that's it. That's gonna be kind of hard. But he's like, hey, if you do it, I promise you, you'll have you'll have good results. Okay, so I'm going to go through these five. Okay, so here's the first one. The number one is understanding your customer. Alright, so first, ask yourself, do you understand your customer? Now, if you could write a list of your customers problems and pain points, could you do it? How long would that lists be? So let's stop. Now.
Write that down. And once you have the list, for each pain point, identify what you can do to help your customer overcome that pain point. Alright, so that's number one. Okay, so do that. Alright, now let's go to step number two. So before going any further, stop and define your perfect customer. So articulate, what are their roles, what are their characteristics, you know, their demographics and so forth. What skills do they have? What interests do they express, and now as part of this step, Look back at what you had identified in step number one, right, which is your understanding of your customer and refine it, refine your perfect customers problems and pain points. So go back to step one, say okay, now that I've got a picture of my perfect customer, what are the pain points and the problems that they have? Alright, so go back and do that. Alright, so let's move on to number three. So the question is, will you actually do these things? So here we go. Number three. Now take a look at your business products and the services and map them to your perfect customers pain points. And the question is, do you see any gaps in what you're providing and what your perfect customer needs. And the idea here is, of course, is now create a plan to fill those gaps. Now, key part of that plan must include the validation of those pain points, because it's possible That, you know, we create what we think the pain points are, we actually have to get those validated. So what you have to do is you come up with a way in which you communicate with your customers.
And each business may do it differently, right? You might, you might not only might email them or you might podcast with them writer, or you might get call them on the phone or, or otherwise right difficult to do something's face to face now with some of the COVID. But still, the key here is you got to communicate with them. And you got to get the message of the pain points in front of them, and look for ways for them to validate what their pain points are. Now some groups that I work with build communication plans, and I highly encourage you to do that. It could be as simple as a spreadsheet that says, here's this, you know, target audience of my customers that are my perfect customers. Here's how I'm going to communicate, here's what the message will be. But the key here is do not go to the next step number four Until you've done some validation of your perfect customers, pain points. All right. So let's look at these again. Number one was, know your customer understand their pain points. Number two, define your perfect customer and then scoot back and refactor that list of pain points. Number three, look at your business products and services, map them to your perfect customers pain points, look for any gaps and now start figuring out how will they validate these All right, okay, I do that validation. Now, I'll tell you number four, but don't do it yet until you make sure you've done the first three. Here's number four. So recently on this podcast, I had my son Steven, talk about this a little bit. He talks about this next step quite a bit.
It's about preparing to launch your newly defined product and service. He calls it making noise right? The the basic idea is all right, I've got a perfect customer. I know that their pain point is I validated it. But before I actually launch, what I really need to do is I need to prepare my customer to receive that I need to prepare them to actually be ready for that I need to make some noise. Now, you have to allocate plenty of time to communicate with your perfect customer, what the capabilities are that you'll be bringing to them, right, that's going to address their pain points. Now, this requires organ This requires organizing your message, right? It means building the flow of information, preparing the right stories, to help your perfect customer move from their place of pain, to their place of realization. Now, as you know, this is generally an emotional journey, right? It's like the journey that characters go through in a story, right? Like in the movies, right? Or in a great book. It's generally the internal journey, and we have to help them make that internal journey right. Sometimes we call it character development, right meaning In the story, we see the character begin to think differently. And they become different, even though there's some other external things going on whether they're on their own physical journey going somewhere. But then there's the internal journey where they become different. They view things differently. Well, that's what we, as business people have to help our customers do got to help them go through their own internal journey, and help them see and realize come to their place of realization, or the expression where they are they experience the value that you're going to deliver. So that's a critical thing. We got to help our customers see themselves overcome their pain points, and realize that it is possible to do this through the business products and services that you're providing and offering.
Okay, so that's step number four. Take a breath. That's a critical step. Alright, here we go. Number five. So before I go to number five, on number four, the question is will you really do it Really do these four things because these are crucial, crucial to being successful with it. Alright, you're ready? Number five, okay? So it's all about price, right? But it turns out price is all about value. So in other words, establish the price based on the value that people associate with overcoming those pain points. Right? So a brief example here, right? So I was a teenager, one time a group of us were backpacking in the mountains for a week, which I love to do love the mountains. And as our group was driving back into civilization, we stopped at a small store. We smelled terrible. So I'm sure we shocked the owners. We came into this little small store in the middle of nowhere. Now what we valued at that moment, was some of the food and snacks that he had in his store because quite frankly, we are quite tired of eating the dehydrated meals right? Do we been caring. So while the price for the snacks is relatively low, there was also only a few of them, right? And as young men, we were willing to pay a lot more right? In our mind, the value of what they were selling was really high. And so the point is, we would have tolerated a higher price at the moment. In fact, some of us bartered because there were only a few of those snacks. And of course, we were telling the owner, well, I know that guy only paid two bucks, I'll pay you five bucks for that, right. So the key is understanding and articulating a pain point.
And then selling a value based product or service that's beneficial to the customer. But it's, it's critical, right? We're actually serving them, we're helping them when we provide that value to them. But it's also necessary for the sustainability of our customers. In other words, if we're not around tomorrow, to help them overcome those pain points, we actually don't service them properly. So The key is to understand and articulate a pain point and then sell a product or service that's priced based on value, right, that actually provides service to them. Now it goes back to that old story of the master with the violin, right? That set up for auction. You know the story. The first time the auctioneer tries to sell it, no one's interested, right? He just holds it up, and then up, up, walks the violin master and he plays and suddenly the value shoots up in the minds of those that are sitting there in the auction. So think about it this way. You are the master at understanding how to take your product and service and overcome your customers pain points, setting your pricing based on the value that your customers associate with that pain point. All right, those are the five steps. The question is will you do that? Thanks so much for joining and until next time, articulate your business value to address your perfect customers painpoints.
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