Recently I met with a small group of business owners and asked them their biggest marketing challenges. Here are the 5 things they shared with me. I’ll also provide a tip on ways to overcome each challenge.
There are 3 levels of work in your business: a Leadership role, a Manager role, and a Technician role. The Leader’s job is to clarify the vision, set the direction, and build the systems. The Manager’s job is to maintain, refine, and measure the systems. The Technician’s job is to do the specific work of the business – e.g. work the systems. How do your organize your small business to achieve maximum results?
Now, I understand that most small business owners wear all three hats! However, to be strategic and grow your business you MUST learn to spend more time on Leadership and less time on the Technical work of the business. Where most of us struggle is that we do not spend enough time “leading” because most of our time is consumed with “doing.”
In this post I want to go deep into the 3 factors that create a powerful customer experience. Remember, your first priority should be to market to your existing customers. So it’s important to make sure they have the right experience!
As I’ve mentioned before, what differentiates us from our competitors usually has less to do with our products or services, and more to do with how we treat people! The best companies in the world get this and place a major emphasis on the customer experience.
Here are the 3 most basic components for creating a “Wow” experience” for your customers.
In a previous video, I gave some advice on how to write a mission statement. However, there is a lot of confusion between the mission versus the vision of an organization. I mentioned this difference briefly in the video blog, but here is a table that will help you gain greater clarity between the two. If you are still confused, please watch our video “Mission-Vision-Values: The Foundation of Every Great Company“, or contact me directly. I would welcome the opportunity to discuss this with you and help you gain the clarity you need as a business leader.
Sometimes business owners ask me if it is really that important to have a written mission statement. In many companies it seems to just be a plaque on the wall with little or no value. Here is why I think it is critical that every business (even small businesses) have a clear, written mission statement.
Whenever I tell business owners that they can and should work less but make more money, they look at me like I’m delusional. But it is true! The key is leverage.
Archimedes, a third-century Greek philosopher, once said, “Give me a lever long enough . . . and single-handed I can move the world.” He understood leverage. Almost every business owner I know needs to find their leverage.
The question is: Where do we gain leverage?
Let me introduce you to two importance concepts related to business growth – efficiency and effectiveness. Both are vitally important! In a nutshell, here are the definitions:
Efficiency: Doing things right to produce consistent and rapid results
Effectiveness: Doing the right things to produce the results you want
The significant problems we face cannot be solved at the level of thinking that created them. –Albert Einstein
In order to take your business to the next level, you must become a Strategic Business Owner. The first step in becoming a Strategic Business Owner is to face reality. Now consider the second step: your mindset shift from technician to CEO.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” -Peter Drucker
The best and fastest way to increase your revenue is to focus on your customers. They already trust you and buy from you. So what you want to do is look for more ways to serve them! This will enable you to increase the average transaction size and/or increase the frequency of the purchases.
To be successful at getting your current customers to spend more with your company and to spend more often, you must increase the “perceived value” of what you offer. You must educate your customers so that they desire your products/services even more.
Here are 10 ways to increase the average purchase size and frequency of your sales, and in turn, increase your revenue.