In order to guarantee consistent growth in your business even during tough economical times you must understand that the objective of any business is to cause the consumer to, spend with you, stay with you and share you with others. This is accomplished through various methods such as effective and strategic marketing initiatives, level of service, customer service, and competitive pricing just to name a few.
Let me explain the 3 “s” words:
1. Spend with you = Profits
You probably started your business to help people by providing a solution to a particular problem; therefore all businesses require people to spend money for products and services in order to be a business. If you don’t have this then you will not have a successful business. You might as well classify yourself as a non profit business.
There are expenses in order to operate the business such as office space, phones, internet, employees etc. The ability to cover these expenses is crucial, but beyond this there must be profit. The more people spend with you is the more profit you will have within your business which ultimately leads to a successful, profitable business.
2. Stay with you = Loyalty
People will only do business and be loyal with companies that are providing excellent products or services. Do you have loyal customers? I don’t mean a few; I’m talking about a significant amount. It’s not just about how much sales you had in a given year; but having loyal customers assures security in your business.
This is an essential component that illustrates the value of your company. If you were to put your business up for sale, you should be able to prove that you have loyal customers?
When your customers or clients stay with you it means that you are definitely doing something right. Discover what that is and keep doing it!
3. Share you with others = Referrals
You have probably heard that word of mouth is the best advertising; it sure is! Whether good or bad, people will share their experience with others. For this reason you must ensure that you are providing exceptional products or services so that the only news about your company will be good news. Unfortunately, there are people in this world that are never satisfied even if the Queen of England was to serve them herself, but that won’t be enough to prevent repeat business especially if you are providing optimal service.
In the age of social media, information about you and your company can be shared on sites such as Facebook, Twitter, LinkedIn, and You Tube. Keep in mind; this is world wide, not just in your local area.
1 comment:
This is a wonderful post that outlines the simple truths of having a successful business. My entire business has been built upon referrals and I wouldn't have it any other way. You just cannot beat working for those who come to you because they believe in you and your ability to help them. - Rob Norton (Founder/President Norton Arts)
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