3 Basic Foundations for Growing Your Business
I’m often asked about how you grow your business, and there are lots of ways of course.
But there are also 3 basic principles that are key to the foundation of growth of a business.
- Reaching your target market : The problem for many, is that their marketing message is often way off the market. You see, in marketing, you have to fish where the fish are; that is, if you’re placing an advert where your ideal customer isn’t going, then it’s wasted. So have you identified your target market exactly? Who is it? What Age? What are there interests?Many clients often cite ‘well, everyone needs what I sell’ and whilst they may be technically correct, targeting ‘everyone’ isn’t really targeting. This may be the reason why some of your marketing isn’t working – it’s not targeted tightly enough at your target audience.
- Trust : You need to give your customers exactly what you have promised them. So many times have I bought a product (especially some internet related software product) that promises to do a particular task, only to have it fail completely, or just not perfrom with the results that they promised in the first place.So I guess the question for you is, where can you easily OVER DELIVER on your promises in your business? Imagine the difference that makes, and in particular about how many people they will then tell about their experience – that’s what makes the difference and allows you to grow your business quicker.
- Value : This ties into #2, are you providing enough value for the price your customer is paying? Near where I used to live in England, there is a Tapas place that serves very nice food. But the problem are the portion sizes – they’re tiny. I feel let down. So we don’t go there any more.The value isn’t there on the amount of food they provide. You know what, they could even put their prices up, but only if they actually sold more of the food they served !
I remember my granddad telling me once he went into a pub and asked them if they would like to know how to sell more beer.
“Yes, of course we would” the pub landlord said.
“Try filling the pints up properly then” was his response.
Stuck with me for years has that one. Now, im not saying you just give twice as much as normal, but if the product you sell is scrimping along the edges, chances are you’re losing custom.
So, let’s recap, target the right market, build trust and provide value – a fabulous recipe for any business destined to grow.