Building a successful business requires strong, sustainable foundations
To build on a solid foundation you need to be able to express your business purpose, your core values and the uniqueness of your offering in a clear and compelling manner that’s understood and shared by everyone in your business.
If you don’t do this your customers and prospects won’t fully understand, appreciate or get excited about the value of your products or services or why they should buy from you.
The more compellingly you weave these fundamental messages into everything you do, everything you say, and everything your team says and does, the greater your competitive advantage … And the more your product or service is worth in the marketplace.
The first phase of the Eureka program takes you step by step through what you need to do to build the foundations for exponential growth in your business. While the program was under development a good percentage of clients achieved market leadership in their niche through the application of these strategies.
Each strategy listed here there is backed by an in-depth step-by-step process. Because less than one business in a thousand gets these basics right, you’ll gain a massive advantage over your competition, month-in and month-out if you build on these foundations.
1. Determine customer’s needs
The most careless approach to building your business is to decide what your marketplace really wants or needs without first talking to them about it. You owe it both to them and to yourself, because what you think is important to your prospects and customers may in fact be totally unimportant. What you could ignore may actually be all-important. Doing this research will allow you to focus on the key issues behind your customer’s buying decisions and true needs. The moment you understand what they really want and need, what they’re drawn to and repelled by, you’ll become so much better connected to them. You’re able to be more persuasive because you’ll be in alignment with what your customers are really looking for. And if you do this right, don’t be at all surprised if a lot of your competitor’s customers start flocking to you in the process.
2. Unique Selling Proposition
Why should someone buy from you? Less than one businesses in a thousand can answer that question in a compelling manner. To do so, your business needs to be seen as different to your competitors, offering your prospects and customers a unique, distinctive or superior benefit or advantage that isn’t available to them anywhere else. There are a number of powerful components to this, which include a) a Commitment Statement b) A journey “Behind The Scenes” c) Risk Reversal d) a Positioning Statement e) Setting the buying criteria for your marketplace f) An Irresistible Offer. Once you’ve established what your unique advantage is, your job is to communicate that advantage to each prospect by articulating the key benefits of buying from you. But because your prospects are always short of time, you must be able to communicate these benefits quickly, clearly and effectively so they’re easy to remember.
3. Commitment statement
Your commitment statement is typically a series of 8-12 prioritised bullet points which explain what your business does and stands for, what someone can expect when they buy from you, how your business is seen in the marketplace and where it is going. It should also explain what you do to provide memorable service, how you go the extra mile and what you have to do to achieve your long term vision. Your commitment statement can be used in many different ways to build confidence and certainty and accelerate the customer’s buying decision.
4. Behind The Scenes Journey
The more your buyers understand the tangible, compelling and meaningful reasons why they should take action and buy from you, the more they’ll trust you, the more comfortable they’ll feel about what you’re offering… and the more rapidly they’ll decide to buy. Your “behind the scenes” journey is the key component of your USP that educates your buyers by providing them with with a complete understanding of the reasons why you do what you do, why you sell what you sell, why your product or service is better and more suitable to their situation than others, why they should act, and why they’ll be disadvantaged if they don’t. It explains the process you go through to create your product or service, how you select or reject your components or suppliers, how you gained your knowledge, experience and expertise and the process you use to train your staff. It’s a very powerful process.
5. Risk reversal
The biggest single reason why people don’t buy products or services from a supplier is that they don’t want to make a mistake or look stupid or mess up. That’s why up to 80% of people say they’d be influenced in favour of a business that guarantees to its buyers that their product or service won’t fail, by giving a really strong guarantee. By guaranteeing your product or service you reduce the barrier of entry and make it more advantageous for your customers to buy from you than not to buy. This means that people can’t help but take advantage of your product or service in much greater numbers.
6. Positioning Statement
Your positioning statement is a single sentence or a paragraph that focuses on the specific areas in which your product or service excels or is unique and conveys the essence of your business in a compelling manner that sets you apart from your competitors. To be effective it must attract attention to your business, set you apart from your competition, fill a perceived gap in the marketplace and motivate people to take action. When your key points of difference are easy to understand and remember, your prospects get an instant mental picture of what makes your product or service superior or unique, and thus worthy of their attention. This will set you way apart from your competitors and make it much easier for your prospects to act in your favour.
7. Setting the buying criteria for your marketplace
When you educate your customers to understand the buying criteria for your product or service, you’ll totally disempower your competition. You’ll also be able to take more and more market share because no one else will be able to compete with you. If you’re the first business in your industry to deploy this concept it can have the impact of an atomic bomb.
9. A clearly defined mission
A business develops a personality over time that shapes its philosophy and motivates its actions. Without a purpose or a mission, both a person and a business will flounder. Every business, no matter how big or small, needs a mission statement as a source of direction that lets its employees, customers, suppliers and stakeholders know what it stands for and where it’s headed. A mission also unifies people in a business and provides employees with a sense of identity and a foundation on which the company can build its future.
10. Targeting the right prospects
One of the biggest secrets of success is to communicate directly to your target market, and to no one else. You do this by identifying exactly who your target audience are, then discovering why those people should buy your product or service, given their values and priorities. This includes identifying the predominant types of prospect you need to target in your various markets. Should they be the innovators, early adopters, middle majority, late adopters, or laggards? Identify the crucial decision making steps needed for them to adopt your product or service. When you do this the results of your efforts will improve immediately, you’ll multiply your effectiveness and usually you’ll be able to significantly reduce demands on your time, your expenditure and your efforts.
Additional foundation-building strategies include:
- Validity Testing
- Business Model
- Business Planning
- Choosing a business name
- Competitor Analysis
- Express Your Higher Business Purpose
- Gaining absolute clarity about your current situation
- Market Research
- Marketing Plan
- Defining Your Sales Process
- Strategic Planning
- Targeting the right prospects
- Understanding lifetime value/marginal net worth
- Values Charter
- Vision Statement
In May 2010 Marketing Wizdom’s knowledgebase contained more than 15 million words in 28,782 documents relating to 26 individual marketing foundation strategies. That’s equivalent to 53,000+ pages, or 214 full sized books.
Some of that knowledge is and will be showcased in posts on this site. If you’re an entrepreneur or aspiring market leader, you can learn how to apply the full depth of that knowledge by participating in the Eureka program … click here for more details
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