The internet is full of business advice, marketing secrets and tips that are said to make your business operate perfectly and bring a high return on your investments. But, in my years of experience as a business coach, I’ve come to realize there is just one thing you need to know to succeed in business.
The Success Secret you Need
So what is this success secret you can’t miss? Put simply, it’s that as you build value, your profit will automatically increase.
Let me back up. Whenever you buy anything, from something at the grocery store to an electronic appliance or even a car or house, you are doing so because you believe the value of the item is worth the expense. You know that the money you spend will be worth it because the purchase has features you want and will fill some need.
It’s absolutely essential that you understand this formula if you want to grow your business. Understanding that more value brings more profit, and how that concept applies to your business, is one of best things you can do for your business.
This formula has worked for me. As I’ve built passive income through real estate and as I have become a successful network marketer, I have grown my businesses by adding value to my products and services, and the income has naturally followed.
I know the growth in my network marketing team is a direct result of adding more value through consistent business training and coaching. My customer base is huge and it continues to bring in monthly income because of the automated monthly ordering system and to give extra value, I make sure to stay in touch with them on a regular basis. Keeping you ‘top of mind’ is the key.
As for my real estate division, I take care of my rental properties so much so, that my tenants are more than happy to treat it like their own home. This is rare in the real estate investing world and I’m proud to say my great tenants never want to leave.
How to Put the Secret into Action
It is one thing to understand that as people see your products and business as worth the cost, your income will increase. Finding ways to apply this success secret and make it work for your business is another.
Define the Value you Offer your Market
First, define the value you offer to your market. Notice that I specified “the value you offer your market.” Not the value you think your products bring. The value the people you are selling to think they bring. It’s important that the values and benefits you promote are the ones that are important to your market.
Some of these values may be obvious, but others may require some digging and brainstorming to uncover. Clearly describe exactly what your business can do for its customers. These could be as simple as the perks and features of your products or as abstract as giving your customers peace of mind, entertainment or a chance to make their lives a little easier.
Communicate the Value to your Market
Once you have identified what value you offer, or why people should become your customers, clearly communicate that. You may use internet marketing, word of mouth, traditional marketing or even face-to-face product pitching to tell people about your business and the value you can bring.
Regardless of how you market your business, the center of your marketing strategy should include a message that tells people what kind of value you offer and why they should care about your business. As people understand your value, they will want to learn more and eventually, become customers.
Continue to Increase your Value
Finally, and this is perhaps the most important step of the process, continue to increase your value. In fact, I would argue that a successful, strategic business is always looking for ways to offer more value to its customers.
Find ways to expand on the perks you already provide and look for opportunities to offer more, in terms of products or services, to your market. As you increase your value, two things will happen.
First, you will have more and more value you can use to attract new customers. You will become a better solution with more options, or more effective options, that will attract potential customers.
Second, your increased value will help you maintain your current customer base and even create relationships with repeat customers and loyal brand ambassadors that help you build your business through word of mouth.
Learning how to identify the value you have to offer, and then consistently adding to it and using it to attract customers, will help you increase your profit. As you do this, it will be easier and easier to build your business and the lifestyle you want.
If you’re interested in learning more about how to identify the value you can offer your market and how to enhance your business plan, contact me.