As a business owner, it's your responsibility to identify the core principles that influence your business.
Stephen Covey identified these principles with three characteristics.
They are Universal, meaning they work anywhere, in any business.
They are Timeless, they work all the time, no matter what and...
They are Self-evident, you cannot argue against them.
Harness these principles and you will effortlessly plan your next marketing campaign, hire the right employees, or expand your business.
It will be clear.
These 6 Essential Elements will help you leverage the resources you have and show you where improvement is needed.
Lifetime value of a customer
Unique Selling Proposition
Principle of 80/20
How much money are you leaving on the table every month? Could it be 10s of thousands of dollars?
Even very successful businesses find they are missing a small fortune. Find out where your business can leverage its resources.
You can only improve what you measure.
Are you marketing to the right people? Or are you wasting precious time, money and effort by trying to attract all the wrong prospects?
What major problems does your target market have and how can you help them?
You need to inform your prospect with information important to them, not you. Once you truly know who your prospect is you will discover what's important to them.
How much profit does your average client bring you?
A company willing to reward its clients will dominate their market.
Once you know exactly how much each client is worth to you, you'll know how much to invest or ethically bribe someone to be your client. If you don't know it, you're flying blind.
A small percentage of your clients provide almost all of your profit.
Figure out who they are and you can dramatically increase your business with little effort.
The Principle of 80/20 or Pareto's Principle was discovered by an economist Vilfredo Pareto. He showed that roughly 80% of the land in Italy was owned by 20% of the population.
It's a principle and not a rule of thumb and it doesn't only show up in land ownership.
It's found everywhere.
Once you know who those top 20% are for your business, you can then reward, retain and get referrals from them.
The probability of selling to an existing customer is 60-70% vs. 5-20% selling to a new customer.
Why would someone choose you over your competition?
What are the benefits of doing business with you? More than likely you know all the things you do well.
Do you clearly and consistently communicate this to your prospects?
If you're like most businesses you stick to platitudes like "we have really great service" or "we have the lowest prices."
This doesn't matter to your prospects, because it means nothing. It's not specific and is overused.
The problem is most businesses have a hard time communicating their "inside reality" to their prospects and customers.
This can lead to less retention and an overall decrease in business.
Why do some prospects never buy from you?
Is there a hidden barrier keeping them from seeing the true benefit of working with you?
The barrier could be lowered by innovating your Risk-Free Guarantee. Guarantees come in all shapes and sizes.
Most of them use platitude filled Satisfaction Guaranteed where the company promises they will make it up to you if they screw up.
They don't clearly define what they are going to do or how they are going to fix it.
The Essential Elements are the solution to the biggest problems almost every business has:
Getting the right customers
Finding and keeping the right employees
To start your path to getting more customers, better employees and effortlessly making more money in less time, call us for your Essential Elements discovery meeting Today!
Call us at 920-931-4035 or fill out the contact form.
Read the Essential Elements Case Study here!