A Business Strategy to Turn a Dreadful Year into a Success
This year has been tough for everyone, and there are just 12 weeks left before world of business winds up for 2017. There is, however, still time to accelerate your sales efforts and grow your business before the year ends. On The Money Show with Bruce Whitfield, we outlined an effective business strategy that helps entrepreneurs fast-track their way to success, before the year ends:
Listen to this week’s show here:
It Always Starts with Your Customers
Being clear on who your customers are is critical, no matter your business strategy or the season. No matter how much you’d like to be all things to all people, you’ll never be able to. Take a close look at your customer base, and define just 3 or 4 groups of customers that your business serves, and solves problems for. Customer groups are made up of people who behave similarly, but most often operate within similar circumstances and have similar problems that your business solves for them. Define those customer groups by age, size, sector, geographic region, and similar demographics. The more characteristics you’re able to assign to each group, the more you’re able to better understand them, and effectively market your services to them, thereby solving their problems. For example, you could define a customer group as: female, living in an urban environment, with a household income of R15000+ per month, and are predominantly single.
Know Your Customers’ Problems
Knowing why and how your products and services solve your customer’s problems is key. People only buy answers to problems – they don’t want to buy extra problems, or create extra work for themselves, especially in a tight economy. Of course, some problems are not so distinct or easily understood but, by defining your customer groups clearly and sensibly, you should be able to isolate the problems your products and services solve. Remember too, that you’ll need to evolve and develop your products and services, to keep up with the changing needs of your customer groups. Check that you’re solving problems that are relevant to your customers today, and in the future.
Talk to Your Customers the Right Way
Build a pitch for each of your customer groups that responds to their unique characteristics. A pitch is how you position your communication for each customer group, and each pitch has 5 important elements, that answer 5 questions:
- Who is the customer?
- What is the problem that you’re looking to solve?
- What is the cost for your customer to not have that problem solved?
- What do you do to solve that problem?
- What is the outcome for your customer, of having that problem solved?
Once you’ve built a pitch for each of your customer groups, train your staff in utilising them effectively, and start thinking in sales terms.
Develop Your Strategy
An effective business strategy has 2 elements: hunting and farming. In the world of entrepreneurs, hunting takes on the form of outbound selling; finding, visiting and engaging with your customers; going out and finding your customers. Farming on the other hand, is quite reactive, and is known as inbound selling. You’ll farm by enticing your customers towards your services; creating useful content and using digital media to attract attention towards your services or products. Build a calendar for your hunting and farming activities, for the next 12 weeks, and specify tasks for each day.
Build Your Collateral
Your tools for farming and hunting are your collateral. Make those 9 calls before 9am, using a sales script, as part of your hunting activities. Create a week’s worth of social media content to post to your online channels, as part of your farming activities. Ensure that your collateral matches your customer groups, and train your staff to use them too.
Implement and measure
A great business strategy gets measured. Once you’ve implemented your marketing approach for the next 12 weeks, measure everything you do. This will help you to discover which approach gives you the best results, so you’re able to discard what doesn’t work and focus your energy on what leads to the most sales. Tweak, adjust, and accelerate, your strategy in line with what makes the most sales, so you can turn the last 12 weeks of the business year into a success.
At Aurik, we help entrepreneurs build and implement a business development strategy that leads to more sales, and growth. We help you build your business into an asset of value. Let’s chat.
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