How to make your start up business successful?
You have registered your business and have drawn up your business plan. You are ready to launch your business. You are convinced your business will succeed? You look back and wonder – have you considered everything that it would take to make your business successful. At the end of the day, a business venture that does not bring in money will inevitably close. Are you making more money than you are spending? In this article, we provide four tips for making your business successful.
1. Value creation
Value creation should be the foundation of your business. This should be the theme of your business venture and a core component of your business mission. The importance of creating and delivering value in an efficient and effective manner will give your business a powerful head start. What do we mean by value creation? The best way to define value creation is by asking the following question:
- Is your business creating something that people will actually pay for?
- Will your customers find your product offering to be useful?
- Does your product offering solve a problem?
One thing you will discover when running your business is that people actually pay a premium for quick, reliable, easy and flexible finance. They are almost always prepared to pay a premium for a service that solves their problems. People are also willing to pay a premium for product offerings that offer a high aesthetic, emotional impact and social status. A great example of this is Apple. People pay a premium for Apple products because they are simply great. People love the way Apple products make them feel.
What is marketing and why is it important to your business?
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Looking at the above definition of marketing, you should be thinking of how well are you going to attract and retain your customers’ attention.
How well do our customers believe and trust your business? Social proof and recommendations will take your business to the next level. Think of all the activities you would have to perform to make your products sale.
4. Value delivery
Are you exceeding the expectations of your customers? A customer must be satisfied. A customer must buy again. A customer must recommend your business to others. To have exceptional customer service, focus on delivering a fantastic customer experience.