Setting up a business is not the only challenge, staying in business and making a profit is. There are a number of ways to grow your business and what works for one business model may not work for you. And another thing to keep in mind is, in business, you continuously need to come up with new strategies. What worked five years ago is probably not relevant today and there are people out there preaching tactics that got them where they are today, but the technology has already shifted. You may still get something out of it, but it won’t be the same. You won’t be able to do it for long, and you will soon fall out of business.
Times are changing and a change is needed. However, there are certain principles that stay the same in every business model, regardless of what it is. These principles have always been effective, and are effective to this very day. We are going to discuss those and how you can grow your business in the year 2020.
Best way to grow your business
The best way to grow your business is to cater to the right audience. There will be customers who will be crazy fans of your service, there will be customers who are okay with your service and there will be customers who don’t like your service at all. You need to focus on the super fans because these are the people who will be your long term assets. You can apply the 80-20 rule anywhere. 80-20 rule states that 80 percent of your profit will be generated by 20 percent of consumers. Focus on the right people, because brand loyalty will be really really beneficial for you at some point in time.
These will be the people who market your goods and services in their peer groups and bring in like minded and top quality customers. Build and improve your product, services, experience, quality, according to these consumers in mind instead of all your traffic and customers. These will be the people who will tattoo your brand on their body, you absolutely need these people. So, you want these people in your database, and you want to serve them repeatedly, and you want to serve them as good as you possibly can because these will be the people who will actually help you grow your business.
The problem advantage
Every problem that hasn’t been solved yet, is a business opportunity. You just have to find out how you can solve it in a way that is charismatic and convenient for people to follow through. You need to look at a major problem that hasn’t been solved yet. Not an increment of 20 – 30%, either a major increment or a major new solution. Now you need to consider two very important aspects.
Is the problem already solved?
If you’re looking at a major problem, chances are that it has been solved in one way or the other. If the problem you pick is already solved, look at how many people have already solved the problem. And, if the number exceeds 15, the problem has already been solved. Change your problem, it won’t work.
How painful is the problem?
The more painful the problem, the more desperate the people are for a solution. It should be a tier 10 problem (best case). Basically, it should either cause a lot of pain to people’s lives, losing them a lot of money or leaving them a lot of benefit on the table (basically not being able to unlock their full potential). You want to grow your business, you want to observe and serve your customers the best way you can.
Is your market large or does it have money?
The size and the nature of your market is another very valuable thing when it comes to the success of a business. Either your market should be large, or it should have money. If your market has money, but it is not very large, you can still thrive as a business, targeting the only people who can afford your services. In this case, you need to compete with the best and give premium service to your customers. Make sure that your customers get their money’s worth.
However, it is best to have both. Basically, a market that is large and a market that has money. The worst is to have none, in this case, your business will probably not survive for more than a few months, let alone thrive.
Bring a new opportunity to the table
Think outside the box, bring something new to the table. Look for a working business model or strategy that’s working in other niches, and use it in an underserved market. Although it is easier said than done, if something is already working for someone, there is a good chance that it won’t work for you in the desired way.
You will have to find a way that makes you stand out. There needs to be a unique angle to your business model where you, and only you have the upper edge. Look for things that other people aren’t really on yet, for example, ad platforms, traffic sources, etc.
Can you be number one or two in the market place?
Every business has some sort of competition, and that’s a good thing. It gives you a chance to prove your worth to your customers. You need to play off of your competitor’s disadvantages and have an edge on them. What that means is, that you have to have the best product. You have to have the best customer experience, have the best customer service. If your competitor is lacking in something, do it 10 times better. Do everything that your competitor does 10 times better.
Can you do this for five years, even if it doesn’t give you any returns?
One of the most important things to be clear on is, what exactly do you want out of your business. Are you playing the long term game. Are you willing to do everything for the next five years, even if it doesn’t give you any returns? You must love to do it. You must be pumped to build what you’re building, otherwise, you won’t be able to follow through.
When your building something, your commitment to the project or task says everything. It means you give your heart and soul to building something that has the potential to last. Things change, if you really want to grow your business in the year 2020, you better step your game up.
There are two rules to success…
- Never reveal everything you know.
- And Bye.