What makes great businesses great are not necessarily the expensive or overly exceptional innovations. In as much as innovation and money play a great part in business success, many small but needful efforts put in the right direction often produce more results than money can buy.
You might think that your business is small but your need for growth and more profit is the same as that of the big brands out there. If the Big brands are therefore succeeding amidst economic challenges, it can only be an indication that you can succeed as well. In my evaluation of numerous brands with huge popularity, I have come to a conclusion that the following are two of the steps that any business can take to become more profitable.
1. Define your added value
The first step to becoming profitable as a business is to identify why people should patronize you. There are most likely countless other people or businesses offering the same services that you offer. So, why should anyone prefer to work with you instead of others? Is it nearness, better quality, fast/free delivery, affordable rates, reward points, pay on delivery, money back guarantee, one-year support etc?
Whatever makes your company better is your strength in business and should not be taken lightly. That essentially is your signature, your unique selling point and essentially your guarantee for true success. Many already have businesses that they are loyal to and sometimes very happy with. So it is possible they will never try you out unless you provide an added value they wouldn’t get with their current vendor.
So before you move on from this paragraph, think about your business, determine what makes you better, why should someone patronize you? If there are nothing unique about you or your business yet, then start creating some right away! Study your competitors and decide on what extra you can add to your business that will make it better than theirs.
2. Sell the Relish
Whatever you have come up with as your added value that should make people patronize you might still not be enough for some people. So think about it for a second; how can Coca-Cola make a Pepsi fan drink Coke? I will suggest you study the adverts of these two brands to better understand how “Sell the Relish” works.
But why you are making your research, let me quickly give some insight: the most effective approach to communicating your services and or products to prospects is to focus on the Relish or Enjoyment users would get from using your products or services and not the products or services themselves. In advertising Coke, showing a thirsty beautiful lady in a hot sun buying a bottle of ice cold coke and drinking it with joy suggests how sweet and refreshing Coke can be especially when you are thirsty and in the sun. Trust me, it registers in your sub-consciousness and sooner or later, you will try it for yourself.
The platform through which you reach out to prospective customers about your services and or products might be social media, TV, Radio, Magazines, News Papers etc. Whichever one it is, make sure you communicate clearly, what added value you have to offer and how much satisfaction can be gotten from using your products and or services.