Making money - license to print money
In this article we explore the secret to creating a long lasting profitable business even in difficult times.If you listen to the media you could be forgiven for believing that everything is doom and gloom.
However, let’s examine the idea that this might not be true and start thinking that, maybe our beliefs about the current economic climate are driving certain behaviours which in turn result in certain predictable behaviours.
If you are suffering in the current climate, have a look through these 8 myths about your customers.
1) My customer is always looking for the lowest price
- Have a look at the sales figure for the latest Iphone 4! The Iphone 4 is selling at a high price and in a high volume. Why are customers willing to pay a premium for this device?
2) I know exactly what my customer wants
- When did you last ask your customer what they’re expectations are? One constant we can be certain of today is CHANGE. What if your customers wants have changed or developed?
3) Customers don’t know what they want
- It may be true that a lot of customer don’t know they want. If one of your customers knows what they want and you fail to find this out, you risk losing new profit generating avenues.
4) Customers don’t want to buy
- If this is true have a walk round your local shopping centre. How busy are Starbucks, Build a Bear or Lush? These are great examples of retail shops that have discovered how to keep busy. How have they done
this?
5) My customers don’t want to be up-sold ever.
- Most of the time this is false. What happens is that they want the initial request to be dealt with before being offered additional products or the up sell doesn’t match any of their wants. When does McDonalds offer the chance to go large – before taking your order or afterwards?
6) Customers don’t like giving information about themselves.
- Customers place a high value on giving us information if they can see the benefit of receiving an improved service that is individual to them. We all like to feel important and asking customer questions about what they would like to see improve or change helps them to feel important and loyal to you and your business.
7) Sorry is never enough (so why bother?)
- “Sorry” is a very over-used word these days and people are becoming more dismissive of it. Is this because actions speak loader than words? You need to make sure that your apology is not hollow. Honesty is alwaysthe best policy. Reflect on your best experiences of complaining to a company – have they been when someone has dealt with your complaint
extremely well?
8 ) Our company knows what the customer NEEDS not their wants
- This is probably one of the most common areas a company can fall down on. You may know what the customer needs but if the customer doesn’t WANT it, will they buy the solution? Use rapport and questioning in conversation first this allows you to discover what the customer WANTS. Another way to look at this is – Understand what ‘Pain’ is your
customer feeling and how does your product or service erase this ‘Pain’? Understanding this allows you to talk specifically to the customer’s WANTS and not just churning out a set of predefined benefits your
product/service provides.- Example – If you walked into the doctors looking like you had a cold and the doctor just said “I know what you need, take two of these tablets twice a day”, would you trust the solution was right? How would
you feel if on the other hand he asked you lots of questions then prescribed a solution? In essence over time it’s easy to believe we already know the answer, this is a fatal mistake, all customer’s circumstances are unique and this is how customers want to be treated asunique and special to you.
- Example – If you walked into the doctors looking like you had a cold and the doctor just said “I know what you need, take two of these tablets twice a day”, would you trust the solution was right? How would
You have a choice whether to believe that there is way to increase your profits and sales or whether to just believe that what you’re told in the morning news. As Henry Ford said: ‘If you believe you’re right or you believe you’re wrong, you’re probably right’. In other words you will create your future based on the belief you hold because our belief system drives us to take action or not. Image for a moment you have a belief that ‘It’s no use I can’t survive the credit crunch’ what action will you take on a daily basis? What outcome will this generate? What if you changed this believe to ‘There is always a way to make more money’
what happens to your thinking now? If you’re still not convinced have a look at any successful entrepreneurs, leaders or inventors in history!
Take Thomas Edison, he is famous for experimenting thousands of times over before he successfully invented a light bulb that worked. He didn’t just have a belief he had a conviction. No matter what happened his conviction drove him through until he succeeded.
Roger Bannister – famous for being the first person to run a mile in under 4 minutes even though everyone told him it couldn’t be done! And the list goes on.
In this current climate people will tell you it can’t be done, the media will tell you it can’t be done and even your family maybe telling you it can’t be done. It’s your choice which way to turn! Be a Roger Bannister, be a Thomas Edison or be a quitter and give in now.
With all the ideas you’ve created from reading this article pick your top 3 and take some action.
For any support and advice on creating powerful believes that drive you to ultimate success contact Martin@exceedcoaching.co.uk