Successful delegation is critical to maintaining your sanity as a business owner. Whether you’re working with a vendor, a personal assistant, or a 500-person staff, you have got to depend on others to get stuff done for you. The biggest challenge for most of us is satisfying our inner Control Freak. If you use a …
The New York Enterprise Report published a list of 25 founders talking about how they find time for Strategic Planning. It’s a challenge that all of us face, with all of the day to day details and fire drills! Looking through the different responses, it’s clear that there’s no one-size-fits-all formula. What is clear, is …
[margin30] Want people to get to know your business better? Wish it were easier to explain your business to potential customers? You can do this in a place and format that they love: YouTube videos. Video is the fastest-growing thing on the internet. Did you know that: [fancy_list style=”arrow_list” variation=”blue”] Every day, over 4 billion …
Branding might seem like a luxury, but it is an engine for sustainable revenue growth. When you have a powerful brand, your customers have a deep, gut sense of what your business stands for. And they will think of you whenever they (or their friend) needs your type of product or service. A strong brand is a key ingredient to converting first-time customers into repeat customers, and converting repeat customers into eager referral sources.
Here are 5 keys to creating a strong brand (and related traps to watch out for!). How does your business stack up on each of these dimensions, and what can you do to strengthen your brand?
One of my professors at Harvard Business School just published some new research about naming your next-generation product (or service!). These findings are just as useful for small companies as they are for big ones! When you revamp your product or service, is it better to keep the same name and call it “new and …
Conscientious business owners often tell me, “I don’t want to be one of those companies who’s spamming everyone!” You know who “those” companies are…we all have at least a few horror stories where we cringed every time Company X sent something…and then we hit “Unsubscribe”! How do we avoid that trap in our own marketing? …
An elevator pitch isn’t just for people who are starting a new business. It’s important for all business owners to have a potent 30 seconds at their fingertips. You’ll find it a powerful way to attract new customers, partners, or whomever you want to meet. The elevator pitch isn’t just for the elevator, or just …
Do you feel like potential clients don’t always understand how great your offering is? Then this article will be a quick win for you!
Having helped hundreds of companies significantly increase their growth, I’ve found that some simple tweaks to how you talk about your product makes a huge difference in how it resonantes with customers.
Here’s the simplest way to get started on this easy change: by understanding “features” vs “benefits.”
“Features” describe the product or service and what it does. For example:
Diet Coke has 0 calories
The new iPad has a retina display
Our movers pack your belongings carefully
“Benefits” show which of the customer’s needs will be met. For example:
You won’t gain weight when you drink Diet Coke
Movies look more lifelike on the new iPad
Your stuff won’t break during the move!
Benefits are much more powerful, because they tell the customer exactly why it matters. The benefit answers the “so what?” It speaks in the customer’s language, rather than in your language. So it motivates them more strongly to buy.
BUT — right now I’d bet you’re talking mainly about features. You see, we’re so eager to share how awesome we are, that we talk too much about ourselves. We talk about our process, our experience, our secret sauce.
Sometimes you might think, “Well the benefit is obvious!” True, people can connect the dots–0 calories means it’s better for my diet. However, you have your customer’s attention for a very brief time. Don’t make them do this extra work! Connect the dots for them, so they are sure to see the benefit of what you’re offering.
Most of us have heard of the “80/20 Rule,” but how many of us have taken time to apply its lessons to our business?
The 80/20 Rule, in its most general form, says that 80% of you outcomes come from 20% of your inputs. It was invented by the 19th century Italian economist Vilfredo Pareto, who observed that 80% of Italy’s land was owned by 20% of its people.
In business, this has many applications. Which might be true for your business?
80% of your profit comes from 20% of your customers.
80% of your sales come from 20% of your product assortment.
80% of your complaints come from 20% of your customers.
80% of failures come from 20% of defects.
A Pareto Chart helps you prioritize by highlighting the critical issues.
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OK so what? Here’s how you use this knowledge to improve your business results.
