Adopt winning strategies
Why waste time figuring out everything when others have already done it for you? Avoid the costly learning curve by borrowing the successful methods and processes from other industries.
Then, pick the most effective, powerful and suitable breakthrough approaches to apply to your own business. You would likely be the only competitor in your field who chose to adapt and apply these successful practices. This would translate into a competitive advantage that would advance your business and ultimately give you immense profits!
The Strategy of Pre-eminence
Why are some people so much more successful than others? Only some companies have any technical or manufacturing or labour advantages over their competitors. They have a superior philosophical strategy.
First, let us differentiate between a customer and client with some definitions. As defined by Webster’s Dictionary:
A customer is one who purchases a commodity or service.
A client is one who is under the protection of another.
Depending on which term you use, it changes how you would treat the people you do business with. But what does “under your protection” mean? This means that you avoid hard selling your products.
Instead, you would take the time to listen and understand your client’s needs – even if they themselves cannot articulate it clearly. Once you discover the key solution they were searching for; you need to guide them to that specific outcome by becoming their trusted advisor and confidante who protects them.
Think of it as building a deep, meaningful, and long-lasting relationship with your clients. This would ensure that they would remain your loyal client for a lifetime.
Live and breathe your “USP”
Why should your clients choose you instead of your competitors? You need a “USP”. This means you need to get your clients to perceive your business as offering a superior advantage or benefit that no competitor can provide.
This differentiating factor needs to be so compelling that it would be irrational for clients to not choose your company. Identify what your clients want the most, then position your product or service as the only provider of that unique benefit.
Emphasise how no other competitor can provide that unique benefit in every marketing campaign and every move you make. Thus, this educates your clients to appreciate and desire to grab that benefit.
Hertz was leading the rental car industry in terms of size and market size, so how did Avis contend with them? They positioned themselves as the company which would work doubly hard to provide superior service and rates. Their USP was “We’re number two. We try harder”. This positioning led to amazing progress and growth.
Make a killer offer
Quell any concerns, lower the barrier to action and eliminate any obstacles that prevent prospects from buying, by using the role reversal strategy.
Show your commitment to providing client’s full satisfaction by providing a money-back guarantee, offering to re-do the job free of charge or any other reimbursement plan. The main idea is to offer a risk-free opportunity.
Having a strong web design can help place discounts and promotions strategically on your website to boost sales.
Boost the size of each purchase
This is not a selfish, purely profit-seeking endeavour. Instead, the motive is in fact benevolent. The main idea is to help your client get the optimal benefit or advantage out of the transaction. This can be done through add-ons and cross-selling.
“Add-ons” can help you upgrade your client to a superior or larger alternative product or service. First and foremost, you need to understand your client’s intended use for that product or service.
The standard product may not be able to achieve their desired performance outcome. Thus, you would need to recommend a larger, more sophisticated version of the product that would give them the superior results they need.
A “cross-sell” is the practice of selling an additional product or service to an existing client. This gives clients a more holistic and superior solution to their problem.
When they achieve greater results with your service, they would be more satisfied. It is in your client’s best interest to giving your clients alternatives is always in their interests, as there are better chances that they would find an offering that better suits their needs.
Singtel, Starhub and other telecommunication providers do not solely sell you a phone line. They also provide options for caller ID, voice mail, call waiting, multiple lines for your computer, security systems, etc.
Now they are even the business of bundling them with cable and fibre broadband. No one is forcing us at gunpoint to buy these added products and services. We still buy them because of the added value they provide.
Email marketing is often used as a tool for businesses to consistently upsell to their clients. You can do that too.
Test, and test again
After implementing all the afore-mentioned strategies, how do you know whether this is the best that you can do? Ensure that you continuously test everything you do.
If you tap this latent potential, the payoffs can be incredible! Sometimes the effectiveness of one approach compared to another can yield results that are superior by 10 or even 20 times!
In your business, there are so many variables to test – your advertising, sales pitch, guarantees, USP, pricing and websites. You would never know which ones are underperforming until you start trying different approaches and performance levels.
Leverage on Host-Beneficiary Relationships
What if I told you that you could tap into the large client base that other companies have poured millions into attaining. Plus, it would cost absolutely nothing! This concept that you would need to utilize to achieve this is called, “Host-Beneficiary Relationships” (HBR). By leveraging on the goodwill and strong relationships that companies have established with their clients, who are the prime prospects for your business.
Contact the company or person who your ideal clients already fully trust and respect in your specific marketing area. Then, develop a mutually beneficial relationship with them so that it would be advantageous for them to refer their clients to you.
Ensure that your product or service complements, and not competes, with their offerings. Why would they agree to this? Every company welcomes new profit centres, and your joint-venture with them would be exactly that.
This is especially so if your products or services are a natural, vertical succession to their offerings in the value chain – be it before or after. Visa formed strategic alliances with airlines, oil companies and other companies to reward consumers for using their credit card. Disney developed merchandising HBR with fast food chains like Burger King and McDonalds to promote their youth-targeted movies.
In a nutshell…
Combine all these strategies to experience exponential growth in your income and success. Remember to be persistent and disciplined in executing them to achieve the your desired and well deserved results!