It Is All About The People
What is your business all about?
You could be forgiven for thinking your business is all about the profit. Or you may think it is all about the service you provide. The product you sell is important so you may think your business is all about that. Or you may think your business is all about marketing.
When it comes down to it, your business is all about the people. Without people coming in through the front door or visiting your website you don’t have a business.
Knowing the people
As a business owner it is essential that you know the customers you want to target. One big mistake that some entrepreneurs and business owners make is wanting to sell to everyone. This might sound like a good idea. But trying to sell to everyone often means you end up not selling to anyone.
Firstly you have a business idea which could involve selling a service or product. You then need to work out your perfect customer. It may sound counterproductive but narrowing your target audience down can pay off for two reasons.
- Niche marketing is possible. By marketing to a small niche group of people your business marketing costs will be reduced.
- You can be a big fish in a small pond. By concentrating on your niche market instead of on the billions of consumers around the world, you will be found better on internet searches and specialist sites.
Knowing your market is easy; just ask people what they want.
Knowing what the people want
Many entrepreneurs start their business with an idea about a product. The have an idea for a product and go full steam ahead building their business round the product.
Examples of businesses that failed with new products are aplenty. The Ford Edsel was built to be the car for the middle class American. Orbitz Soda was taken off the shelves shortly after launching. Do you remember blue tomato ketchup? I only remember it for being a business flop. Don’t get me wrong. A great product is essential to business success. However many companies forget that business is all about the people. You may have the best darn product ever invented but without people buying it, it is a flop.
By making sure your business puts the people first instead of the product will mean you have a far greater chance of success.
Attracting new people
I am sure you know all the usual ways to attract new customers or clients to your business. These include marketing, Facebook ads, Google ads, and social media posts. Distributing leaflets and flyers on the streets and possible even radio or television advertising. All of these can work but need to be perfected and can cost a lot of money and/or time.
Your business premises, website and mobile app need to reflect your business. Getting potential customers to find and then look at your business is very different from getting them to open the door and come in. Make them want to go further by ensuring the premises, website and app are professional looking and function properly.
The saying “Build it and they will come” doesn’t usually work. “Know what they want and supply what they want” might be more appropriate.
Keep past people coming back
As mentioned above marketing and advertising can work when attracting customers and clients. Creating a buzz and getting people talking about your business takes a lot less time to do and can be infinitely less expensive.
Imagine you want to buy a new Television for your home, You probably do a little research online and ask some friends for their opinion the experience they had when they last bought a TV.
While researching online you probably noticed reviews with stars popping up in the search engine answers. As a consumer you probably checked out the reviews of the particular television you are thinking of buying. If you found a lit of one, two or three star reviews with poor product reviews you would move on.
Just like you potential customers check out reviews of you and your competitors when they are considering buying the product or service you provide. So it is essential you have good reviews and manage your online reputation carefully.
Listening to the people
There is only one way to know if your business is doing things right. Talking to your customers will give you the answer.
Some may say that if your turnover and profit is rising each year then this will tell you if you are on the right track. This is only partially true. You might be growing and you may have increased profits but this might be down to increased prices or expansion. It may also be that you are attracting new customers while past customers are not returning which is a missed opportunity for business growth.
No. The only way to evaluate how your business is doing is to talk to your customers.
You could do a customer survey by phone, post or in store to find out how your customers feel about your business. Or you could hold a focus group. One of the best way is to ask customers for reviews. This is an excellent way to communicate with customers and know how your business is doing.
Business success depends on people
Even if you think your business is on the right track and profits are growing. The only way to really understand your business is to ask the people who matter; your customers.