Written by: Erica Miller, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Operating a business is similar to the function of a clock. A clock contains numerous gears and cogs in order to assemble a cohesive piece. Each mechanism; though small, is not minute. Similarly, business management consists of numerous small roles that create one cohesive company. Each is equally important as the last.
Embracing this notion is critical. However, conforming to the standard framework of management will fail to make a business stand out. Think of the clock simply as a guide. No need to reinvent the process; innovate.
When starting a business, it is imperative to consider the following. Foremost, a solid understanding of problem-solving is key. Each product and service is designed to fulfill a need. It is up to the business to identify the target demographic and generate a service that can solve the clients' issue.
Creating a product requires a large amount of research and data collection. Often, the first draft of a product would be created with the input of the creator rather than the end-user. Business-to-People (B2P) marketing aids in mitigating the need of constant revisions. If entering the international market, it is important to collect data globally as this can provide additional insight into product demand.
Depending on the industry, the service provided may vary from client to client.
Once the product is created, maintaining customer service is the next measure to improve marketability. As a business, it is critical to be able to identify the clients' wants and desires by modifying the provided service to better suit the clients' needs. Doing so will raise the business value and worth to others while establishing a strong relationship and build trust with the client base. A mindset of compassion and empathy can change the entire scope of an industry.
Things to think about: Are you offering services and products that bring more value to customers? Spend time to understand what makes you different from the competition.
Your business is as good as your reach. Do not reinvent the wheel, improve it by filling that gap and removing pain points from your market. Pain points are a problem in your market and are normally identified by potential customers. Here are the four major pain points.
Financial Pain Points: Areas where prospective customers are spending an inordinate amount of money with their current providers or products and want to cut back on their spending. Put simply, financial pain points are problems customers face that involve money.
Productivity Pain Point: The customer desires more efficiency or to have a streamlined experience when dealing with companies. These customers want to make the most of their time so anything that adds redundancy to the buying process will cause them frustration.
Process Pain Point: Your prospects want to improve internal processes, such as assigning leads to sales representatives or nurturing lower-priority leads.
Support Pain Points: Your prospects aren't receiving the support they need at critical stages of the customer journey or sales process.
Before offering services or products to your prospective clients, analyze what their pain points are, and offer solutions of how that gap can be filled. This will also give brand recognition and bring value to your product or service.
After generating a loyal pool of clientele, Business-to-Business (B2B) relations is the next priority. Examining the competition will aid in creating a larger network of resources. All while simultaneously monitoring market trends.
While developing your business, bear in mind that change is enviable. To be successful you oftentimes need a change in mindset, and to think beyond the standard rules. Meet your existing and prospective clients’ needs. Make all effort to build a client-focused business. Find ways to always improve and demonstrate consistency.
Being innovative in the market sets a business apart and allows prospective clients to gain trust and develop a strong relationship with the brand. The biggest accomplishment is to demonstrate that the brand is much more than a business. Showing a capacity for compassion and empathy. Staying on top of market trends. Creating a product tailored for your clientele. Each mechanism; though small, is not minute. These are the mechanisms that assemble a cohesive company.
Erica Miller, Executive Contributor Brainz Magazine
Erica Miller is the Founder and CEO of Miller Marketing Team. She specializes in developing emerging entrepreneurs, Business owners, Financial Services Professionals, and Network Marketing Professionals who are ready to bring their business to the next level. She also prepares clients to gain skills needed to develop the freedom they truly deserve for their life and business. She helps business professionals to be effective leaders in their industry, how to run a successful business, how to grow their business, how to attract clients, how to increase sales, and more! Her services include business coaching, training, and workshops, online courses, as well as one-on-one consulting with individuals and organizations. She is the go-to specialist when it comes to converting traffic, establishing connections, generating income and building personal brands. She is known for her dedication and results-driven. Her strategic approach is to teach others how to be strategic and innovative while reaching their goals. With the competition within the new digital world, there must be a shift in mindset that will change the game in today’s business. YOUR VISION IS HER MISSION!
