The 5 Secrets of Successful Businesses

Constantly ‘Market Up’

Within every target market, there is a high end and a low end market and everything in between. Large enterprises will constantly stretch their marketing sights and target prospects that most businesses would think impossible to acquire as clients. They constantly ‘market up’ to high end prospects, a strategy that catalyses their business to a much bigger game.

What specific prospects, or kinds of prospects, would you love to have as clients or customers but think it is impossible? Think outside the box and think big. It could be celebrities, politicians, admired companies, leaders in your community, role models, etc.

Pick one high end prospect to start. Build a marketing campaign to reach that person or company. This strategy requires persistence, yet is well worth it. ‘Marketing up’ can increase your revenues and business exposure instantly and multiply your profits for years to come.

Adding Value, Your Top Priority

Successful enterprises are in the business of creating value. They have a strong conviction to contribute more and more richness to their clients’ lives and businesses. In everything they say and do, they let clients know ‘you matter’. Your well-being and success is important to us. They focus on, what do I have to give, not what do I have to do to get a sale?

Where is your focus right now, on adding value, or making the sale? Make a list of at least ten ways you can increase the value of your products and services. Implement the easiest ideas, starting now. Make ‘adding value’ a routine business priority. When you do, your products and services will sell themselves.

Maximise Performance

Successful enterprises are masters at achieving the greatest return at the lowest possible risk. They constantly look for ways to reduce the amount of time, money and energy to achieve their ultimate goals. They take what works and see if they can make it better, faster, cheaper. They know the ‘what if’ implications of every new strategy, goal, product or service. They are pros at maximising performance tradeoffs.

Do you know the profitability of each product or service you offer? Do you know which client is the most expensive, demanding or time consuming to serve? If you doubled your client base, do you know the implications on costs, revenues and the operations of your business?
To optimise your business results, think highest and best use of your time, energy and money.

The Power of Leverage

Most businesses build their enterprises in a haphazard way. Successful businesses grow their businesses from a place of leverage. They look for new ways to convert their current assets, strengths and opportunities into new revenue streams. They constantly take inventory and seek ways to profit from untapped capabilities and underutilised resources. They integrate marketing activities into a single business strategy to maximise results.

How can you leverage your current assets, (your client base, employees), your current strengths, (your knowledge base, processes), your current resources, (your business network, capital), to quickly grow your business?

How can you revamp your marketing activities so that your products and services sell each other? Leverage is one of the most underutilised principles for multiplying profits in business.

Develop Your Bias Towards Action

Successful enterprises understand that, in today’s economy, windows of opportunity are often measured in months, not years and decades. They know they cannot wait for the perfect strategy, the perfect solution to capitalise on these opportunities. They must act quickly if they want to thrive in these highly changing times.

What new projects, strategies or opportunities are you stalling in order to achieve perfection? What new practices, support structures or habits will accelerate your bias toward action?