Saturday, 11 June 2016

What is the formula for success?

The best business is the one that creates a win, win, win. Win for you, win for the client, and win for a third party.

What do I mean by winning?

Doing something for someone else, with the benefit to you, and the person you are performing a service too. I got that backwards, with the benefit to the person you are bringing value first, then the benefit to you.

For example,

Selling someone a product that will only make the buyer’s life easier and happier creates a win for the buyer. What I mean by this is it saves them time and money. Also creates a win for the seller because of the sale, and it creates a win for the third party. The seller will need to purchase more product from the wholesaler.

This formula for success is something that is obvious but easily forgotten when we get so focused on profits, keeping up to the quotas, or making ends meet. We think me, me, me, when it has to be we, we, we.

“Think of the other person before you think of yourself, and you will be taken care of.”

Win/lose outcome is short sighted, and will not bring you continues flow of business. If you are in the business of screwing someone over and gaining a large profit by delivering little value to someone, or no value at all. That person will never do business with you again.

Remember, I have said before, “the best customer is the repeat customer, the second best is the referred customer”. This keeps your ROI (return on investment) continuously increasing. You always invest into attaining a customer for your business. How much the customer costs to attain will fluctuate.

Create a win for the customer, and expect them to return for more business, thus creating a win for you.

Let me give you a real world example so you can understand this better.

The cost of shooting a promotional video for a company ranges between 2000-3500$ depending on the time spent on location. To make this particular company happy we have shot the video for them for 1300$. Now you may think that we lost out on this one.

However, I will prove you wrong. This particular company happens to be a franchise. In which holds several locations throughout various cities. By putting our foot in the door with one video, bringing value to the company, showing them the quality of work of which we do, and the most important thing I want to share is BUILDING A REALTIONSHIP.

We do business not with other businesses but with people. “All businesses are people, all employees are people, all customers are people” Simon Sinek. “When you understand people you understand business.”

We get a lot of these opportunities by giving first. In all my businesses, the things that have pushed us forward were to do the work that we do cheaper and better than other companies.

Never undervalue your company, but understand that attention requires persistence, humility, and quality.

Why should anyone go with your product or service, when they can choose someone who has credibility and experience? Why should they give you their most valuable resource, their attention?

Because you care, you are passionate, and you create value specific for that individual. Because you challenge their assumptions about their decisions, and help them shed new light about their specific wants and needs. Because they understand why you do what you do.

We are not in the business of creating videos. We are in the business of delivering the company’s message/why to a widespread audience.

Give people what they need, do it right, and they will come back for more.”

Win, Win, Win.

Thank you for reading this post, I apologize if I have not been consistent with my daily posting, I will do my best with these next few days by writing multiple posts a day. To be continued….
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