If you are a businessman or if you have a new startup then you should know the keys to a successful business. You must know how to create loyal customers into your business and how you can retain your customers up to a lifetime.
We have 6 keys to a successful business, by which you will know how to grow business and how to customers attract your products or services.
1. Call your customers with their name
Yes, you need to call your customers with their name because every people like to listen to their name from anyone’s mouth. If you can provide personalized, customized services to your clients because of this little bit of service, not any big amount to happy your customers.
You can increase your brand equity and value of your product if you are giving some extra to your clients. This is the greatest key in a successful business.
2. Collect feedback from your customers
You need to talk to your customers about your product’s feedback. Whatever you going to upgrade your product then co-creating of innovation with your customers, then your customers will think you are working with them together.
You need to analyze your product with your clients and then collect their feedback. You need to do a brainstorm with your clients to know what is their actual needs. Then your clients will feel you are really working for them.
3. Create a loyalty program
You need to create a lovely and loyalty program for your customers, it means you will have to feel excitement to your customers.
For example, if you have a gym training center and you giving some extra or bonus in 6 months training package to your clients then they will happy and will back to you. So your client will approve of your proposal if just you can feel better them.
4. Create wow & a delightful surprise
For attracting your customers you need to create some “Wow” or surprising actions, how you can come out “Wow” from your client’s mouth you will have to work on it.
You don’t need any financial Wow you just need only frequent Wow, which means you will have to create Wow again and again at your products and services, then your client will attract on your products.
5. Create long term relationship
Yes, you need to create long term relationships with your customers. Always don’t see your product as a product, see it as a project. It means you will have to manage full project management (Scope, Time, Cost) for your customers.
Scope – What will be the deliverables, objectives, specifications, and characteristics of your product or service?
Time – Can you provide your service to your client before your given time?
Cost – Can you sell your products at low prices as compare to your original prices?
So these all things will grow your productivity can build your long term relationship with your clients up to a lifetime.
6. Create a tag line or slogan
Yes, you need to create any tagline or slogan for your brand which you selling into the market because the tagline is the heart of the brand. Because a tagline collects the complete meaning of any product in just a few words and defines a front of the customers. So you need to sell your experience over the money. Check a few examples below.
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Discuss the reasons for business failure
After knowing 6 keys to a successful business, let’s talk about why business failures. According to “IBM for Business value” 90% of startups fail in the first 5 years. The biggest reason fail of a business startup is “Lack of exactly needed innovation”.
According to the 2015 to 2016 business report japan is the first ranking for new business startups. In the year 2015, there are lots of startups that failed and that is the biggest cause 2016’s funding falls down.
In 2015 business startup funding was 7.5 billion and in 2016 get only 3.5 billion funds. So let’s know how to overcome business failure.
1 Missing innovation customer’s money-making system
First of all new businessmen calculate their own money-making model they don’t see what will be the model of their customer’s money-making model?
Businessmen should know how their customer will get success but they are thinking only about own money-making system.
When your customer is happy from your services and getting profitability, growth productivity, revenue, and cash flow how they grow with these all stuff or what problem you solving for your customers which they can’t solve,
then your customer will connect permanently with only you and not will go here and there. So every businessman needs to know the customer’s problem and solving that to grow your organization.
2 Negative Cash Flow System
This is one of the biggest reason failures of any business startup, Cash flow is the heart of the business which runs to the organization.
If your payments going delay from the market that is called Negative cash flow because negative cash flow is the biggest point to destroy the new startups.
Make sure if you selling your products or services then you need to keep some money in advance or at the time from your customers.
3 Negative Margin
Some business startups think they will cover the full market and sell their products at cheap prices to generate a good business chain, but if you don’t know from where your profit will come then you will fall down in your business.
Some businessman sells their products at half prices (50% Discount) and they don’t see their product margin. So, first of all, you should know at what margin you can sell your price.
4 Lack of Talented Manpower
Some big companies or business organizations such as Amazon, Flipkart, Microsoft corporation, Apple, Samsung, and lots of others have attractive and talented manpower to manage their business.
This is the major point to run a successful business if you have high potential, high skill, and high-performance manpower.
So this is the question do you have these types of manpower to run your organization? Do you have any kind of people who can execute your vision, do you have kind of people who can convert your idea into execution?
This is a very important very thing in a successful business.
5 Late product coming in the market
This is one of the biggest failure issues if you are coming late with your product into the market, It means the product you selling in a market that is already existing there, then you will give a discount on your product to sell and you will go in loss.
First of all, you need to make sure your product’s timing correct into marketing or not, you are coming with your product at the time or not. So if you are late then you can do only struggle nothing else.
These were the 6 keys to a successful business which if you use, you can also increase your business.