Tuesday, May 29, 2012

Ideas For Growing Your Business and Developing Your Brand

What you really want to do is spend more time serving your current clients and acquiring new ones.

When it comes to building your brand and promoting your business a good starting point is having a clear message of what your business can do. It also helps to know what you want your clients and prospective clients to think of you.

It's critical to know what makes you unique. Communicate that message with a few memorable words and images.

In his succinct and insightful book, Selling the Invisible, Harry Beckwith states," The more you say, the less people hear."

Beckwith goes on to tell us that our focus must be "fanatical" and that we have to, "Stand for one distinctive thing that will give us a competitive advantage." Your simplicity should be ruthless.

The main benefits should be said in one sentence or a short phrase. Apple did this by saying, "1,000 songs in your pocket". This was their slogan for the 1st Generation iPod.

You must also answer the questions, "How is what you offer different than your competitors". And "Why should anyone buy it from you?" Imagine what you want your clients to say about you to their friends and family members when you are not around.

Another way to stand out from the crowd is to be an industry leader. For example, Docutel was the first company to provide networked Automated Teller Machines. Voodoo was the first company to offer liquid-cooled computers. And Avis is the first rental car company to make mobility scooters available in conjunction with vehicle rentals.

Turn this idea around and start working with people who are doing something for their first time, like home buyers or people investing in IRA's. Brainstorm ways you can adapt this concept to your business.

Another thing to consider is making a list of the characteristics of the clients that you most desire to work with. Draft a profile of the ideal client you would like to work with by identifying the main characteristics of your best clients and start marketing in that direction.

In most cases, targeting the type of clients you want to work with will send you in a direction that will earn you the most return on your efforts.

Next, you will want to eliminate your least profitable clients. Not all clients bring equal value to your business. Write up a full description of each or your client's contributions and expenses to your company; consider overhead costs as well as other expenses on a per client basis. It is important to use measurable information.

Establishing your brand identity and knowing the type of client you want to work with is a measurable way to leverage the concept of working smarter rather than harder.

No comments:

Post a Comment