There is always more profit to be found when you are aware of people, products, process and practices. Increased profits and productivity are to be found in all of these four key areas that are present in all businesses. Those four words represent the path for the 99% of business owners who run good businesses to become great businesses.
The Case For B2C & B2B
Starting with People, most business owners lets say in retail don’t know who their customers are and simply presume that they are local, although they could be just passing by and from far away.
In non-retail: b2b, most business owners can tell you the address of their customers and what they might have invested in, this is because an invoice exists that provides key data.
However it is rare to be able to determine the why or how often a client makes an investment in the things you sell. Unless there is a product, process or practice in place to find out the business owner will rarely know this key information.
The Astonishing Truth
What is astonishing and something that I have always marvelled for years is that even those who do collect customer information, rarely do much with it.
When it comes to business growth I have always known that knowing the who, why and what is crucial. There is much value in this information and significant cost savings can be achieved.
With good information on your customers it becomes increasingly possible to spot who your best customers are and then a lot easier to go get more like them.
When you really know who you help and how you help them, you can focus your efforts on key areas and make more of what your customers want available to them, or better still custom deliver the goods and move into a premium priced space.
It’s A Process I Call “Who-ing”.
“Who-ing” directly affects the products that you sell in terms of how much, at what price point and at which volume.
Customer and prospect information takes the guesswork out of sales and prospecting. It will inform you of the products you should be selling and how to tailor the processes to employ and similarly you’ll find you will fine tune all your practices too. This all adds up to building a great reputation and great profits for you. Like a machine!
If you want to know more on this subject I have written a collection of free guides for you, the number of which are increasing every week. Hurry though as some or all of them will be locked behind doors in just a few weeks from now. Click here and choose one growth guide or more that suits you.