The “Big 5″ Breakthroughs In Business Life
Topics: Home Business, Business, Entrepreneurs, Marketing
Any home business owner, entrepreneur or sales professional can multiply their income by at least 10x almost overnight and own more autonomy, independence and security than ever before by understanding the following “Big 5″ breakthroughs in business.
“Big 5″ Breakthrough # 1:
Who Is Your Business For?
Do you know? Believe it or not, most don’t.
Being real specific and targeted about who your customer or prospect is opens up huge doors and allows you to become a specialist in our area. Most businesses try to be all things to all people.
Case in point: A ‘general’ store makes no money but a store that sells a very special, unique type of cake with organic ingredients imported from a special farm in Iowa is sought after and has almost no competition.
Get it? It specializes.
Example: Holiday Inn
Holiday Inn is dying a slow death. They do not know who their customers are anymore. They don’t target anyone. One minute you see a commercial targeting business travelers, the next, a $69 dollar a night special package targeting families going to Disney World.
Ritz Carlton on the other hand knows exactly who their customers are. It is the affluent market. And they can ask whatever price they want, whenever they want. And they can get it. Period.
They get it because they know who their business is for and exactly what their customers want. As a result, they can then deliver, every time.
If you don’t know EXACTLY who your business is for, how on earth can you deliver your solution to them?
“Big 5″ Breakthrough # 2:
What Is Your Business?
Most business owners and entrepreneurs define their business too narrowly. They focus only their products and services. The BIG income leap comes when you focus on solutions, aspirations, and experiences.
Example: Starbucks
Starbucks does not sell coffee. Nope. Not in the coffee business. You read that right. They are in the “Third Place Business.” And they’ll even admit it.
1st place = Home
2nd place = Work
3rd place = Starbucks
It’s a place people go for socialization, escape, to get work done, atmosphere, productivity, etc. Its an experience. Oh, and by the way, they sell coffee.
Get it? Heck, even I work at Starbucks a day or 2 a week for an atmosphere change with no distractions. As a matter of fact, I’m writing this article at Starbucks right now. Double espresso please!
When you know what your business is you can then, and only then, increase the value of every customer you get. This is where the BIG income leaps come in.
“Big 5″ Breakthrough # 3:
Positioning For Power
Sounds dangerous, huh?
This is the bridge between # 1 and # 2. When you know your who and you know your what you can position your business for power and eventually market share.
Example: Subway
Subway changed from the fast food, sandwich business to the weight loss business. Did you notice? Just ask Jared. They don’t sell just sandwiches. They sell weight loss.
A new who and a new what is positioning. Subway repositioned itself. They focused on the psychology of the customer not their ’stuff’ and they revolutionized their entire business.
“Big 5″ Breakthrough # 4:
Where Is Your Business?
You no longer have boundaries in your business except the ones you create. Boundaries no longer apply and if you’re only doing business in your local area you are leaving a small fortune on the table.
Example: 1(800) Flowers.
You realize you can get flowers anywhere in town right? You pass by a dozen options a day. So why do people insist on going online to buy from 1(800) Flowers?
Because 1(800) Flowers has properly positioned itself with no boundaries and a great marketing strategy allowing us all to believe that this is a much better, more convenient option. They know where their business is. Its everywhere. And its positioned for power.
Big 5 Breakthrough # 5:
Price Elasticity
People think people buy things based on price. Dead wrong. Seriously.
Did you know in a recent poll that 75% of people polled did not even place price in their top 5 reasons as to why they didn’t buy? Fascinating to me.
Often times it is your attitude about price that gets projected onto the customer. As a matter of fact, 20% of people will buy a premium price (higher price) option, IF you offer it to them. It has a higher perceived value.
Business is about finding a who, who is not restricted by price.
In order to do that, you need to actually know who your business is for (# 1), what your business is (# 2). Then it can be positioned for power (# 3), and it will have no boundaries (# 4).
Then, and only then, you can find the who, who is not restricted by price (# 5)
Think about this. Read The “Big 5″ Breakthroughs again and again. Print it out. It will give you a great deal of clarity for your business and allow you to be razor sharp in your marketing efforts so that you too can…
Multiply your income by at least 10x almost overnight and own more autonomy, independence and security than ever before.
After all, isn’t that the point of owning your own home business?
Andrew J. Cass is a Home Business Development Expert and Professional Marketing Consultant. To learn insider secrets and powerful marketing strategies from the pros to help you explode your home business empire, sign up for Andrew’s FREE Ezine at: www.TheHomeBusinessInsider.net
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