Tuesday, 19 January 2016

The Secret of Succesful Entrepreneurs



Every successful entrepreneur has a secret- something that others don't know. I am going to discus a business secret that many entrepreneurs failed to capitalize. It is a secret that work in every business, sector and  trade.

I have been hearing stories of businesses losing their customers to their competitors, children refusing to patronize their parent's business, Friends and relatives patronizing others instead of their own.

what many businesses does is to beg the customer to come back, or give special bonus while those who has special influence could try to use their relationship as a leverage to influence the customer. However, once the whole effort fail- the customer becomes their enemy.

Smart businesses are using this scenario as an opportunity while others doesn't. Let look at it from the customer's perspective.

Who are your customers? Why do they buy from you? Yes! What are those things that you offer them that your competitors doesn't?
The truth is that customers want to get value, buy at a cheaper price and patronize the person that offer the best customer service.

Once customers find a better alternative, irrespective of their relationship with you, Your business and size, they are gone.

Let take for example, people that visit YouTube wants to watch the latest video. Once they can't find it- they are gone.

Let look at some examples
MySpace was once the most popular site on the internet. Needless to say the company has surrendered to Facebook.

Nokia was once the most popular phone. However, the introduction of more powerful operating system like android, and Apple has lead Nokia to rebrand to lumia and still struggling.

Blockbuster was once the biggest video Rental chain. Survived the transition from VHS to DVD. Blockbuster remained helpless when Netflix started sending video through email. The rest is now story!

Motorola produced and sold the first world's mobile phone. Motorola dominated the mobile phone business till 2003 but failed on the smartphone that can handle email and data and lost significant market to new brands like Apple, Samsung and Research in motion(BlackBerry).

Customers move on to next business that can meet and exceeds their expectations. As a business secret- customers are not doing you a favor by patronizing your business. Remember! once their expectations are not meet, you loose them.

Businesses that wants to enjoy continuous patronage must
1. Understand the customers
Winning back the customer requires lots of strategies. Look at things from the angle of the customer. What is your competitors doing differently?

2. Take feedback from customers
Learn to take random feedback from the customers. Either in the form of random online surveys or questionnaire. Make it brief and ask YES or No questions. Remember to provide a space for suggestion.

3. Predict preference
Learn to forecast customer's preferences. Do whatever it take to know the trend. If you own a supermarket, and you always wait until many customers start asking for a particular item before buying it, customers might decide to buy from where they can get all their stocks at once.

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