Jim's Marketing Blog

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How to build a stronger business

What are the areas of your business, which you are weakest at?

The good and the bad

No matter who you are or what profession you are in, there will be elements of the service you provide, which you are far better at than others. For example, some accountants and lawyers are very good at the technical side of their business, yet very poor when it comes to communicating with clients and prospective clients. Some restaurants offer wonderful customer service, yet the food is just average. You get the picture.

One of the challenges we face as business owners, is that the temptation can be to focus our efforts on what we are already outstanding at, whilst remaining poor in areas where we really need to improve.

Build a more robust business

Yes, it’s important to develop our strengths, but it’s also important to take a look at the elements of our service where we need to improve, and set time aside to develop those skills. If we do this, we become better and can provide an increasingly good service to our clients.

This also helps us build a more robust business, so our clients win and we win to. Win-win!

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1 Comment

  1. Nice article Jim, agree with your reasoning – just wanted to share some stuff I wrote elsewhere on a similar topic, that also relates to this article:

    Customer satisfaction / loyalty aren’t enough for a business

    Why?; Many business strive for are increased growth, sales and profits. Let’s say that your current customers are satisfied and give you a 10 – that doesn’t necessarily guarantee future growth of any new customers.

    The Harvard Business Review run an article last year about the “Wallet Allocation Rule”; According to the article, what is important for any business is the “share of wallet”? What is it?

    Let me quote HBRs definition “This is the percentage of a customer’s spending within a category that’s captured by a given brand, or store or firm. Customers may be very satisfied with your brand and happily recommend it to others—but if they like your competitors just as much (or more), you’re losing sales. Making changes to increase satisfaction won’t necessarily help”.

    What should you do? Understand who are your competitors, and analyse what your customers like about them and improve on those features – The aim is to get the maximum “share of wallet” of the entire market – because if there are 2 competitors, and both have 50% of the consumers, it means that your potential sales is half what it could be – thus the aim should be to maintain your current customers and attract your competitors customers as well.

    Online Sources:
    -HBR; http://hbr.org/2011/10/customer-loyalty-isnt-enough-grow-your-share-of-wallet/ar/1

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