Defining Business Success Is Difficult These Days

Since technology has distrupted all industries how profit is made has changed. How success is defined has changed too.

 

Business Success Through Profit

Profit keeps your business or project going. However profit is dependent on how many customers you serve. In order to keep revenue flowing in you need to attract more people and be able to keep a loyal base. Looking at the gross profit you made is a quantitative way of appraising your business, but ask yourself this qualitative question, 'is your business invaluable to your customers?'

If you over-price what you sell to make up the difference in not having many customers, that isn't really a success. Laying off 8% of your workforce to pursue "faster growth" isn't a success either. Both scenarios sound more like you're trying to stay afloat and survive.

There are businesses who in a last ditch effort want to make sure they are perceived as successful, but behind the image and last minute promotion they are struggling. Being perceived as successful is not enough to help you attract new interest in your business. You need to actually be valuable to customers. 

Your Customers are The Key in Achieving Sustained Success.

As new technologies come and go, businesses need to adapt with their customers. Adapting to your customer's needs and wants is the first step in becoming invaluable, and thereby irreplaceable. Take e-commerce for example. Enabling e-commerce or online payment capabilities on your business website can help increase your overall sales by as much as 250%. Your business could be opening a new revenue stream by enabling online payments and making it easier for your customers to make purchases online at their convenience. Adding analytics code to your website, you can track conversions and see from where new customers come to your website. More businesses would benefit from at the very least enabling online payments on their websites.

You Have to Take Chances in order to Unlock New Opportunities.

Why leave potential untapped out of lack of understanding or fear? The 20th century concept of selling is long gone, replaced by inspiring and guiding people along their decision journey. A lot of business owners are afraid and uncertain of how digital marketing can help their business make more. As I mentioned above, enabling online payment for customers is unlocking a new revenue stream. Digital marketing is a new way of reaching people and guiding them to you. Remember you have to spend money to make money. You attract new potential customers to your website through search optimizing your website, implementing a search marketing ad campaign, and cultivating a social media presence. Promoting and marketing your business doesn't need to cost a fortune.

Showing You Care Goes a Long Way with People.

People form attachments naturally with people, places, and things they perceive as trustworthy. Studies have found that people find vendors or businesses with an online presence more trustworthy. Specifically presentation (an easy to use and attractive website) and interaction (i.e. social media, responding to online communications in a timely manner) builds customer attachment and trust, and keeps it. Being accessible or easier to reach for your customers is good for business. Addressing questions, concerns, and requests through a website or social media helps reinforce that your business is trustworthy and invaluable.

It's a patience game, but when done right, you can say that your business is successful because its profitable through traditional and digital strategies. Most importantly, you can attribute your success to being invaluable to customers.

If you feel ready to take your first step into the digital landscape, contact us at Geoffresh Inc. We help small businesses succeed and exceed their expectations affordably.

 

Recommended Reading

Perceived VS. Actual Value by Stephanie Pyrzynski

THE BIGGEST MISTAKES RESTAURANTS MAKE, AND WHY THEY HAVE A HIGH FAILURE RATE by O'Dell Consultling

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