This article is for those who hate competition and simply want to DOMINATE the market and fight the Champions. The big guys. The companies that do make money in your field no matter what field you are. So if you’re serious about Entrepreneurship and running a business, if you want a bigger market share and if you want to put most of your competition on their heels, then this is a good resource to start from.
The goal of this article is quite simple.
Showing how to audit yourself and your own business before you start another month playing like an amateur. Here, I’ll present 4 key areas of a business that every entrepreneur NEEDS to cover to be able to dominate their own market. Because having the guts to face the big guys is actually easy, but matching them is a whole different game. So this is about knowing your business better than everybody else, is about having all the necessary information that allows you to outwork competitors with laser-like strategies so you can make more customers spend their wallet with you.
Do you dare to face the Champions? Do you want to crush 80% of your mediocre competition faster? Do you want more market share? Then you need to do your homework first. Period. And since I’m very straightforward here’s the bad news: You’ll be auditing yourself and you MAY FIND “red alert” answers regarding your business. But the good news is this: after finishing this analysis, you’ll become much smarter, a lot sharper regarding your business and definitely much more prepared to prospect any sort of customer with stronger, sheer confidence. You’ll be able to “pick a fight” with big companies because it won’t scare you away, no matter who you’re facing.
So here’s the necessary knowledge you must dominate for attaining higher power.
Here we go. Fun reading time for the next 15 minutes.
The Industry is the established market in which you’re about to enter which can be Marketing, Cinema, Food & Beverages, Real Estate etc. This is the very first thing most entrepreneurs need to acknowledge and learn how to dominate because understanding their own industry as much as possible is a duty you need to master in order to succeed. Why? Because EVERY industry has its own particularities, its own internal rules, and its own under-the-carpet dirt (oh yes!). You must know how it behaves and how it works in practice, what sort of actions and principles rewards people and what are its nasty secrets that most people don’t know about.
OK, so after you defined your industry, is time to ask the following questions:
- 1. Is the Industry growing or shrinking? Why?
- 2. What companies are the biggest brands? Why?
- 3. What is “hot” right now in the market? Why?
- 4. What is losing ground in the market? Why?
- 5. What actually happens in the backstage (what’s the dirt)?
- 6. What is the price range for your products/services?
- 7. What agents intervenes in your pricing?
- 8. What agents define rules/laws in your Industry?
- 9. What are the most realiable sources of information regarding your Industry?
- 10. How the Industry’s experts behave?
Relax, don’t get paranoid or overthink things because I’ll explain each question now.
Close all other tabs and pay attention below.
1. IS THE INDUSTRY GROWING OR SHRINKING? WHY?
R: The Industry may be at risk or it may be growing, that’s simple to comprehend, right? But that’s not what is really important here. The REAL question we want the answer from is the “WHY” the Industry is shrinking or growing because that’s what truly matters here before you even open your business. Can’t tell why yet? Simple. Because by knowing all backdoor reasons BEHIND the explosive growth of an industry or its slowdowns, you can find out 2 core things a lot faster:
1 — AM I OPENING THE WRONG BUSINESS?
2 — IS THERE A KEY OPPORTUNITY HERE?
Let’s assume you’re about to open a Photography Store.
Well, as much as it is still possible nowadays to do that and although there is SOME market available, such as professional photos for instance, that still needs to deliver physical photos to their customers, the reality is that 90% of people don’t take pictures like they used to 16 years ago. Ordinary people now have the power to instantly see the picture taken, thanks to the arrival of Digital Cameras. So digital cameras CHANGED the Photography Industry. It has shrunk it. Get it?
So if you were about to open a business like this one, you will likely suffer right away. The pain would be inevitable. On the other hand, if you embraced technology as your main weapon you could go bold and wild trying to explore a greater opportunity related to digital cameras or digital image treatments, for example. Get it? Doing your homework reveals an opportunity for some, and an apocalyptic scenario for others.
2. WHAT COMPANIES ARE THE BIGGEST BRANDS? WHY?
R: If a company is getting things right and winning they’ll get more attention from the market. That’s a fact. So your work is finding out who are the superstars and why. Because the real reason why you should ask yourself this is to reverse engineer their methods, analyze their strong points and their weak spots. That’s how you trace a smarter path before beginning everything at all, giving you the chance to reach real success faster.
This is why knowing in advance who are the real players before you jump into things like a blind man is much better. Because that way you can crack the code of the biggest brands by deconstructing their success piece by piece and discover:
- The procedures and ideas you can learn from analysis and observation
- The flaws and holes that you can explore to grab a good piece of market share
- The level of expertise and professionalism that is necessary to be a big player
One of my “triggers” for becoming an Entrepreneur was realizing that most profitable Marketing Agencies in the market were NOT EVEN CLOSE of the level of professionalism I knew I could deliver to customers way before I even jumped into my business. Seriously, not lying here. And I’m not being arrogant either. So depending on one’s level of knowledge and past experience regarding a certain subject, you just know you can do a better job. Period.
This is why investigating the big guys is both a learning experience as it is a motivational one. Deconstruct what they do and go do your thing.
3. WHAT IS “HOT” RIGHT NOW IN THE MARKET? WHY?
R: The “hot” can mean several things, such as: the latest technology (Tech Industry), the latest marketing strategy (Marketing Industry), the latest diet (Fitness Industry) etc. So you need to know what is working beautifully right now, what is changing people’s heads and getting massive attention, both from experts as from customers.
Here’s why knowing this is important:
- 1. You cover the basics and show any customer that you’re up to date
- 2. You understand the “WHYs” behind the trend and learn how to deconstruct success faster, gaining more in-depth knowledge that only experts have (if you choose to analyze the hot trend, of course)
Get it? These findings determine and reinforce the “you’re in the game” idea in your head, especially if you already know how to analyze things in such a way that you can deconstruct every sort of success. Remember that EVERY hot trend has a WHY behind it, has a logical reason explaining why that works and why it got explosive success. So if you can crack the code and be aware of what’s out there, then you’re way ahead of the game for sure.
4. WHAT IS LOSING GROUND IN THE MARKET? WHY?
R: Just as important as looking at the whole Industry, you should also double check why certain things stopped working overnight whether that’s a strategy, a tool, a customer’s behavior etc. Every market has its standards and its normal behaviors. Every market assumes certain “truths” and lives by them until some crazy CEO decides to launch something and break things, changing the market.
But the main reasons why you should also pay attention to this subject is simple:
- 1. You can find new, hidden oppportunities ready to be explored
- 2. You can understand the whole context of the Industry more broadly
This is how you can predict future events in your Industry as well. Because once you learn why something is hot and trendy or why something is slowing down, you have a much broader vision of your market that few business owners have. And if you’re reading enough and feeding your own mind enough with business magazines, articles, videos and books then you can predict new markets and new customer’s behaviors in a heartbeat. Not kidding here.
But let’s continue because there’s more to talk about.
5. WHAT ACTUALLY HAPPENS IN THE BACKSTAGE (WHAT’s THE DIRT)?
R: This is VERY important to know beforehand. Understanding what really happens “behind the scenes” in an Industry can help you gain leverage for several reasons, such as:
- 1. You can realize faster the competitors that are selling lies in their value proposition
- 2. You can identify myths and use it at prospecting
- 3. You can identify high-quality information much faster
- 4. You can find rare data and market secrets about your Industry
For example, in my area (Digital Marketing) a part of the service is SEO (Search Engine Optimization). And in SEO, you have experts who entitle themselves as White Hats, Grey Hats, and Black Hats. The White Hat is the guy who knows a lot but plays safe by acting inside Google’s SEO Guidelines. He’s an honest, ethical professional. The Black Hat is the opposite. He’s the guy who also knows a lot but is always trying to break the system by exploring flaws that gives his customer incredible results, but that can harm the customer 10x more if Google finds out his ways. And the Gray Hat is a mix of both.
But my point here is this: What the Black Hat does actually WORKS 90% of the time!
Is it wrong? Oh yes. Is it illegal? Probably. Is it unethical towards Google’s Guidelines? Definitely. But acknowledging that this dirty move exists in my industry and knowing that it DOES BRING RESULTS can make me understand how it can indirectly affect my business and my customer’s. Besides, once you give a prospect these “behind the scenes” secrets you tell him subjectively how well you master your industry.
You should never be caught off guard. You should always be able to explain those “incredible results” to a prospect who tells you something absurd in a meeting or negotiation. You must be fully aware of what’s happening in YOUR field because every honest and dishonest strategy that companies use behind the scenes to manipulate results must not be unheard to your ears. Besides, if you openly give customers additional, “insider” knowledge than it looks like you’re protecting his chips (money) somehow.
Many customers who are “knowledge-blind” when they come to talk to you fall into the trap of believing everything they see and hear. They ignore the “bad people” behind the scenes who are constantly trying to get their money and assume that all propaganda is true, real and all methods are legit. Wrong.
It’s like the Fitness industry, for example.
There ARE MANY cover boys who practically drink steroids and use its results to promote whey protein shakes and all that when in fact, the results come from steroids. The marketing campaign involves promoting Protein Shakes, Mass Gainers, Creatine and other bodybuilding stuff as the cause of the “natural body” the cover models have when all of it is not true.
But the “dirt” is that steroid point along with the fact that sometimes even the product is not good. Insiders know that. The model who poses to make the product’s pictures, likely uses growth hormones to obtain that end result. But the customer who knows nothing will assume the result comes with that product, thanks to all the package’s design and beautiful colors and numbers leaving him only with a hard frustration instead of a hard body (man…that was a bad joke).
This is why knowing every little dirty detail of your industry makes you stand out in the market because customers trust you and competitors are afraid of you (thinking you’ll snitch them somehow). You build a more powerful, respectful image for you and your business.
6. WHAT IS THE PRICE RANGE FOR YOUR PRODUCTS/SERVICES?
R: Although I agree with Grant Cardone when he says price is a MYTH, you do need a starting point so you know what level of quality your product/service must have in order for you to charge the price you want.
This question is only important at the beginning of your entrepreneurial career because once you DOMINATE your market, pricing is determined only by your own voice. Period. But of course, you must have the balls to raise it up and also the quality service/product to back it up because no high-margin price will work for a low-quality product or service for sure, but if you sell good stuff you’re allowed to define your price.
PS: But just to prove a point that “Price is a Myth”, how could you put a price on this: Virgin Galactic: Richard Branson’s Space Tourism Company? That’s right. You can’t. You measure the experience. Do the same with your own product and service next time.
7. WHAT AGENTS INTERVENES IN YOUR PRICING?
R: Several agents can change your pricing in an industry directly or indirectly, and some practical examples are: The Government (via laws/taxes), Suppliers (via material pricing/cost of production adjustments), Regulatory Organizations (demanding certifications), basic tools (pricing alterations) etc. Having the complete list beforehand that can be responsible for interfering in how much money you charge in the market is a must for you. A must. Get that list.
8. WHAT AGENTS DEFINE RULES/LAWS IN YOUR INDUSTRY?
R: Although this section is kind of redundant in some degree with the point above, there’s a small but significative difference regarding laws: They can change the way you OPERATE. Is that important? Oh Yes. Because if the government decides that a certain product/service/material that you use to run your business cannot be sold in your country or in your state anymore, then your business needs to shift to new directions to stay alive and well, right?
Agree? This is why exploring which agents can influence your business’ structure through laws is ANOTHER piece of the puzzle you gotta put together before diving into market domination. Usually, the Government is THE agent. But….is there anyone else? Maybe some government empowered organization that defines how your industry must work and how you should run your business, for instance? Have you looked for hidden organizations with superpowers?
Example? In several countries, the financial niche needs to follow regulations that are established by certain organizations, and it can completely alter your game. The stock market is one of them. Makes sense? Oh yes. So being aware of the agents that rule your business through laws and market rules is also a point you need to pay attention to before doing any bold move.
9. WHAT ARE THE MOST RELIABLE SOURCES OF INFORMATION REGARDING YOUR INDUSTRY?
R: The authorities in your field dictate the market, how it behaves and why. That’s a UNIVERSAL rule. People and companies pay attention to experts because well, they are…EXPERTS! They know what they are doing. They have been through a lot by testing every theory and every idea to validate new, more optimized rules to help other people succeed. This is why finding out who are the best, most reliable sources of information in your industry is also one of the points that will get you to where you want faster. Because they have accumulated YEARS of Trial and Error experiences that allow you to walk a bit faster in your road if you listen to them.
This is a powerful, effective way to comprehend how the market works and why.
But there’s another “contradictory” point:
Remember that. Learn from them, but try your own ideas. That’s key to success. Because you must want to become a well-respected expert in your industry if you’re a normal human being. So, explore your ideas.
10. HOW THE INDUSTRY’S EXPERTS BEHAVE?
R: Deconstructing world-class experts in your field is another important thing you should approach right away. No doubt about it. No wonder the extremely successful Tim Ferriss’ Podcasts especially focus on that matter, trying to deliver his crowd the best habits and insights from the Greatest Minds in the world.
People love creative thinking. So if you want to learn more about your niche, then find out what the experts in your Industry do to:
- Learn faster
- Think wiser
- Execute with precision
Because knowing all that you put your competition on their heels.
They have valuable knowledge that can save you YEARS of unnecessary Trial and Error experiences. Years. Ok? Go learn from them.
The Company is not your business (which I’ll cover next). Instead, the company is your business’ STRUCTURE. It’s your foundation, it’s the people, the building, the culture, the documents, the departments and the assets you have inside. That’s your company. So is not that weird that, naturally, to be able to grab more market share you must optimize what’s indoors as much as possible so you can have more effective people and internal procedures working in your favor, which will consequently CRUSH the competition that dares to face your company.
That’s the game plan. Optimize optimize optimize.
Optimize everything indoors.
And the amazing truth is that most entrepreneurs after making “some money” and after experiencing “some level of success” forget that basic business rule. They lost that URGE to develop their own people, their own products, their own services and their own procedures that were responsible for putting them in that position in the first place.
Which is why you must at least be able to answer the following questions:
- 1. Is my company’s culture fighting head-to-head against top companies?
- 2. Does my company has the most professional structure possible?
- 3. Does my company has the most efficient procedures possible?
Now let’s go point by point.
1. IS MY COMPANY’S CULTURE FIGHTING HEAD-TO-HEAD AGAINST TOP COMPANIES?
R: Culture is the way you define how people work inside headquarters. This is a very competitive factor for every company because having one that stands out will naturally attract the best professionals for you, making the competition fear you somehow if that “internal rule” becomes a rumor. The best entrepreneurs know that having a solid, strongly rewarding working culture can TRANSFORM a work environment, increase the company’s value and make employees feel a lot more special which maximizes their productivity and their creativity (among other things). This is why unicorn companies use creativity to win in business every single time. Because it works.
Next question my friend.
2. DOES MY COMPANY HAS THE MOST PROFESSIONAL STRUCTURE POSSIBLE?
R: A Company’s structure is commonly the following areas: legal department, administrative department, sales department, finances department, marketing department and personnel. This is the basics every company has to worry about because it is what allows a business to operate effectively. Without that, you have a hole.
Your legal department needs to be sharp so you don’t get your ass kicked on contracts.
Your administrative department also needs to be well-managed so your company can experience a well-organized, more optimized work environment every day. Finances must play the “paranoid game” day by day so it can fully control what is going on with your company’s health (the money) and where is it going. Marketing needs to always stay ahead and shout louder than your competitors in the market in order to bring a bigger cash flow to your business.
And personnel….well….you already know why that is key right?
Because people are the biggest asset a company can have. Period.
3. DOES MY COMPANY HAS THE MOST EFFICIENT PROCEDURES POSSIBLE?
R: The procedures define how your company works daily. You can have people-to-people procedures like email messages, formal service requests etc OR department-to-department procedures, like meetings or workload delivery for instance. But aside from the fact that having procedures is the minimum necessary to be able to work organized, you also need to have that line of thinking of a Champion and try to figure out how to work even smarter than most businesses.
Because if people are not wasting time on sending/receiving emails all day, then the company’s workforce is way more productive than your competitor’s workforce, right? Think about it. Imagine if every single time another department requests a meeting and the other department always go through a checklist to validate if it is really necessary. What would be the outcome? No unnecessary meetings. Which therefore can also save your team a great deal of time, right?
This is why having EFFICIENT company procedures can put your business above the competition because your team is always working better and faster like true champions do. You nullify the useless spots in your chain in order to maximize the team’s work hours. That’s how you win faster in business.
Now let’s talk about that area: Business.
Time to go to school.
Yes, yes, relax. Business and Company is NOT the exact same thing and I’ll explain now. A company is the business’ structure like I said above. It’s all internal, it’s in-house subjects such as departments and daily procedures. The Business is totally EXTERNAL.
Business is how you approach the market, the way you deal with external agents that interfere in your company and the way you RELATE to other businesses and customers. It is how your company talks to the rest of the world. Get it? So this is where Entrepreneurs like to play the most because it is a never-ending playground for them because it’s always a blast. It is always fun.
There are new markets, new opportunities, new competitors everywhere, every time.
All external factors, never internal.
A COMPANY IS INTERNAL
So here are some important questions you need to be able to answer wisely:
- 1. How is your thinking regarding market share?
- 2. How do you constantly try to grab market opportunities?
- 3. How do you approach businesses for partnership proposals?
- 4. How do you relate and communicate with customers?
- 5. How do you deal with competitors or government agencies?
- 6. How much quality do you deliver to the world through your products and services?
- 7. How strong and awesome is the experience of getting to know your business?
Those are a few questions that define how you roll in the Business Jungle. The answers to these questions define the ATTITUDES your company takes when faced with a challenge of some sort or when dealing with a standard event, like a simple partnership meeting or a pricing research.
But let’s go one by one here again.
1. HOW DO YOU THINK ABOUT MARKET SHARE?
R: Are you playing to DOMINATE or are you playing just to be another pawn? Do you constantly worry about how small or how big is the reach of your business and how much brand awareness you currently have? Do you study pieces of your market looking for opportunities? Because these simple points determine how your actions are gonna be towards the market every single day you wake up and jump into your work hours.
ARE YOU “OK” FOR JUST BEING ANOTHER PLAYER?
Don’t answer now.
I’ll let you think things over.
2. HOW DO YOU CONSTANTLY TRY TO GRAB MARKET OPPORTUNITIES?
R: What actions do you constantly take to grab new market opportunities? How do you pay attention and take action to new business relationships and new markets inside your Industry? Which strategies do you use to take what can be yours? Cold emails? Cold calls? Advertising? Blogging? Reunions with headmasters and influential people?
You gotta do something to increase reach.
The reason why this is important is because acting too passively can KILL your business in the first 2 years (or any other years) if you neglect the “hunt for gold” part in your daily schedule. Most Entrepreneurs don’t understand that expanding is NEVER an easy thing to do and good opportunities never fall into your lap, which is why the modus operandi from which you operate toward market opportunities truly matter.
How many businesses are borning every day with the Internet and its low cost advantages? How may competitors are you gaining daily? How much information is available for you to build a solid, successful business? So although it has never been easier to launch your brand, we also never had this level of competition before in history.
This is why you need to pitch more brands, invest more money in your company and go get the market that awaits you. Is that simple.
3. HOW DO YOU APPROACH BUSINESSES FOR PARTNERSHIP PROPOSALS?
R: Do you have partners that can help your business grow? Do you care about them and communicate with them? Do you pay them well? Would you? Do you love fair deals or do you like to take advantage of them? These questions dictate whether your business is going to have multiple customers (and salespersons thanks to word-of-mouth) or not, multiple partners or not. Because EVERYBODY wants good partners, people who they know they can trust, people who will take care of their businesses and ultimately, take care of them. You can multiply your REACH if you play the cards right. That’s how smart brands do.
4. HOW DO YOU RELATE AND COMMUNICATE WITH CUSTOMERS?
R: Do you treat customers like a bag of money? Do you see them as a Casino machine? Do you only talk to them when a sum of money is involved? Do you follow-up and call them once in a while? Do you treat them as friends as much as possible? Do you avoid conflicts and prefer to take some “hits” in exchange for an intact reputation? Do you deliver less or more than expected?
Think about these questions.
Because customers are people, and people prefer to do business with those who treat them as people and praize them as “the most special person in the world”. An Entrepreneur who doesn’t understand people will always have a hard time in the Jungle. Always.
COMPANIES TO TREAT YOU
Did I make myself clear?
5. HOW DO YOU DEAL WITH COMPETITORS OR GOVERNMENT AGENCIES?
R: Are you constantly studying another exploitation point your business can use to outwork, outsmart and outlast your competition? Are you constantly trying to look for honest ways to win where the law doesn’t stand in your way so you can execute new, innovative ideas freely before anyone else?
Are you 100% OK with your taxes? Is there any legal obligation you need to resolve first in order to run your business with a clean mindful state? Are you trying to beat the competition by honest effort or by using weak, loser-like strategies?
A few important questions to ask before doing anything else regarding these types of relationships because it can all jam your company’s game once you start to neglect them. The more honestly competitive and legally OK your company is the better are the chances for you to win.
Keep all that in mind.
OK, now next question.
6. HOW MUCH QUALITY DO YOU DELIVER TO THE WORLD THROUGH YOUR PRODUCTS AND SERVICES?
R: Would you buy your own product? Would you hire yourself? Would you be 100% happy if you did? How competitive is your product or service if faced against the top brands in your industry? How much quality work is involved in what you’re selling to other people? These are VERY game-changing questions that define how much you believe in your product or service, and also how ethical you are as well.
WOULD YOU HIRE YOURSELF?
Answer this without thinking to know where you need to improve.
Now the next and last question (my fingers are tired).
7. HOW STRONG AND AWESOME IS THE EXPERIENCE OF GETTING TO KNOW YOUR BUSINESS?
R: Do you always care about getting paid all the time? Or do you make every prospect feel like they are at home when talking to you about simple subjects like pricing? How strong, awesome and OUTSTANDING is the experience you’re giving to the market once someone from it enters your company just to do a quick pricing research?
Entrepreneurs know that the more you CARE about giving without taking anything back, the faster your business will evolve. Remember that last sentence friend because it is a deadly truth. People nowadays buy from brands that either provide a MASSIVE amount of free value OR because they are already used to buy from a certain brand. But in this crowded business world we live in, winning demands a much higher level of quality to burst through the noise.
So I ask yourself again….
TO KNOW YOUR BUSINESS?
Think about that.
Ok, now let’s finish this and change topics, so let’s talk about the REAL game changers in business: Customers.
The Customers are those awesome guys and companies who PAY YOUR BILLS in the end of the month. I’m not talking about prospects here, but real customers who you have done business with in the past or will do business with for sure in a near future. The golden guys that constantly feed you.
The following questions is what you MUST ask yourself if you’re planning a market domination:
- 1. Does your company always deliver what the customer purchased from you?
- 2. Does your company prefers to lose money instead of tainting its reputation?
- 3. Does your company charge the price you need to keep your business alive and well?
- 4. Does your company treats customers like gold, no matter the amount of money involved?
Time to dive into each one.
Here we go.
1. DOES YOUR COMPANY ALWAYS DELIVER WHAT THE CUSTOMER PURCHASED FROM YOU?
R: Every purchase a customer did must be honored by your business. Are you doing that? Do you always deliver? Do you give 100% of your product or srevice when it is “delivery time”? That’s crucial. Crucial. Because the lowest level of satisfaction possible is achieved by delivering what you’ve promised, and it is THE LEAST you must do. The best you can do is going that extra mile and giving that additional value and nurture your customer. Like Larry Page, one of Google’s founders usually says:
— Larry Page, co-founder of Google
Keep that in mind as well. Think hard if you’re delivering every promise you made with your business.
2. DOES YOUR COMPANY PREFERS TO LOSE MONEY INSTEAD OF TAINTING ITS REPUTATION?
R: If a customer is doing bad word-of-mouth marketing against your business then how much damage could he cause you? You can’t predict that because it is intangible, that’s the problem. This is why smart companies always choose to lose some money in exchange for keeping the customer’s mouth shut because there’s no way the level of anger and scorn will match the money you could return to the customer after something has failed.
The money is an EXACT amount to lose whereas the bad word-of-mouth marketing can damage your business with apocalyptic proportions because you never know to whom your angry customer will complain.
So prefer to lose cash in order to protect your reputation.
That’s a good contingency plan for failures.
3. DOES YOUR COMPANY ALWAYS CHARGES THE PRICE YOU NEED TO KEEP YOUR BUSINESS ALIVE AND WELL?
R: The MOST COMMON MISTAKE business owners make is undercharging for their products and services. Entrepreneurs love being entrepreneurs but when is time to get their chips (payment) they shrink and get shy somehow, letting the customer get away with unfair discounts which in the end only sabotages their own company.
Why? Because without cashflow, there’s no possible way you can deliver high-quality services or products to the customer so it is a bit complicated because without the right amount of money, you can’t work focusing on quality which forces you to work on deadlines instead, sacrificing your reputation in the end.
You must be bold. You must charge what you deserve. Remember that money creates time and time is a necessary piece of the formula to deliver the best possible work for your customers. If you don’t deliver things right, they’ll definitely complain. If you charge what you deserve and what you need to maintain your high-quality structure, they’ll complain as well. But on what option you think they’ll complain more? That’s right. The failed project option.
Remember that PRICE IS A MYTH and after the service/product is sold, all you need to do is outlast the price you charge with enourmous high-quality work. Period. That way, the original price is forgotten by the customer once he gets the results.
4. DOES YOUR COMPANY TREATS CUSTOMERS LIKE GOLD, NO MATTER THE AMOUNT OF MONEY INVOLVED?
R: Once you sign a contract with a customer or sell him a product, you better do your part, no matter what happens. Don’t forget that. This is why charging the right price is so important because you cover yourself from any losses you may face along the way. But the KEY thing is ALWAYS treating every customer like gold. Always.
Because if you charged $100 or $100.000 from someone, you better assume the following 2 things:
- The customer will demand his results and his rights
- The customer will surely deliver bad word-of-mouth if you fail him
Have any doubts about that? Then test what I said. So treat every customer like if they were a 1 million dollar contract for you, no matter what project or what level of work is involved. Solve the problems, give attention and make him feel like home. Always. Because the client has no fault if your price was unrealistic to supply your business needs at the first place.
You can imagine his response if you say “I undercharged you”, right?
It will definitely be this: “Well, that’s your problem. I paid what you charged me anyways”.
This is connected to the pricing part in some level as you can see, but it also involves caring about the person and its word-of-mouth marketing potential. You should aim for a “WOW EXPERIENCE” and not money. Money will follow once you do the right things.
Optimize EVERYTHING if you want to dominate the market. Everything. Hard work alone won’t suffice. You must ally hard work with SMART work and apply it in every part of your business if you expect to succeed and become a Champion in your niche. That’s a rule and not an option. You can bet that all companies that are true rockstars nowadays in your market care a lot about all these points I presented you.
And you probably have one objection to that last sentence, right?
“But Peterson, I know BIG companies that don’t necessarily care about the level of quality their service is delivering to customers”.
Well, the world is not perfect and corruption is still a reality, unfortunately. This is the reason why several big companies stay alive today because they buy politicians and government agencies in exchange for some facilitation for their businesses and, if possible, they buy political moves to make things harder for small businesses to grow (competition) as well, leaving the market dry and without much options.
But if you’re like me and like to play the honest game, then this is the right formula.
You choose the path you like the most. I prefer hard, smart, honest work.
And remember Mark Cuban’s quote:
— Mark Cuban, Entrepreneur
Any doubts? Comments please.
Take care my friend.