Why the art of communication is important to every business
Why great products and services flop
Everything is about life, business is part of life, finances are part of life.
If you are an entrepreneur, your success revolves around running a profitable business.
Talking of profits, in my last article I quoted Jim Rohn’s statement. He said, “Profits are better than wages and it’s easier make profits than it is to earn wages.”
That statement isn’t too far from an old adage I lived by for many years. interestingly I found out the adage was wrong — it went something like this — “Big problem plus my solution equals big profits.”
Now Let’s talk about that one little insert and why having a solution to a problem does not necessarily get you big profits.
If you’ve been in business for any amount of time, you know, for sure that having a solution or a great service the market needs may not guarantee you profits. Many great products and services have flopped because the selling and marketing process was divorced from the solution
Who you focus on matters
One of my mentors, Dr. Myron Golden said something that caught my attention, he said there’s a missing piece in many businesses, that most business owners from kingdom entrepreneurs to freelancers focus on the wrong thing.
He said, they focus on the pieces and on the process, they focus on creating a perfect product, or giving perfect service. Sadly, that focus takes them away from what they should be doing which is to market their product, advertise their services and let everybody know.
But it’s not just all about advertisement, it’s about the ‘how’ because nobody really cares about the piece and process of a product or service. What people care about is how they will better their lives.
For instance, I’m an accountant, and as an accountant, I can show people the accounting pieces and processes, I can show them accounting solutions, show them ways around taxes, show them financial strategies, but if I don’t get clients, all of that is in vain, my business will not be profitable.
Now, taxes may be a big problem for most people, but if all I do is stick to my solution hoping people will sign up for my services, I’m wrong, why? because nobody cares about my solutions and strategies, if I don’t care about their businesses.
I work with truckers, real estate agents and coaches, and other types of service providers and everyone’s sticking their solution right into this formula, and wondering why they are not making more money?
Dr. Myron has a recommendation, how to plug your solution in a way that I will make profit. Anyone who does this one thing will always make big profits.
What you say and how you say it matters
But first have you are reading this and have just started a business here three critical questions you should answer;
· Do you have a marketing strategy?
· How will you go about selling your product or service?
· How would you ensure that people know about what you are putting out there?
When I started my business the first thing I did was sent out an introductory email. The email went something like,
“Hey,
I’m in business now, I’m doing taxes, and would love to help you do your taxes.”
Jay”
Here’s what was wrong about this email — it was all about me.
I was in business, great! doing taxes, even better! The people I wrote to didn’t care, they might need taxes done fine, but I wasn’t addressing their problem, I wasn’t telling them how I was going to help them have freedom in their finances, how I was going to help them build their business, how I was going to help them make more money, how I was going to help them enjoy financial freedom.
I wasn’t saying any of those things, my solution was my calling card, I wasn’t concerned about what they wanted.
Now think about it, if a company tells you how to make more money, and how to have a better life, — if the company is focused on empowering you to become a better person, how will you perceive such a company? You will look at their products or services in a different light.
You will be like, “if they can help me make more money, live a better life, then I want what they are offering.” But what if the company didn’t tell you any of that? You will not know that they care about your finances and about your life.
The strategy every entrepreneur should know
Here is the strategy I learned from my coach Dr. Golden — how to make more money in your business. It’s a strategy you have to use over and over and over.
He said,
“Big profits equals not just your solution, but it equals a solution that is communicated the best!”
Did you get that? it blew my mind, and triggered me to start thinking differently.
If you can communicate really good on your product or service’s payoff, — put another way, — if you can talk about what people want for their lives, talk about how to grow their businesses, how they can bank more money, then you will get their attention.
People only want the payoffs, they want what will profit their lives and their businesses.
So here is what happens when you implement this strategy:
You to communicate payoffs, communicate what you have in a unique way, in a way that no one else communicates, communicate in your personalized voice. Do it over and over and again and again.
Soon you will be the only person communicating in marketplace what you have in a unique and better way, and you will be on your way to making profits.
Do these two things if you want big profits
I work with a lot of real estate agents, what I’ve discovered in the real estate industry is that everyone is always saying the same thing. It’s no wonder many real estate agents have stagnated businesses. You must set myself apart, say something different that leads to a better, payoff that people want.
Here are the steps you should take to make big profits;
1. You got to look at your numbers — You need to look at how your business doing, how many deals did you close? how many new clients did sign up? what price points did you charge? what was the average amount you received from each transaction?
2. You’ve got to look at the figures, — say, you want to earn an extra a hundred thousand dollars, then you have to know your client’s worth. How much are they willing to pay for your service or product, can they pay $10,000? good then you need only ten clients to earn $100 000.
Do the math, then go out and get 10 clients. If your clients can only pay $5,000, then you need 20 clients and so forth.
Final thoughts;
You can grow your business just by looking at the numbers even without advertising.
Advertising is good don’t get me wrong, because you must have a way to market and advertise but when you tweak this one area — when you can communicate, not only what you have,- the service or product, -
When you can communicate the payoff in a unique way in the marketplace in a way people understand, your profits will start to skyrocket.
