Your website is a critical component of your marketing strategy. If set up properly, your website can be the source of tons of new customer leads. And even if they hear of you elsewhere, in many cases, customers will still visit your website to learn more about you.
So here are 5 quick and easy ways to make your website more effective.
#1: Establish a blog
Setting up a blog is the easiest way for you to continually add new content to your website.
And each piece of content you add is another opportunity for someone to do a search (on Google.com, etc.) and find your company.
Also, your blog posts can be used to show your subject matter credibility, and further prove to prospective customers that you are the best provider in the market.
#2: Promote your blog posts
In addition to adding new blog posts (ideally once per week, and at a minimum twice per month), make sure to promote your posts.
You can promote your posts by posting them on Facebook, Twitter and other social media sites.
Your goal is to drive more traffic to your blog posts. Also, try to get visitors to comment and/or ask questions about your posts. And then, respond to their questions and comments.
Finally, remember that each question posed by your visitors may be a great topic for a future blog post.
#3: Create videos
Particularly if you don't like to write, create videos.
Videos that teach prospective customers how to do something are extremely valuable. And they can be used to "soft-sell" your product and/or services.
For example, let's say you offer carpet cleaning services. A short video teaching people how to tell if their carpet is in need of cleaning would be extremely valuable. And, people who watched it would be prone to purchase your service.
#4: Add sharing buttons
Particularly if the content on your blog is good, make sure it's easy for visitors to share it.
You can quickly and easily accomplish this by adding buttons that allow people to share your posts on Facebook, Twitter, LinkedIn, StumbleUpon, and other social media networks.
This is how blog posts go viral; by making it easy for others to share them.
#5: Make your website mobile and tablet friendly
More and more people are visiting websites from their mobile devices and tablets. But not all website look good on these sources.
Make sure your website does. If it doesn't, there are some inexpensive services that manage this for you. Such services can tell when a visitor is not coming from a desktop, and will automatically push them to a version of your website (which they create and host) that is more mobile/tablet friendly.
Each of these five tips can be implemented very quickly and easily. And they will result in more customers and sales. So make completing this a priority.
Suggested Resource: Want to learn my complete strategy for methodically maximizing your online traffic, leads, sales and profits? Then check out my Ultimate Internet Marketing System.
Both Crowdfunding and Peer-to-Peer Lending are great new ways to raise money for your business. Below I explain the differences, and some of the advantages and disadvantages of each. I end by determining which is better.
Peer-to-Peer (or P2P) Lending is one person lending money to another person at a pre-defined interest rate. It's basically debt capital without the bank or traditional "middle man."
The benefit of P2P Lending is that 1) the interest rates are typically lower, and 2) the likelihood of getting the loan is greater than the likelihood of getting a traditional bank loan.
There are several popular websites that connect borrowers and lenders directly. The biggest two are:
The downside of P2P lending is that you need to repay the loan and that there are limits to how much you can raise (generally only $25K at a time).
Crowdfunding is raising money from the "crowd" or general population. In Crowdfunding, you don't need to repay the amount raised. Rather, you give rewards (usually the product you want to develop) or equity to those who fund you.
The most established rewards-based Crowdfunding websites are:
On the equity side, Crowdfunding if still extremely new and still only limited to accredited investors (expect this to change shortly). Crowdfunder is one of the leaders in the equity based Crowdfunding market now. We will see how it grows and other sites pop-up as non-accredited investors enter the market in 2014.
So, Which is Better?
I prefer Crowdfunding over Peer to Peer Lending because of the potential to raise more money through a larger group of people, and not having to pay the money back. I also like that all the people who crowdfund you 1) are potential future customers, and 2) can spread the word about your business.
However, the two funding sources are NOT mutually exclusive, so definitely consider using BOTH Crowdfunding and Peer to Peer Lending, since both are great forms of funding.
Suggested Resource: Do you want Crowdfunding? If so, don't try to raise it from scratch -- the 14-step blueprint already exists. Get the Crowdfunding blueprint here.
Regardless of how good your current website it, I'm confident it can be better. In fact, on my website, I'm constantly testing new ideas to improve it. I test different colors, different headlines, different pictures, and so on. And each time, I learn ways to improve.
Below I summarize the 10 key aspects of your website that you should review and improve over time.
1. Look and Feel
The look and feel of your website is much more important than you might realize. Because when visitors go to your site, it's critical that their first impression is positive.
Think for a minute about who your customers are and what they are seeking. Then cater to them. For example, the look and feel of Porsche's website is extremely cool and elegant. Conversely, the look and feel of the Ben & Jerry's website is much more animated and fun (right now it's showing cows drinking on the beach).
Both websites do a great job of conveying the image in which they want customers to view them. Make sure that the look and feel of your website does the same.
I'm sure following situation happens to you (since it happens to me all the time): I go to a company's website, I read the homepage, and I still don't know what the company does.
So, I end up going to the "About Us" page to read more and to try to decipher what it is that the company does.
Importantly, I'm the exception. Few other visitors will invest the time to figure out what your company does. Rather, if they don't immediately "get it" and you don't immediately show them how you will benefit them, they'll leave and be gone forever.
A quick tip here is to use compelling headlines. For example, if your website sold tires, a great headline would be: "See Our Selection Of Over 500 Brands of Tires at the Guaranteed Lowest Prices." This is pretty much what all customers are looking for (selection and best price), so this headline lets visitors quickly know what the company does and that they are in the right place.
I'm sure your website has many pages, and it's your job to make it as simple as possible for your visitors to find the pages they want.
Navigation should be done on a top and/or left navigation bar, using links at the bottom of your website AND within the body text of all pages of your site.
More and more people are using devices other than computers (particularly mobile phones and tablets) to access websites. Make sure your website is accessible from all of these devices or you will unwittingly be turning away new customers.
5. Quality Content
Website visitors have come to expect that your website will include quality content or information. For example, if your website has articles, they shouldn't be "fluff" - they need to include actionable advice that shows visitors that you know more than they do.
And clearly, having typos and grammatical errors will also turn off site visitors and prospective customers.
Think about the information you need to convey to customers to better solve their needs and differentiate from the competition. While some of this information is compelling verbiage about your company, more of it should be information that's truly helpful to customers and makes them feel they made the right choice by visiting your website.
6. Amount of Content
The amount of content you include on your website is important for two reasons.
The first is that the more content you have on your website, the more preference search engines like Google will give your site when ranking it for desired keywords.
The second is that if customers are considering doing business with your company, they will want to learn more and more about it. Having a 5 or 10 page website clearly won't allow you to do this (you can start with a small website, but you need to add to it over time).
Having a blog on your website helps solve both your website's need for amounts of content (#6) and interactivity (#7).
With regards to amount of content, adding a daily or weekly blog post entry will allow your website to constantly grow in size. This will boost your website's search rankings and give you more keyword opportunities to rank on (since each blog post might rank for certain keyword search terms).
With regards to interactivity, having a blog allows customers and prospective customers to interact with you. It gives you the opportunity to solicit feedback, which provides quick and easy market research.
Your blog also gives you a voice. Here's why this is important. People prefer to buy from people and not faceless companies. While your main website can have a professional, corporate look and feel, your blog gives your customers a look into your personality, and can encourage rapport and sales.
8. Prove that You are Worthy
Your website must prove that you are a worthy company, since many of your visitors may have never heard about you or your company, and there is a natural skepticism consumers have against companies they find online.
Unfortunately, overcoming this skepticism is not as easy as simply stating "we are great." Rather, you need to prove that you are worthy.
You can accomplish this by including any or all of the following on your website:
9. Have Multiple Calls to Action
Even though all of us have grown accustomed to going online to find new products and services to buy, the way each of us likes to buy is different.
Some of us like to buy online. Others like to fill out an online contact form. Others like to call a toll free number. And so on.
It is your job to ensure you have multiple ways in which visitors can contact you to learn more about buying your products or services.
Also, if customers may not be ready to buy now, include calls to action to download free reports or other items to satisfy their initial needs; these items should require them to give you their contact information for further marketing.
10. Effective Page Layout
The final key attribute of your website is the layout of your pages.
The key here is to ensure visitors have to think as little as possible. The idea layout influences visitors to take the desired actions. For example, if the goal of one of your web pages is to get the visitor to give you their email address, having the email box near the top of the page, with a clear headline above it in a big font, will yield much better results than the same email box on the bottom left corner of the page with a small headline.
Consider using a heat map program that can show you exactly how visitors are interacting with your website; what they are looking at, what they are clicking on, etc. As you can imagine, this information enables you to make significant improvements to your site.
From reading these 10 key website elements, ideally you will have identified at least a few improvements you can make right away. Also, please realize that improving your website is an ongoing process. You should always be trying and testing new ideas, so your website keeps getting better and better.
Suggested Resource: Want unlimited online leads? And want a proven step-by-step system to get them. Check out our Ultimate Internet Marketing System to learn how you can build the ultimate online lead generation machine. Click here to learn more.
Are you an Empire Builder?
How do you gauge yourself and your business? Do have the potential to turn your business into an empire? You may not know it yet, but you may just be the person to create the next business empire.
Empire builders are ordinary people who perform extraordinary tasks. There are certain traits and actions that distinguish these outstanding individuals from others. By learning certain skills and adopting successful actions you can set your business growth to super-size.
10 Characteristics of Empire Builders
If you have painstakingly built your business from scratch to where it is now, assuming it is growing steadily, you should not be surprised that you possess some characteristics in common with empire builders. Here are the 10 common characteristics.
1. Sacrifice & Hard Work. Empire builders are willing and ready to make sacrifices to be successful. Running a business is quite different from simply joining your workmates at a desk job; it involves hard work.
2. Passion. Empire builders are passionate about what they do. They put in extra effort to achieve their goals. Being passionate about what you do usually means that you are having fun doing it. The journey should be just as rewarding as the destination.
3. See Opportunities. Do you see opportunities where others see obstacles? Another trait of empire builders is that they see an opportunity where others see barriers. Many people think that to be successful you need to come up with an idea that nobody has thought of before. Many successful empires have been built without innovative ideas, just the will to do the same thing others are doing but in different way. Or they dare to tackle a problem others are afraid to tackle.
4. Highly Motivated. Empire builders are highly motivated people. They don't let their determination cool off due to defeats. If they don't succeed at first, they simply try again and again. They use failure as a motivation rather than an obstacle.
5. Disciplined. Another important characteristic of empire builders is discipline. Empire builders are focused on their goals. They do not let distractions derail them from achieving their objectives. They have clear steps that they take every day to bring them closer to their goals.
6. Open Mindedness. Open mindedness is a vital characteristic of empire builders. These are individuals that are ever open to new ideas and new ways of doing things. They get inspiration from different sources and focus it on achieving their goals.
7. Team Builders. They are skilled networkers who build strong contacts needed for success. Nobody ever succeeds alone; rather, success requires team building. Empire builders have persuasion skills that enable them to convince people to work for them even when their ideas may seem crazy.
8. Decision-Makers. Empire builders have good decision-making abilities. Sometimes people may wait for the right time to do something but empire builders launch their projects and then make the necessary corrections later. Decision-making is vital and in many cases, not making a decision is as bad as making a wrong decision.
9. Can Create Or Expand a Market. Empire builders expand the market. Contrary to what many believe, you don't have to launch something completely new to be successful. You can simply get into a business that many have thought of and get your share of the market and grow it.
10. Understand Their Markets. In business, timing can mean the difference between success and failure. Empire builders are capable of predicting the precise time a product will be successful in the market. When Sony launched the walkman, skeptics said people would not be interested in listening to music as they walked. Know the wants and needs of you market.
What Lessons From Empire Builders Can Help You Grow Your Business?
I want you to take a challenge. Pick three characteristics from above and start applying them this week. Keep practicing until they become second nature; aim for 3 to 4 weeks. Then pick three more. Do that until you cultivate all these characteristics of empire builders.
Here's your checklist:
Let us know how this challenge changes you and your business!
Your brand is the unique design, sign, symbol, and/or words that create an image or impression of your product(s), service(s) and/or company.
A strong brand differentiates your product or service from your competitors, and is easily recognized by customers in your market.
Think about Starbucks...Their coffee is not the most affordable in the market, but their brand recognition and loyalty is off the charts. They have a wide-spread reputation for delicious, strong coffee that many people refuse to do without.
Disney is global mega brand. Show a child a black round circle with two round black ears and the screams of "Mickey, Mickey!" will leave you temporarily deaf. Not only is the image recognizable, but it's is associated with fun and happiness.
Developing a strong brand is important and can dramatically impact your success. Below are three surefire strategies you can use.
1. Create a New Product and Constantly Innovate it
Apple's introduction of the iPhone is a classic example of this strategy. While cell phones had been in the market for years, Apple introduced a new sleek design and took the cell phone into the realm of smart phones. Instead of just phone and camera, Apple popularized having music on your phone and later led in the development and release of mobile applications This strategy caused Nokia's market share to drop precipitously.
Not only did Apple innovate with the initial introduction of the iPhone, but the company keeps the product fresh by releasing updated models every 2 years or so.
Puma is also adapting this method by constantly introducing new sports products to the market. The company does this to continue building its reputation as the most desirable sport lifestyle brand.
By creating a new, unique product and constantly updating it, you will build a strong brand. And you will stay top-of-mind for customers since they will always be curious as to what they can expect from you next.
2. Using a New Campaign To Change a Brand's Image
As second branding strategy is to use a new marketing campaign to change your brand image. One example of this is the Dove soap campaign introducing "Real Beauty" in 2011. The concept is that women have real beauty and Dove can help them realize it.
This type of campaign can also be called "rebranding." You use an old product, repackage it, and possibly change its logo too. Your purpose is to change the product's identity and reputation in the view of consumers.
You can also use rebranding to overcome a period of poor publicity. For instance, if your company has been involved in public malpractice litigation, rebranding can help you get rid of negative connotations that may be hurting your sales.
Rebranding can be a powerful tool in helping you differentiate your product from competitors. Think of special stitching and serial numbers high-end purse manufacturers use to differentiate their products from cheaper knock-offs. When you make your product distinguishable, you can gain more customers.
Lastly, when your product has been in the market for a long time, curiosity and interest from customers may lessen. Rebranding can help you regain excitement in the market place and recapture market share. Intrigued customers want to try whatever is new in your product.
3. Advertise While Keeping Up with the Brand Value and Promise
Being seen on television and other advertising channels can do wonders for most products and services. Sometimes, despite being more expensive than other brands, consumers still buy products with which they are more familiar. This is true of the brand Tide. There are laundry detergents that are less expensive, but many customers still buy Tide. Because they hear about Tide frequently, it is top of mind when consumers are shopping.
Still, Tide has to keep up with its promise of being a great laundry detergent. If consumers experienced poor results, they wouldn't buy Tide again despite millions of dollars of advertising. The product must do what your advertising said it would.
It is also important to make sure your advertising, whether local or national, is reaching your target audience. Remember the Chrysler Pacifica? Its okay if you don't; they don't even make the Pacifica minivan anymore.
In 2004, despite warnings from their advertising consultants, Chrysler contracted Celine Dion for $10 million to promote the new Pacifica. The campaign was a disaster. The Pacifica appealed to young professionals, yet Celine Dion resonated with an older age group. The result? Nothing. Flat sales with millions of dollars out the driver's window. Know your target market!
Applying the Strategies
While many of the examples I used are from well known large companies, any business owner, even a one person operation can use the strategies listed above.
And importantly, you don't have to spend a fortune on this. With social media tools like YouTube, Instagram and Facebook, you can create videos and photos that can spread your brand message quickly, inexpensively and with amazing effectiveness.
So focus on building your brand, because the right brand will bring in tons of new customers and dramatically increase the value of your company.
It's a given these days that your business needs a website. And, if your website ranks at the top of the search engines for the right keywords, it could mean a ton of new customers and revenue for your business.
SEO or Search Engine Optimizing is the process of getting your website to rank as high as possible on your most important keywords. And when focusing on SEO, you should pay most attention to Google (rather than Yahoo or Bing, etc.) as Google currently has a 68% market share of all searches done in the United States.
And when optimizing, keep the following ten SEO tips in mind.
1. Social Media Optimization Helps SEO
Social media (e.g., Facebook, Twitter) can provide you with website traffic. It also impacts your rank in Google. Specifically, Google's ranking algorithm decides on your brand's social media value through the number of likes in Facebook, the comments and shares it gets, the number of Twitter followers, the number of tweets that states your brand or has your web link, and the number of people you have in your Google circles. So don't ignore social media.
2. Content Is Still King
The key here is for you to establish yourself as an expert in your niche by providing relevant and fresh information to your readers. You can also invite guest bloggers or hire content writers that can give your site vital information about your industry. The search engines are keen on whether your site provides quality information.
3. Do Guest Posting Properly
While guest posting (i.e., getting other experts to post their articles on your website) can be a great source information, be careful with backlinks. Backlinks are links from one site to another. Make sure you only link to high-integrity websites and blogs. So, if your guest poster wants to link to a "sketchy" website in their article, don't let them.
4. Diversifying Can Protect You
With Google Panda and Penguin penalizing websites for shady SEO techniques, one of the best things you can do is to diversify your SEO techniques. Consistently update your site with fresh and winning content while using diversified anchor texts and links. "Real" is the word here, real content and real links are rewarded by search engines.
5. Location-Based Searched Results Can Take You Higher
Search activities based on location boost your ranking as well. Location-based meta tags and descriptions can do wonders to your page rankings. How you are positioned in Google places can also help drive traffic to your website. This can be critical to your business if your sales depend on local customers.
6. On-Page Optimization Never Gets Out Of Style
Proper keyword selection, research, and testing are crucial in doing your on-page SEO. Tags and internal links should be done appropriately. As mentioned earlier, your content is the most determining factors in improving your rank. They key is to produce high quality content that appeals to your customer.
7. Videos And Infographics Are Cool Ways To Do SEO
Videos and infographics engage customers. So they stay longer and consume your content. As mentioned before, this is what the search engines want.
Also, videos, when posted on other sites (like YouTube) can drive traffic to your website (e.g., in the description under your video).
Finally, if your videos and infographics are good enough, other sites will link to them on your site, which will drive traffic and boost your rankings.
8. Press Releases Make The Town Talks About You
Well written press releases can build your brand and generate a lot of new links to your website and thus boost your rankings. There are many online sites that allow you to publish your press releases (the better ones do charge fees).
9. Usability And Significance Add Power
Ask yourself whether your site is providing your audience answers to their needs. Is your site offering quality information to web searchers and clients? Like any brand, establishing your brand's quality is recognized by search engines. Solving customers' problems makes your website more relevant.
10. Build And Maintain Strong Relationships
Your clients are your most important concern. Be creative and sincere in dealing with your clients and you will start building your brand empire. Have them experience your product and services in a personal way and you will find that making sales is easier and simpler with a strong following.
While search engine optimization is very important to driving traffic, always prioritize your brand. And create high-quality content. Old-school SEO experts may want to convince you to have hundreds of low quality articles proliferated around the web to boost your rankings. The new Google algorithms and market attitudes will punish this behavior.
In short, keep the quality of your content high and always pay attention to the needs of your customers, and your search engine rankings should continue to rise.
Suggested Resource: Want to learn my complete strategy for methodically maximizing your online traffic, leads, sales and profits? Then check out my Ultimate Internet Marketing System.
If you're not familiar with Zig Ziglar, he was a well-known author, master salesman, and motivational speaker. Unfortunately Zig passed away last November. I apologize for taking so long to honor him with this essay, in which I tell my favorite Zig Ziglar story.
In Zig's early years as a salesman, he visited peoples' homes, making presentations to sell them high-quality cookware.
He had a competent assistant at the time who helped him keep track of appointments and handled administrative duties. One week, however, Zig realized he had two appointments scheduled for the same time. Not waiting to cancel any appointments he asked his assistant to cover one of the appointments for him.
She was terrified. She did not want to do it and he wasn't going to make her!
Being the consummate salesman that he was, Zig eventually got her to calm down. Then he assured her that she knew the presentation as well as he did, and that she would do great. After he solemnly promised to never ask her to do a presentation again, she agreed to cover the appointment just that one time.
Zig recounts that at the end of the evening, she was convinced she had fumbled half the presentation. But, to her surprise and delight, the clients ordered quite a bit of cookware. Most surprising, is that when she got over her nerves, she found she rather enjoyed the experience.
His timid and sales-panicked assistant evolved into a top notch salesperson, was his right hand partner for many years, and years later (with his delighted consent) became a highly-sought out and respected sales trainer for a leading cosmetic company.
Zig shared this story to show human potential. He puts all the praise on her and generously applauds her for her accomplishments. While I am inspired by her transformation, I want to focus on his role in her transformation because I believe that was Zig's greatest gift to the business world. Yes, his sales training is worth bars of gold, but ultimately what really made him a success was his ability to develop others.
He could have made millions as a star salesperson. He could have kept his philosophy, his techniques, and his secrets to success all to himself. Instead, he made hundreds of millions by sincerely applying himself to improving everyone around him who was willing to listen.
Zig Ziglar was a true leader.
Yes, he sold books, and videos, made speeches, and made money, but he invested in people. He believed that the success of a company was largely dependent on the quality of their sales force, and the quality of their sales force was solely dependent on how much that force really cared about helping people.
And, a sales force isn't going to care about helping anyone if they don't feel that their company cares about them.
Zig could have benched his assistant, sent her right back to her phone and typewriter after she covered that one appointment. Instead, he nurtured her potential and encouraged her to continue developing her sales skills. Now think about this, how much more money did Zig make by having her on his team at her full potential instead of at her lowest potential?
How much more money will your company generate if you make the time to develop your team to their full potential? Beyond just money, how much loyalty will you cultivate? Will you feel more confident about your future success when you have a top-notch team you can trust? How many talented people will want to work for you when the word gets out about your leadership?
Yes, it takes time and energy, yet Zig demonstrated over and over that when you invest in helping someone be the best version of themselves possible, the rewards, material and otherwise, greatly outweigh the sacrifice.
Zig Ziglar died in November of 2012. He left behind dozens of books, thousands of hours of video and audio, and most of all, he left behind millions of grateful professionals whose lives were touched and even changed by the empowering lessons he left behind. His message that you could accomplish more in life and in business through caring and investing in the success of others is a timeless gem that lives on.
As he once said, "You can have everything in life you want, if you will just help other people get what they want."
Rest in peace Zig. We'll miss you. And for all of you listening, develop your employees and customers, and everyone around you, to their full potential, and you will achieve incredible success!
On many levels, competition is good.
For example, when you start a business, you want there to be competition. Since if there was no competition, there may not be a market or customers who want to buy what you are selling.
And once in business, competition is generally good since it forces your company to get better. It forces you to better satisfy customers (or they will choose your competitors) and it forces you to become more efficient (so you reap more profits even if you have offer more competitive pricing).
Now, while competition does provide these advantages, you clearly want to have less competition, and you'd like for fewer new competitors to enter the market. In doing so, you'll enjoy more of a monopoly in your market, which means more customers and more profits.
The best way to knock competitors out of your market and discourage new entrants is to build "business assets" that your competitors don't have. (I define "business assets" as resources you build now that will give you and your company future economic value.)
Here are five examples of business assets you can build:
1. Customers: Most mobile phone companies offer 2 year service contracts that all new customers must sign (and face penalties if they leave before the two years are up). This essentially "locks up" customers making it harder for new entrants (or existing entrants) to come in the market and take their customers. Customer agreements and contracts are one of the most powerful business assets you can build.
2. Systems: Most franchise organizations (e.g., Subway, McDonalds, etc.) have made significant investments in systems in areas such as taking orders, producing products, handling customer complaints, etc. These systems make it easier and less expensive to hire and train employees and better service customers. This makes it harder for others to compete against them. Likewise, I know many companies who have built customized software systems that allow them to perform faster, cheaper, and more consistently than their competitors.
3. PPE (Plant, Property and Equipment): When I was a teenager, I made a lot of money shoveling snow. I used that money to buy a snow blowing machine. Equipped with the snow blowing machine, I was able to remove snow ten times faster than my competitors. This allowed me to dominate my local market.
4. Product or Service Variations: A local pizza shop promotes itself as having 36 varieties of pizza. Offering this large variety makes it harder for new pizza companies to enter the market. Because a new company would have a very hard time creating 36 varieties from the start, it would be harder for them to satisfy customers.
5. Exclusive Partnerships: Creating exclusive partnerships could be a key business asset that gives you competitive advantage. For example, if you create exclusive partnerships with top organizations in your industry, they would only work with you and not your competitors. For example, let's say you and a competitor both serve the senior market. But you have an exclusive relationship with the AARP whereby they only promote you, and not your competitors. With 37 million senior members, your AARP relationship would give you considerable advantage.
What I want you to consider now is how you can build business assets that "unlevel the playing field." How can you make it so that nobody wants to compete against you?
Importantly, whatever answers you come up with, realize that building these business assets will take time. Often times they may take as much as a year (or even longer). And also realize that short-term profits may go down when you are building them. For example, in the AARP example above, forging such a relationship could take 6-months, during which you invest lots of time and generate no incremental revenue.
But, once the asset is built, you may profit (and profit big) for years.
So make sure to properly plan and prioritize the development of your business assets, even though they often have less short-term benefits than other activities (such as setting up a new advertising campaign).
Set a long-term goal for when you want the assets built. And make sure that you build time into your daily, weekly and monthly schedules to move the development forward. Doing so will dramatically improve your revenues and profits, and at the dismay of your competitors who will be forced to go elsewhere.
"Knowledge is power." This is a well known saying commonly attributed to Sir Francis Bacon, who was an English philosopher, statesman, scientist and author.
In business, knowledge certainly is power. For example, if you knew where your market was heading, you would have a massive leg up on your competition.
So, how can you gain more knowledge to outsmart your competition? Here are 7 ways.
1. Learn from your customers. Marketing consultant Jay Abraham once said, "your customers are geniuses; they know exactly what they want."
Because your customers know what they want, speak to them. And don't just speak to your current customers, but speak to your competitors' customers too. Learn to listen deeply to your customers and to ask probing questions. And when you hear consistent feedback (and not just one customer saying something), take action.
2. Learn from your competitors. Watch your competitors closely and learn from them. What do they seem to be doing well, and how can you better emulate them in this respect? What are they doing poorly that you can capitalize on?
Importantly, don't just copy your competitors until you know that what they are doing works. For example, if a competitor starts offering a 25% off discount for new customers, don't copy them right away. Rather, wait and see what happens. If the competitor stops offering the discount quickly, then the promotion probably didn't work. Conversely, if the competitor is still offering the discount 6 months later, it probably did work. Only copy the competitor's "winners."
Also try to figure out what competitors are saying about you. And, if criticism from a competitor gets back to you, don't become defense or dismiss it casually. Rather, engage critically with it. The criticism may prove to be quite helpful. A competitor may be aware of your weaknesses in a way a friend or customer cannot be. So don't disregard negative feedback, but rather consider it carefully, and take corrective action as appropriate.
3. Learn from your employees. Oftentimes your employees have a lot more information than you do. They are the ones who are interacting with customers, and they are the ones that are building your products and providing your services.
Speak to your employees and get their feedback, ideas and suggestions. As an example, nearly all new innovation at Toyota comes from front-line employees. Encourage your employees to come up with ideas and give you feedback. They may also alert you to changes in the marketplace and customer behavior that you need to understand in order to adapt.
4. Learn from your community. This is particularly true for local businesses. Find out what is going on in your community. For example, if your community is heavily involved in recycling, or if the local high school football team just won a championship, then you need to know about it since these are things your community cares about. Importantly, leverage this information. In these two examples, you could offer a sale related to the football team's victory. Or post signs explaining how your business recycles. These actions would position you as part of the community and cause customers to flock to your business.
5. Learn from coaches and consultants. The right coach and/or consultant will have lots of knowledge that you don't. They will have worked with other business owners and "been there, done that" - that is, they will have seen challenges and overcome them already. Because you won't have to "reinvent the wheel," these paid experts can allow you to make the right decisions, avoid mistakes, and grow more quickly. Plus, paid experts can give your business a reality check and keep you focused and accountable.
6. Learn from mentors. The right mentor serves a similar function as a paid coach and/or consultant in that they have experience, expertise and connections that allow you to avoid mistakes and grow your business more quickly. The challenge is finding the right mentor, and setting up the appropriate structure to get ongoing feedback (this naturally happens when you pay a coach or consultant).
7. Learn from other business owners. In previous articles, I have mentioned the massive power of mastermind groups. Mastermind groups are groups of business owners who work together to grow everyone's business. Mastermind groups are incredibly powerful since other members of the group will have already overcome the challenges you face, and thus can give you the answers you need.
Likewise, in many cases, skills and knowledge that have taken other business owners months or years to learn can be transferred to you in minutes. So, you gain massive knowledge quickly, and gain a support group that all shares the common goal of building a great company.
Knowledge certainly is power. Leverage these seven ways to gain knowledge, and you will be able to outsmart and dominate your competition.
If you're looking for funding and/or to successfully grow your business, a little known secret is to find and leverage Advisors.
So, who or what are Advisors? Advisors are successful people that you respect and that agree to help your company. Advisors are generally successful and/or retired executives, business owners, service providers, professors, or others that could help your business.
Advisors generally will not cost you any money (you don't pay them), although I do recommend giving them stock options to incentivize them to contribute as much as possible.
Getting Advisors is not a requirement for raising money, but they have multiple benefits as follows:
1. Practice: if you can't successfully pitch an advisor to invest time in your business, then you're not going to successfully pitch anyone to invest money in your business. So, practice your pitch on prospective advisors first, and use that practice to perfect it.
2. Connections to capital: as successful individuals, advisors often have the ability to invest directly in your company; and/or they tend to have large, high quality networks of individuals they can introduce you to.
3. Credibility: having quality advisors gives your company instant credibility in the eyes of lenders and investors. For example, if you started a new hockey stick company, having Wayne Gretzky as an advisor would certainly give you great credibility (and connections). But even having much smaller names than Wayne Gretzky as advisors can build enormous credibility.
4. Operational success: In an interview I did with Dr. Basil Peters (a wonderfully successful entrepreneur, angel investor and VC), Dr. Peters said that mentors and advisors are an entrepreneur's "single most controllable success factor." Having Advisors with whom you can discuss key business matters as you grow your venture will help ensure you make the right decisions, particularly if they have encountered and dealt with the same challenges already in their careers.
I have seen these four benefits first-hand for my own companies and for companies that we've helped build their own boards. Click here if you'd like to see the list and bios of Growthink's Board of Advisors.
So, how do you build your Board of Advisors?
The steps are fairly simple:
1. Create a list of people you would like to be on your Board
2. Contact and meet with them
3. Secure the best Advisors you meet with
The final step is to hold formal and informal meetings with your Board members to leverage them -- to get them to fund your company or introduce you to other funding sources; to answer key challenges that you are facing, etc.
I must admit that years ago I wasn't thrilled about investing the time to go through the steps of creating a Board of Advisors. But I can assure you; those hours spent have yielded an enormous return on investment. In fact, I should have developed my Board much sooner than I did.
So, go out there and start building your Board of Advisors today. And start reaping the enormous benefits.
Suggested Resource: Want advisors? Want funding for your business? Then check out our Truth About Funding program to learn how you can gain advisors and access the 41 sources of funding available to entrepreneurs like you. Click here to learn more.