Why do some businesses grow like weeds, while others stagnate?
A business can be close to success, but if it’s missing important elements it won’t get there. We studied tons of businesses . . . some that failed, others that grew exponentially, and some that plateaued.
We noticed very clear trends, which led us to the 3 crucial elements of a successful business, and how they will give you an edge over your competition.
The 3 critical pieces of the puzzle are mentioned in this video with John Assaraf.
(EDITOR'S NOTE: If you can’t watch a video right now, just keep reading.)
The 3 crucial elements may seem obvious . . . but, if you’ve ever lost your car keys in your house, then you know that sometimes obvious things are easily forgotten . . . like looking in your car. Reviewing the basics can be helpful, no matter how advanced you are.
Feel free to read the following tips like a checklist for business success. If you know exactly what your business is doing, mentally check off that aspect. If another area seems a little fuzzy, maybe that’s where your business needs attention.
O.K., here are 3 essentials any business needs to succeed.
1. The Right Positioning
This is number one, because it’s THAT important. Especially today, when consumers have easy access to the internet.
They key to positioning is to figure out what differentiates you from your competition. What’s the one thing your customers will love, that your competitors aren’t doing?
It could be the seamless user experience of your website. Or maybe your products are delightfully packaged.
Whatever it is, price is no longer the best aspect to compete on. If you can even find a way to afford cheaper prices than the Walmart of your industry, your margins will be thinner than a Victoria’s Secret model.
Instead, find something you can do to truly delight your customers. It can be small, as long as it’s memorable.
Does your marketing scream: “Hey! Look at me! I’m a shiny, reasonably priced object that will look great on your shelves!”
Or does it excitedly alert your frustrated customers about a convenient solution to their peskiest problem?
If you’re not talking to your prospects about their needs, wants, and problems, there’s your problem.People buy something when it moves them in one of two directions:
Closer to what they want
Farther from a source of pain
What are you offering your customers? Are you marketing your product or service in a way that speaks to them?
At Neurogym we talk about the nonconscious a lot. Although logic is important, emotions influence our decisions more than we realize.The key is to have both. Here’s the secret formula successful businesses understand:
First, give someone a reason to feel emotionally attached to your product/service (Based on how it will benefit them)
Then, give them logical, rational reasons to justify the purchase.
Communicate that (and have the next item on the list), and there’s no reason you won’t have customers.
Douglas Van Praet (author of Unconscious Branding) says it well: “The stronger the emotion, the stronger the belief, and the greater the tendency is to seek out supporting evidence. We are not rational. We are rationalizers.”
3. An Irresistible Offer That Converts
Every interaction with a customer is an opportunity to increase conversions.
That’s why you want to understand the flow of your buyer’s experience -- especially where there are calls to action.
Understand how your buyer is feeling at any given point, and you can lead them seamlessly through the process. You’ll be able to communicate in a way that resonates.
Get them excited about your product, then affirm their selection with facts -- prospects will be eager to click the buy button.
The other part of understanding conversion points is the numbers. Here’s a useful formula to keep in mind:
Traffic + Conversions = Revenue.
It’s pretty simple -- the number of people exposed to your offer, times the percent that buy, equals how much you make.
Reveal these numbers for each step in your sale process, and you’ll be able to see exactly what converts, and exactly what turns people off.
Once you master these 3 things, you can grow your business exponentially.
We all know those tips are true, so why don't more people use them? Only about half of new businesses will make it past the fourth year. The other half will slowly whither out of existence, like a week-old bouquet of flowers. A business is dynamic. It's like a living thing. If you fill it with the right fuel, and keep a fresh stream of new prospects flowing, it will keep growing.
And just like personal relationships, businesses succeed when there are open lines of communication . . . and trust.
So before you run off to implement your new marketing message, take a few minutes to download and read the NeuroGym guide on how to gain the trust of your audience. Learn to build your business with people who will want to keep coming back. Here's to your success!
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About The Author
NeuroGym Team: NeuroGym’s Team of experts consists of neuroscientists, researchers, and staff who are enthusiasts in their fields. The team is committed to making a difference in the lives of others by sharing the latest scientific findings to help you change your life by understanding and using the mindset, skill set and action set to change your brain.