Building a Compelling Business April 25, 2008Posted by David Dirks in Building Foot Traffic, Sales Strategy/Tactics, Solving Business Problems.
Tags: brand, building brand, compelling business, driving store traffic, sales traffic
It doesn’t matter what kind of business you have, people need a compelling reason to do business with you. Webster’s defines the word compelling to mean “having a powerful and irresistable effect”. Long term business success is built on this one and all-powerful word. Creating a business that provides people with a compelling reason to do business with you is not easy but also not complex either.
Businesses fail every day for a variety of reasons but the one that seems to burn the brightest is a lack of compelling reasons for people to buy their products or services. Location means nothing if you don’t have a stable of compelling reasons for people to drop their money there. Now more than ever, your business needs to be compelling.
Here are a few questions you need to ask yourself:
- What am I offering that can compel people to do business with me? If you can’t answer that question, convincingly, the good news is that you move up from where you are today.
- What would make someone drive to my store or office, regardless of how close or inconvenient my location may be?
- What is my most successful competitor doing that compels people to spend their money there?
How do you know if have a ‘compelling’ problem?
- You struggle to build foot traffic.
- Your phone is dead…as in there is no business callining in.
- Your store traffic can never seem to move higher than what it is today. You can’t seem to find that next level that will enable you to grow your business.
- Or, worst case, you’re about ready to give up because you can’t generate enough revenue to make a go of it.
The secret to creating a compelling business model is really no secret at all. Building a compelling reason for people to do business with you starts with this:
1. Each morning, before your day begins, ask yourself this: What can I do today that will create a compelling reason for people to do business with me?
The secret is this: ask yourself that question every day and then be sure to do something about it, every day. Time is the archilles heel of many business owners. Once the business day begins, all other things seem to take over. The next delivery crisis, who didn’t show up for work today, or whatever else sucks up our time.
You’re probably asking yourself right now: What is a compelling reason for people to do business with me?
A good and fair question. However, there is no ‘silver bullet’ here. There are all kinds of things you could probably think of, many of them written about in this very blog you’re reading now. I don’t know your business but you do. Here are some things you can do to help insure you have an answer to the ‘compelling’ question:
- Start with your own head and think in and out of the box. Make a list of ways that can help you develop many ‘compelling’ reasons for people to do business with you.
- Then, without sharing your ideas with anyone else, ask your customers and friends on what you could do that would draw business. You’d be surprised just how many good ideas you’ll get from people you know but you’d normally never ask. Especially your customers. Ask them why they shop or do business with you.
- Ask your employees for help. I don’t care if they are well paid or minimum wage earners, everybody can contribute. “What could we do to create a number of compelling reasons for people to visit our store or buy our services?”
- Check on your top competitors. What reasons have they created that compels people to prefer to do business with them? Is it the best selection? Consistently superior service? Best prices? Hard to find items? High quality technical expertise? A 100%, no-questions asked money back guarantee? Delivering more value for each purchase than everybody else? Better marketing communications with customers after they leave the store? Special contests, workshops, seminars, or other regular events to create excitement?
There’s another secret to creating compelling reasons for people to do business with you: make sure people know about them…don’t keep your compelling reasons a secret.
For the next seven days, ask yourself every morning what you can do to create another compelling reason for people to do business with you. Do it every day and make it a habit. Over time you will create a business that is built on a fortress of compelling reasons. You can take that to the bank.