Listen and Then Make Something New

We have been touching on Due Diligence all week.

When a potential buyer is rifling through all aspects of your business, they are looking for answers to several questions they have before deciding to invest.

One of the questions is about your potential for long-term growth and if they can help you grow faster.

And a factor in accelerating growth is organic growth which we have started discussing.

Yesterday was about giving your customers a great experience so they buy again and tell their family and friends about you.

Today is about how to increase sales by getting your existing customers to buy new products or services from you.

So how do we do that.

By taking some powerful lessons from the direct marketing mail folks.

They are: 1) Understand and reach the right audience, 2) Create a superior and winning offer, and 3) effectively communicate it to them.

A common mistake many of us make is we build and then try to sell. We take Field of Dreams to heart without realising it’s just a good movie and not a sound business expansion strategy.

Instead try to understand the deeper needs and desires of your audience and then tailor your products and solutions to meet them.

So in the real world it means engaging with your customers and finding out what they’d like or what is frustrating to them now.

Hertz for example was renting cars for years.

A common frustration though was that customers often had to go through a long sign in process, and then lug their bag all over the parking lot to try to find the car.

Hertz solution for their loyalty members was to have the car waiting in a spot with the keys inside and the paperwork all done with the customer’s name on the sign above the car.

Now their customers could go straight to the car and avoid the hassle and pain of the sign out process.

Did Hertz first design this perk and then hope members would like it and advertise and spend a great deal of money to convince them to like it?

No, they spoke to their customers, discovered the paid and created the solution to resolve it.

Their advertising was then much simpler and more cost-effective.

Guess what.. no longer wait in lines.. and have the car waiting for you.

No heavy persuasion… no pitch… no extensive sequence needed.

So if you feel like you’re stuck and looking to grow start by speaking to your customers.

Not to ask for a sale or anything of that sort.

Talk to them and see what’s bothering them, and see if you can make a solution that makes sense for your business and solves a pain point that your customers and prospects have.

I’m curious to hear your ideas on this.

Thinking About Selling Your Business

We know you’ve worked hard on your business. What if we told you there’s a way to make it even better, and position it to sell one day at the top price? With Socratic Scaling, we can show you how.

In as little as six months, we can help your business stand out, scale up, and become something others would have to pay top money to buy.

The best part is these benefits start today. Even if you don’t want to sell, your business will put more money in your pocket, free your time, and be more enjoyable to run.

But you need to start getting ready now. Don’t be like the 7 out of 10 business owners who put it off until tomorrow and then find out they’re stuck with profitable businesses that no investor wants to buy, or child wants to inherit.

Click here to transform your business to give you the life you want – starting today.