21 Jun 2010

You’re In the Business of What?

Business owner, what business are you in?  What did you say?  Did you respond by saying the industry or technical nature of your business?  Or did you respond by the type of work you do?  For example, if you own a painting business, did you automatically respond with “painting” or “painter”?  If so, that’s limited and technical thinking.  As such, you may well be limiting the growth and success of your business.  Stop thinking small like a technician, employee or doer.  Start thinking big like a strategic business owner and leader.

Above all else, you should be in the business of MARKETING.  That’s right … the business of marketing.  Your mindset should be that you own a customer-gaining, money-making, marketing business.  No matter your industry or technical product or service, you are first and foremost in the marketing business.  Without effective marketing, you will struggle or not be in business for long.  You and your company’s top priority should be attracting, serving, retaining and multiplying customers.  With sufficient customers and profits, you can tackle nearly every challenge.  Without sufficient customers and cash flow, you won’t have a viable or sustainable business.

Even if you have the best product or service in town but people don’t know that, you will NOT create abundant business and wealth.  Wealth is created by leveraging marketing – communicating to and influencing large groups of current customers, prospects and referral sources.  Marketing is simply on-going education.  You are educating customers, prospects and referral sources on why it’s in their best interest to do, and continue to do, business with your company.  For greater business success, read that last sentence again.

Who in your company is in charge of that critical, on-going education and communication campaign?  If no one, be warned!  You are thinking and acting like a technician, not a business leader.  As an owner, instead of focusing on the day-to-day, technical aspects of the business, you need to adopt a marketing mindset and mode of operation.  For example, with a painting business, don’t get caught up merely in the technical trenches and details of your business … scheduling jobs, ordering paint and supplies, managing crews, prepping the walls, applying the paint, etc.  While that’s all very important, others in the business can do that for you.  Delegate the technical aspects of the business but take full responsibility for the marketing function.  That’s what a strategic business owner does.

If not you, who is going to continually educate people on why they should hire your painting business in the first place, continue to use you over and over again, and recommend your business to their friends?  Overall, the right marketing mindset and strategies will allow you to establish credibility and communicate your competitive advantages to the marketplace.  As owner, keep your mind elevated and focused on what truly drives customers and revenues into your business …marketing does!  There is no better or higher use of your time and talents than to think about strategies to attract, retain, and grow your customers.

Some would argue that a quality product and/or service is all that is needed to have a successful painting business, restaurant or any business for that matter.  I would argue that you must create sufficient value and an overall good experience for your customers for you to even remain in business.  Don’t delude yourself, a good product/service is an absolute basic and minimum requirement to be in business … it will NOT differentiate you.  To set yourself apart, you must attract customers in the first place and you do that with smart marketing.  You need to think and act like an owner of a customer-gaining, money-making, MARKETING business.

Again, what business are you really in?

One thought on “You’re In the Business of What?”

  1. Thank you for that article Daniel. For seven years I have tried my hands at the Network/multi-level marketing business and I have finally decided that Network marketing is not going to be my primary business. I have an entrepreneurial mindset, and a desire to own a profitable business, where people value my service, I am happy and I see progress, so I have decided to pursue other avenues, and the Growth seems to be the perfect match. As you said, “With sufficient customers and profits, you can tackle nearly every challenge. Without sufficient customers and cash flow, you won’t have a viable or sustainable business.”

    I am looking forward to doing business with The Growth Coach, and to see transformation in my business life.

    Pauline Lewinson

Leave a Reply

Your email address will not be published. Required fields are marked *