To create wealth, you must be able to create value. The first cannot exist without the second. Therefore, as an entrepreneur hoping to strike rich, your number-one goal and priority is to discover new ways to add value to your existing clients and any potential new ones. Your second priority is to make sure you receive good compensation for the value you provide. Unfortunately, many new entrepreneurs feel that in order to compete, they have to undervalue themselves and undercut the competition. This is not true. When you charge little, potential clients will view your products or services as having little value, but when you charge more, clients will value them more. And remember that REAL VALUE is rare and sought after. When you provide it, you deserve to get paid fairly for it, what you provide should be equivalent to what you get back. And remember, you cannot become wealthy from what you give away almost for free.
How then, can you provide utmost value to new and potential clients, in order to create wealth? Read below to find out!
The Faster You Are, The Better
People are impatient, especially when it comes to receiving services. Think about Domino’s pizza and its famous guarantee “30 minutes or its it’s free!” When Dominos first started, sure it was doing okay, but it wasn’t performing spectacularly, but the founder noticed that people cared about delivery times almost as much, if not more, than they cared about the quality of the pizza. He resolved to make delivery times faster, and even guaranteed it, and now Domino’s is the largest pizza chain in the world, with annual revenue nearing 6 BILLION dollars.
Sure, people could buy nicer pizzas elsewhere, but product quality isn’t everything if the product is delivered quickly. When people want things, they want them now!
So, whether you’re providing a product or service, provide it as fast as possible. Minimize shipping times, have stock in advanced, and in most cases, ahead of schedule is better.
Quality is Everything
One of the best things you can do for your business is to offer better quality than your competition, even if you charge THE SAME PRICE. While you might feel that pinch initially, if this slightly lowers your margins, the amount of extra clients that could result will overshadow any loss in profit from the added cost.
And remember, happy clients equal repeat clients, and nothing makes a client happier than receiving something excellent for their money.
Convenience is key. Preferably, you want your product or service to be so convenient, that people practically NEED it. I mean, you can’t open up a bikini business in Alaska and expect it to thrive, can you? You need to find that opportunity in the market gives people a convenient solution to an existing problem. Alaskans won’t find that with a bikini store…
A great example of a convenient business model is fast food. Do you realize there are hundreds of these in all cities? Why, because they are convenient! People get hungry, and remember our first point, when people want things they want them NOW. Convenient businesses can always thrive, even with tons of competitors in the same city.
Customers are obviously the most important asset of any business. This makes looking after them essential for a business’s success.
Offering first-rate care will give you a vital edge over your competitors, by encouraging repeat business, securing customer loyalty, and by promoting customer referrals.
Proactive communication is essential. Ensure channels are open for clients to get a hold of you, or of a company represented when they need support. And make new customer experiences personal. Make sure your sales staff aren’t drones. Encourage them to listen to listen to a customer’s needs, and tailor the perfect solutions to suit them.
Remember- building positive relationships isn’t just good practice – It will ultimately improve your bottom line.
Find a Way to Stand Out
Whatever business plan you have, somebody somewhere has already thought of. Most companies are basically offering slight variations of a common product or service (remember the hundreds of fast food joints mentioned earlier?)
So why should clients keep coming back to YOU and not try out someone else? Think! You have to ‘plus’ every aspect of your business. Is it packaging? Make it attractive! Want to save the environment? Use Eco-friendly bags! Do anything and everything you can to make your business stand out from than the rest.
Providing value to your customers requires taking time to understand what really works for them. What do they want in your product? A great way to communicate with clients would be offering quick surveys so that you can get to know what they are missing in said product or service. You could even ask them to rate their customer service in a bid to keep them satisfied.
When you really start caring about providing value, you’ll find that there are even more ways to improve the value of what you’re offering, but what we’ve listed above is a good place to start.