The “Big 5″ Breakthroughs In Business Life
Topics: Home Business, Business, Entrepreneurs, Marketing
Any home business owner, entrepreneur or sales professional can multiply their income by at least 10x almost overnight and own more autonomy, independence and security than ever before by understanding the following “Big 5″ breakthroughs in business.
“Big 5″ Breakthrough # 1:
Who Is Your Business For?
Do you know? Believe it or not, most don’t.
Being real specific and targeted about who your customer or prospect is opens up huge doors and allows you to become a specialist in our area. Most businesses try to be all things to all people.
Case in point: A ‘general’ store makes no money but a store that sells a very special, unique type of cake with organic ingredients imported from a special farm in Iowa is sought after and has almost no competition.
Get it? It specializes.
Example: Holiday Inn
Holiday Inn is dying a slow death. They do not know who their customers are anymore. They don’t target anyone. One minute you see a commercial targeting business travelers, the next, a $69 dollar a night special package targeting families going to Disney World.
Ritz Carlton on the other hand knows exactly who their customers are. It is the affluent market. And they can ask whatever price they want, whenever they want. And they can get it. Period.
They get it because they know who their business is for and exactly what their customers want. As a result, they can then deliver, every time.
If you don’t know EXACTLY who your business is for, how on earth can you deliver your solution to them?
“Big 5″ Breakthrough # 2:
What Is Your Business?
Most business owners and entrepreneurs define their business too narrowly. They focus only their products and services. The BIG income leap comes when you focus on solutions, aspirations, and experiences.
Example: Starbucks
Starbucks does not sell coffee. Nope. Not in the coffee business. You read that right. They are in the “Third Place Business.” And they’ll even admit it.
1st place = Home
2nd place = Work
3rd place = Starbucks
It’s a place people go for socialization, escape, to get work done, atmosphere, productivity, etc. Its an experience. Oh, and by the way, they sell coffee.
Get it? Heck, even I work at Starbucks a day or 2 a week for an atmosphere change with no distractions. As a matter of fact, I’m writing this article at Starbucks right now. Double espresso please!
When you know what your business is you can then, and only then, increase the value of every customer you get. This is where the BIG income leaps come in.
“Big 5″ Breakthrough # 3:
Positioning For Power
Sounds dangerous, huh?
This is the bridge between # 1 and # 2. When you know your who and you know your what you can position your business for power and eventually market share.
Example: Subway
Subway changed from the fast food, sandwich business to the weight loss business. Did you notice? Just ask Jared. They don’t sell just sandwiches. They sell weight loss.
A new who and a new what is positioning. Subway repositioned itself. They focused on the psychology of the customer not their ‘stuff’ and they revolutionized their entire business.
“Big 5″ Breakthrough # 4:
Where Is Your Business?
You no longer have boundaries in your business except the ones you create. Boundaries no longer apply and if you’re only doing business in your local area you are leaving a small fortune on the table.
Example: 1(800) Flowers.
You realize you can get flowers anywhere in town right? You pass by a dozen options a day. So why do people insist on going online to buy from 1(800) Flowers?
Because 1(800) Flowers has properly positioned itself with no boundaries and a great marketing strategy allowing us all to believe that this is a much better, more convenient option. They know where their business is. Its everywhere. And its positioned for power.
Big 5 Breakthrough # 5:
Price Elasticity
People think people buy things based on price. Dead wrong. Seriously.
Did you know in a recent poll that 75% of people polled did not even place price in their top 5 reasons as to why they didn’t buy? Fascinating to me.
Often times it is your attitude about price that gets projected onto the customer. As a matter of fact, 20% of people will buy a premium price (higher price) option, IF you offer it to them. It has a higher perceived value.
Business is about finding a who, who is not restricted by price.
In order to do that, you need to actually know who your business is for (# 1), what your business is (# 2). Then it can be positioned for power (# 3), and it will have no boundaries (# 4).
Then, and only then, you can find the who, who is not restricted by price (# 5)
Think about this. Read The “Big 5″ Breakthroughs again and again. Print it out. It will give you a great deal of clarity for your business and allow you to be razor sharp in your marketing efforts so that you too can…
Multiply your income by at least 10x almost overnight and own more autonomy, independence and security than ever before.
After all, isn’t that the point of owning your own home business?
Andrew J. Cass is a Home Business Development Expert and Professional Marketing Consultant. To learn insider secrets and powerful marketing strategies from the pros to help you explode your home business empire, sign up for Andrew’s FREE Ezine at: www.TheHomeBusinessInsider.net
Previous Articles Highlighter:
The Four Critical Components To Writing Attention Grabbing Headlines (1)
Determine the most compelling part of your offer and put it right at the top of your ad in BIG, bold print. Virtually shout it out! And make the wording active, not passive.
The 5 Key Areas Of Business And Why You Must Focus On Them And Develop Each One Of Them At Once (2)
A Driver does not need to be told what to do. This is why he only hires Virtual Assistants in his multi-million dollar enterprise. Because he can give them ownership.
The Characteristics Of The 'NEW Rich In America' Revealed (3)
If not, you better read this closely because I'm gonna tell you something right now... This information, right here, will take your Home Business enterprise to new heights and catapult your net worth.
Are Your Customers Scared, Scarred Or Skeptical? (4)
Successful businesses, now and in the future, will be practicing "soft marketing." To make sales today, marketing efforts have to come in under the consumer's sales-pitch radar. Many of the big companies have known this for some time because of their on-going marketing analysis.
Is Your Home Business A Hobby Or A Real Business? (5)
Who on earth starts a business and doesn't treat it like a real business? You'd be surprised... To my surprise and to the surprise of just about every other entrepreneur at the conference, the IRS is not too thrilled with this approach either.
When It Comes To Effectively Marketing Your Business Its All About The Words (6)
Everybody gets stuck for words and ideas at some point. When this happens it's good to have an example of past successes to go to and freshen your creative juices so to speak, and get the words flowing again.
Are You In The Big Leagues Or Little League In Your Email Marketing Efforts? (7)
Sorry to be the bearer of the bad news here but... The problem with this is you lump yourself into the same category of many spammers and other less then reputable online marketers that use these accounts like revolving doors.
Do You Know About This (FREE) Unsung Marketing Hero? (8)
Networking: The grand daddy of them all... Online forums are a fantastic place to connect with others who are knowledgeable about your business. You probably cater to the same audience and share a common interest.
Setting Goals Is Only Half The Battle To Achieving Your Dreams In Your Home Business (9)
Ahhhh, the look I see you giving your computer screen right now could melt ice. "Of course I believe I can achieve my goals" you say. "Why else would I have written them down?" Well, writing them down is all fine and good but if don't actually believe deep down that you can achieve your goals, then they are meaningless.
MLM: The Painful, New Reality In The Information Age (10)
Learn the cold, hard facts about 'MLM' just released in a schocking must have FREE REPORT you dont want to miss if you are looking to achieve real wealth through a 'MLM' business model.
Newer Articles Highlighter:
Why Is Life Insurance Important To Us? (1)
Additionally, you should remember that the average cost of a funeral bill, for a single person, will be in the region of $6,000, and will generally be a lot higher in more affluent areas, would you want your family to be burdened with this cost on your death?
The Benefits Of Adding A New Bathroom Tub (2)
Plastic shower stalls may have grout or caulk at the seams where the plastic meets the wallboard. Bathtubs are commonly white in color although many other colors can be found.
7 Considerations Of A Pay Per Click Campaign (3)
Many people fail in this area. The money you spend on your campaign is meant to entice someone to click a link that will take them to your website.
GI Joe Action Figures--The History Of A Phenomenon (4)
The new line became a great success,and what was originally planned to be 2 collector sets of 5 figures was extended to become a full line of figures which is still being produced in 2008.
Collecting Teddy Bears--A Profitable Hobby (5)
Steiff bears,especially the early ones are among the most valuable bears for collectors. Other well known manufacturers of collectible bears in the USA and England include Ideal,Merrythought,Chad Valley,Chiltern,Farnell and Hermann.
Home Business Owners: Learn Your Way To Financial Freedom (6)
Ros runs her own online business and is also a successful writer and life coach. Find opportunities and resources at her website at www.wealth-city.com. career and home business coaching site is at www.career-life-coach.com.
Tips Of Finding The Right Cashback Credit Card (7)
You should try to get the one which is suitable for you. When you are there always look for the card that pays back for the purchases that you normally make.
Finding Creative Business Card Ideas (8)
Don't just limit your search to firms in the US or Canada. Think a bit broader and go international with your search. Some of the most amazing creative business card designs come from countries such as Germany, Holland, and Japan so think globally not just locally.
How You Can Use An Undercounter Refrigerator (9)
You may also decide on one of these refrigerators as an extra just to store other beverages. Where should you start to look for one? When looking for an under counter refrigerator, you have to choose the one that is right for you.
How To Teach Your Dog Not To Jump Your Fence (10)
If you do not teach it this, it may have various hazardous effects on your dog. There could be an assortment of reasons for your dog to jump the fence that you have established to confine it.