This is the start of a new series and countdown to 49 Secrets of the most successful companies in the world by world acclaimed business consultant, Jay Abraham.
Secret #1: High Probability Targeting
Many businesses try to reach everybody without strategically thinking through how to focus on those customers and clients that will be most profitable buyers. The most successful companies in the world are extraordinarily good at targeting the most qualified prospects. They don’t waste time or money going after people who are “suspects”; rather, they spend their quality time and effort targeting the highest probability and most profitable clients and customers. You have a responsibility to yourself and your business to gain clarity on who your highest probability prospect profile and your most probable buyers are. Start by making lists of who these people are and how you can best reach them. This could include mailing lists, phone lists, email lists, social media lists, and all the different ways you can focus on the best, highest-probability prospects.
Secret #2: Superior Value Proposition
The only way you can expect to get the interest of your target market, and ultimately their purchase, is to have a powerful, unique, and irresistible value proposition. Without a strong reason why someone should choose you over buying from a competitor or not taking any action, they won’t buy from you. So, you must have a better way for people to take action. Start by analyzing your direct and indirect competition and look for what they do well, different, and what they don’t do. To add value, you have to offer something better, different and/or more valuable. This may mean offering a better guarantee, an easier way to get started with your company, a more appealing introductory proposition, and so on. However, you can’t out-offer your competitor if you don’t know what they stand for. You have to know what they do, what they offer, why people buy from them, and what their proposition is. Further, look at all the alternative providers of different types of products and services that may compete with your product or service category. Make your product or service far more valuable and desirable.
Secret #3: Proprietary Positioning
Never allow yourself to sell or market as a commodity. You want people to see you at a level that is superior to ordinary competitors who simply offer lower price. This is about making your product, service and your company incomparable and proprietary. When you turn your product, service and company into a recognized and prized preferential brand, you gain more loyal buyers, higher prices, and a more profitable business overall. This is also how companies create brand asset wealth for the future. Proprietary positioning also involves telling engaging stories and driving incredible word of mouth in the marketplace. With proprietary positioning, you can charge premium prices, gain access to new distribution channels, build a presence for other products and services, and more.
Secret #4: Lifetime Value Realization
The best companies in the world understand how to start a buying relationship with their clients and customers as soon as they can and have a number of other products and services they sell as a package or on a continuous basis. It costs the same to acquire a buyer whether they buy one item, one time or whether they buy ten items every month. For the same amount of effort and investment, the right strategy can make five or ten times more with buyers because of the concept of lifetime value. Simple stated: The more times a buyer buys from you and the more things a buyer buys from you, the more money you make, the more connection you have and the more profit your business generates. You must calculate what a buyer is worth to you over their lifecycle and then you must know what the implications of this are. Only with this knowledge can you determine what you can afford to invest to acquire new business. When you know what you can afford to invest, you can look at all the options you have to best achieve your business goals.
Secret #5: Strategic Web Presence
The most successful companies have websites build around several important elements. When someone comes to your website, the first thing they need to see is a headline that powerfully and immediately conveys why you, your company, your product and/or your service are special and valuable. It must state what, why and/or how you serve them and provide something superior. After this, you must have sections on your website that provide an explanation of how you add value. These sections include a testimonial section with videos or written testimonials and/or pictures from satisfied buyers; a buying criteria section that establishes the factors that buyers should use to make purchases; a case study section delineating the problems prospects want to solve and/or outcomes they want to reach; a section showcasing your superiority via respectable endorsers and credibility enhancing stats and press; a section with questions prospects want answered; and a section with knowledge, education and resources that provide value and benefit to prospects and customers. Your website also needs a call to action based on your product or service that gets prospects on your database and/or to buy. Once someone is on your website, you want multiple ways to keep them there and advance their connection to you so you either get a purchase or a registered name you can communicate with. You want to control the outcome, and the outcome is a call to action where, if they don’t buy, they at least start a relationship with you.
Secret #6: Social Media Savvy
When you look at the most successful companies, they use social media is a unique way that is either valuable, interesting, educational and/or fun. They don’t do boring things. Look at what your competitors do and get on their social media lists. There are some very original thinkers doing appealing, creative, original things with their social media. You can model and examine what other successful people are doing and apply a variation of that to what you do. You don’t have to rely on guessing. Instead, short cut the process, maximize your effort, and optimize every bit of time, effort and money you invest in your social marketing by modeling the best.
Secret #7: Collaborative Relationships
The best companies in the world have collaborative relationships with many other companies. These relationships can be joint ventures, co-marketing, partnering and so on. You have to find new ways to work with other non-competitive companies because they reach the same market as you but from a different impact point with a level of credibility. A few of these types of relationship can double or triple your business.
Watch out for the next tips in this series.
Which secret is your favourite? Leave a post in the comments.