Growing a business to be a powerhouse in its industry, or even building a business to be bigger and better, is a goal of many business owners.
I believe that the future of niche (high-margin) business will soon be creating a consistent, unique, and fantastic experience for customers. The brick-and-mortar or online businesses that are going to outdistance their competition and grow to exceptional levels of profitability are those that will consistently deliver a distinct experience for their customers.
The first step in creating the kind of exceptional experience that will enthrall customers is to create processes and systems. Look at how your business is currently interacting with customers. What can be done to refine and redesign how customers are engaged so that they are significantly delighted? Simple things include activities such as interacting with the customers on a more personal level or integrating a process in which you collect personal (but not private) information such as personal preferences, birthdays, etc.
The second step is to get an understanding of the customer’s D.O.S. The D.O.S. concept is from Dan Sullivan and it stands for dangers, opportunities, and strengths. To understand why customers need your business offerings, figure out what they’re afraid of in their world (dangers), what they want to achieve (opportunities), and why they’re confident about what they’re doing (strengths).
Comprehend these factors and refine your customer’s experience to match it, and you’ll no longer just be providing a product or service, but actually beginning to solve your customers’ problems in such a way that strengthens your relationship with them. In short, you’ll make their world a less confusing place, and a less lonely place.
Thirdly, give customers an opportunity to creatively express themselves and see themselves in new ways. Provide an event that lets them learn something or engages them in a way they’ve never experienced before.
Once you’ve worked on refining, customizing and cementing the experience, then the business is ready to grow. The ability to consistently deliver that customer service experience will allow the business to be scalable and develop to be bigger than it currently is.
Hugh Stewart, founder and CEO of Confident Solutions Coach, has both a substantial education background and diverse entrepreneurial background. Stewart was not only a nuclear fuel designer, but he has created and operated more than 17 businesses in the past 10 years in industries such as money services, real estate, advertising, reinsurance consulting, and coaching.
Hugh seeks to help business owners who are struggling or simply wish to move their business to the next level. You can reach him at email@example.com, or sign up for a free business consultation here.