Vancouver Business Coach | What Makes a Business Different
One of the most important things that entrepreneurs should do right away says Vancouver business coach. Is figure out their unique selling proposition. So that they can attract the right customers to their business.
And the reason why this should be one of the first things that they do. Is because this is one of the most common reasons why entrepreneurs fail when they start small businesses in Canada.
According to a survey done by industry Canada. Not only did they find that 50% of Canadian small businesses failed within five years of opening the doors to their business.
But also, the single most common reason why they failed. Is because they were not able to find enough customers to buy their products and services. And without growing their revenue, could not stay viable.
Whether that is because entrepreneurs make the assumption. That it was going to be easier to find customers then it end up being. Or if they simply failed to stand out in a crowded marketplace.
If Canadian business owners want to be more likely to succeed. They should follow the advice of Vancouver business coach. And figure out what their unique sales proposition is. So that they can attract their ideal and likely buyers.
Another mistake that entrepreneurs end up making. When they are trying to stand out from the competition. And help their customers find them. Is thinking that they compete on price alone.
The reason why they should not compete on price alone. Is because not only will they not find loyal customers. Who will be likely to leave, as soon as they found a similar product or service for less.
But also, because it is not how they are going to find a lot of their customers. Because despite what entrepreneurs might think. Most customers do not make the decision based on price alone.
They should think about their own experiences as a consumer. And what factors they used. In order to help them make a purchasing decision. Whether they are buying a car, or going to a retail location.
In order to buy something like clothes or shoes. They likely did not make the decision to purchase those products or services based on who had the lowest price.
The car that they drive, probably had many different features that were very important to them. And while they could have purchased the most inexpensive vehicle to drive. There is a reason why they did not.
Or, and they were purchasing shoes. They likely were trying to buy something that was good quality. Instead of the lowest price, and then have to replace their shoes several times over the year.
Therefore, Vancouver business coach recommends thinking of their own business. And while competing on price might sound attractive. It is a fast way to lose in business.
Because not only will they not be able to have a scalable business. If they are constantly trying to be the lowest price. There likely not going to be able to pay all of their expenses, and fail anyway.
By understanding what people are looking for. Can help entrepreneurs provide that to an extremely high level. And attract those important customers, that are going to want what they are providing.
Vancouver Business Coach | What Makes a Business Different
One of the first things that entrepreneurs should do says Vancouver business coach. Even before they open the doors to their business. Is think about how they are going to be unique then their competition. So that they can sell to their ideal and likely buyers.
The reason why this should be one of the first things that they think about. Is because it is going to be harder to attract those customers and entrepreneurs think it will be.
And often, even if business owners know this is something that they need to focus on. They think that they can run their business for a few months. And then come up with a great marketing strategy.
But this is not an effective way to run a business says Vancouver business coach. Because without hitting the ground running by finding customers immediately. Entrepreneurs may not be around several months later.
In order to then start focusing on marketing. They need to not only stand out in a crowded marketplace. But they also need to understand what is most important to their ideal and likely customers.
Which requires figuring out who their ideal and likely customers are. And then understanding what is most important to those consumers says Vancouver business coach.
So that entrepreneurs can figure out how they are going to deliver those things. Better than the competition. To attract those ideal and likely buyers to their business in the first place.
Something else that entrepreneurs should consider says Vancouver business coach. Is that the customer experience is extremely important. And they should focus on delivering that consistently.
The reason why this is so important. Is because often, that is what is most important to consumers. And will help them attract their ideal and likely buyers to their business.
For example, entrepreneurs should think of their own experiences. And why they keep going back to certain stores. Is it because they get treated well there? Is because they get outstanding service?
By thinking about what is most important to them. Can help entrepreneurs re-create a customer service experience in their own business. That will help them attract their ideal and likely buyers.
If anyone has ever been to a Lexus dealership. They will understands that they want to stand out from their competition. By getting amazing customer experience.
From being able to get a massage, manicure or pedicure. While waiting for their car to have an oil change, or to get detailed. Even the golf simulator, or the free expert be made A chain of is.
Ensures that people who are Lexus customers. Are willing to pay a bit more for this luxury brand of vehicle. Simply because they will get outstanding customer service and an amazing experience when they are there.
By utilizing as many of the senses as possible. Entrepreneurs can create a wow experience for their customers. That will help them develop lifelong relationships with their own customers.