A Simple Business Lesson From the Presidential Election

The 2016 Presidential Election is quickly approaching and, once again, it offers a real “teachable moment” in our nation’s history. Instead of focusing on all of the negativity that seems to be surrounding the United States political system, take a decidedly “glass half full” approach instead.

If running for president were like starting a business (and make no mistake – it basically is), both candidates are providing us with an excellent lesson in customer relations and marketing as we speak.

Know Your Audience

Regardless of what you happen to think about the candidates themselves, one thing is for certain: both candidates know the power of speaking the same language as their target audience. Even though the candidates appear opposed on nearly every issue, it’s hard to deny that they’re each having a tremendous amount of success within their own bases and supporters precisely because they each know what to say and how to say it within their audience. Each candidate regularly draws crowds in the tens of thousands from their most fervent supporters.

However, both candidates are relatively controversial outside of their base supporters, to the point where if they hadn’t made an effort to master and hone these unique voices, they would likely be having trouble establishing momentum at this point. Both of them are still very much “in the game” (against all odds) almost entirely because they’ve taken the time to learn exactly what they need to say and do to build momentum among their own core group of followers.

You Have to Move Past Your Audience at Some Point

Perhaps the biggest lesson that we can learn from the 2016 Presidential Election, however, has to do with growth. While keeping a loyal, enthusiastic customer base is always important, this is only a means to an end – it isn’t the end itself. If you want to continue to grow and evolve as a business, you need to be looking for ways to bring new people into that base and to allow that base to grow. A failure to do so will result in the type of stagnation that will find you spinning your proverbial wheels.

This lesson can be seen throughout the election process as well. Often you’ll see one candidate making a concerted effort to bring as many new voters into their camp as possible, while another seems to be focused on maintaining their existing voters – which can be a problem when you’re running the “business” of a political career.

The raw potential of a single customer for a presidential candidate is inherently limited. Regardless of how passionate someone is, or how much they like you, or how much they’re willing to show their support for you, they can still only vote a single time. Zeroing in on your original, core group of customers with a laser-sharp focus may be an excellent way to make sure they stick around long enough to make that sale (or vote in November), but it doesn’t help you at all regarding expansion.

If you’re so focused on maintaining this core group of followers that you’re willing to alienate everyone who exists outside of your bubble, ultimately you might achieve massive short-term gains, but it’ll be at the expense of your long-term goals. Never be so focused on one group of customers that you’re willing to push another (possibly larger) one away. Understand that ALL businesses require a steady stream of NEW customers to guarantee the growth they need to survive for years to come.

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What’s in a Leaf?

If you enjoy watching the leaves float down during the fall season, you probably already know that just like snowflakes, each tree’s leaves are individual and unique. Unlike snowflakes, though, leaves can tell you from which tree they came, and fortunately, there are many resources available to you for identifying trees by their leaves.

Knowing more about your surroundings is important, and it can apply well in a work situation.

Discovery

An excellent resource for identifying trees will take you on a journey of discovery: from the color and shape of the leaf to how many points it has, all to learn more about the tree it came from. It might go on to identify the type of bark, the size of the tree, and more to help you determine which tree you are looking at.

There are many ways you can apply this strategy of discovery with your customers, especially if they are repeat customers. If you think about each customer as if they were an onion with many layers to uncover, you can view each contact with them as an opportunity to peel away one more layer.

Learning

Your customers are individuals with unique personalities, family issues, work challenges, and styles of doing business. You can work on strategies to uncover more information about your customers to help cement a relationship with them. Customers who like you and enjoy your relationship are more willing to continue to do business with you and become loyal repeat customers.

Depth

Depending on how you maintain your customer records, there are different methods of collecting and retaining information about your clients. In an article, “7 Ways to (Really) Know Your Customers” (http://www.businessnewsdaily.com/4890-customer-engagement-tips.html), it offers several suggestions for small businesses to get to know their customers better including gleaning social data from sites such as Facebook.

By getting to know your customers better, you can anticipate when they will be spending, what triggers a purchase, and how you can be proactive in contacting them for their triggers. As you learn more about your customer, you can apply your knowledge to help them better manage their relationship with you, potentially saving them money in the long run. For instance, if they are buying their products when needed, but you see a pattern, you can sell them a larger bulk amount on a periodic basis saving them money and securing the purchase for your account.

Knowledge

Knowing your customers will allow you to separate the A and B level of customers from the one-time business customers. As you develop your relationships with your clients, you can grow your business in depth. Then, using similar methods, seek out new business and begin the process again.

Tips for Nurturing Existing Sales Leads

While bringing new leads into your business is always important, sometimes it’s not the “be all, end all” solution to your bottom line. Remember that according to most statistics, an incredible 90% of new prospects are merely in the “browsing” stage of their relationship with your company – meaning that they’re not quite ready to buy. Out of every new lead you bring into your business, only 5% are ready to pull the trigger – if that. While you may think this means you have to work harder to bring in a higher volume of leads (this is a numbers game, after all), try a different approach. Don’t forget about the leads you already have.

If you want to get better at nurturing your existing sales leads to get them ready for that ever-important purchase, you’ll want to keep a few key things in mind.

You Are an Authority. Don’t Forget This

When people think about nurturing leads, one of the qualities required for a solid relationship is one of trust. Never forget that you’re not just selling a product or service – you’re also selling yourself. People are a lot more willing to spend money with your company if they trust that you know what you’re talking about.

Don’t JUST hit your prospects with sales materials over and over again; this isn’t lead nurturing, this is badgering. Instead, try sending helpful, well-researched content in their direction as well. You need to be focused on establishing that you know what you’re talking about. People aren’t just going to take your word for it. When you spend time positioning yourself as an authority and focusing on the other qualities of lead nurturing as well, people will begin to see you as the solution to their problem when they do feel comfortable enough to buy.

Don’t Just Make Contact When You Have Something to Sell

One of the biggest mistakes that a businessperson can make involves only remembering that a lead exists when you need to increase your sales numbers for a particular quarter. Nurturing leads requires you to keep in mind that you’re talking about more than just line items on a balance sheet – prospects are living, breathing people who don’t like to feel used.

As a result, make an effort to reach out to a few of your potentially higher quality leads even if you’re not pushing a new product or service. Thanks to the power of social media, this is easier than ever. Even a quick Facebook message on a birthday or at Christmas will go a long way towards strengthening (and increasing the ultimate value of) your relationship.

These are just a few of the many reasons why it is so important to nurture your existing sales leads. None of this is to say that you should stop focusing on bringing in new leads and turn 100% of your attention on existing ones. As always, success requires you to strike a delicate balance between the two. But if you let the majority of your existing leads lay dormant for too long, you’re burning a lot more than just potentially important relationships. You’re leaving a lot of money on the table at the same time.

Applying Life Lessons to Small Business

Parents to teenagers and young adults know that there are some lessons that only living life can bring us. Life lessons learned through living life are valuable, and they are hard to teach to teenagers because teens think they have the answers to everything. However, experience can offer up gems of information about what is truly important in life and how to enjoy each moment as it comes.

What are some of the lessons that life teaches us?

1. Life isn’t fair, but it is still good.

How many times have you heard your child or teenager say to you, “but that isn’t fair!” The truth is that life isn’t fair. Life happens as it happens, and you need to learn to roll with the ups and downs and continue on your journey. If you can take each moment as it comes, then you can appreciate the good, survive the bad, and continue on your way.

2. When in doubt, just take the next small step.

Many of the big decisions in life can be broken down into small steps that are easy to accomplish. Each time you have a big project or decision in front of you, you can make it easier to understand by chopping it up into small tasks. Then, do each task one at a time until you complete the whole.

3. Don’t take yourself so seriously. No one else does.

Humor makes life more tolerable both in good and bad times. If you can learn to live life with humor, including your own foibles, you will relax more and stay healthier. Laughter is a stress-reducer and can help keep your craziest days sane.

4. Overprepare, then go with the flow.

Since nothing ever goes exactly as we plan, it is important to prepare for contingencies. If you are ready for the worst, then you will be able to move in various directions when reality hits. You can plan to the Nth degree, but once your event or project is in motion, you cannot stop it. Going with the flow and learning to be flexible will keep you on top of the situation (as much as that is possible).

Applying Life’s Lessons to Business

Running a small business is fraught with surprises, changes, and learning curves. Many of the lessons that apply to life, in general, can be applied to running a business. Small business owners are responsible for everything that occurs in the whole of their business, and it is nearly impossible to predict what each day as a small business owner will bring.

If you can enjoy each part of your business, sharing what you know with your customers and employees, and reaching out to your community to connect with people through your business, you will enjoy life’s journey. Business isn’t always fair, but if you put your heart into it, it will be good. Your customers and employees will see how you run your business, and they will respond. When in doubt, just take the first small step, and you will be able to accomplish whatever goals you set for your business. Don’t take your business so seriously. No one else does. Run your business with a good sense of humor and your customers and staff will join in laughing with you. Overprepare, and then let your business take you where it will. You will discover new dimensions to your niche that you may never have known before and you will have an exciting, fulfilling journey.

The Art of the Pivot

No matter what business you’re talking about, most companies usually begin life in the same way: with an idea. You wake up one morning, have an idea for a product or service that you’re sure will be the “next big thing,” and you get to work. You fully commit yourself to building an infrastructure, developing and expanding on your idea, and eventually, you bring your product or service to market.

And then things have a habit of sometimes not going necessarily how you’d planned them.

Maybe people are using your product, but they’re not using it in the exact way that you intended. Certainly not in the way you built your strategy around. Maybe your product or service isn’t popular at all, but the underlying idea is still a solid one. In these situations, you have two options: you can pack up your ball and go home, or you could do what some of the most successful companies in the history of planet Earth have done: you pivot.

The Art of the Pivot in Action

A few years ago, an online role-playing game was founded called “Game Neverending” – you’re forgiven if you’ve never heard of it. The premise was simple – users would travel around a digital map and find other people to buy, sell, and build items with. Included inside the game was a photo-sharing tool, which quickly became one of the most popular parts of the experience. Though the developers loved their idea, users weren’t quite so kind. People were spending less and less time on the “buying, selling, and building items” part and more on the “photo-sharing” part, causing significant problems for the company’s long-term goals.

While you’ve probably never heard of “Game Neverending,” you ARE no doubt aware of a service called Flickr – one of the most popular and widely used photo-sharing tools of the digital age. The developers behind “Game Neverending” realized that they were never going to get people to love their RPG the way they did, so they did what any entrepreneurs would do: they pivoted. They threw out everything except the proven-successful photo-sharing technology and started from scratch. One acquisition by Yahoo! later, and the rest, as they say, is history.

Let the Market Be Your Guide

The key takeaway from this is that you need to be willing to listen to the market and allow it to guide you through execution, even if that execution is at odds with your original intent. Remember that the market is telling you “We like this, but it would be better if it had X, Y, and Z features” is different from pivoting. If users enjoyed the RPG experience of “Game Neverending” and the developers just kept adding game-related features, we might not have Flickr today.

Instead, the market communicated loud and clear: “We don’t like this game, but we do enjoy this one thing that the game lets us do.” These are the types of moments you have to be not only willing to listen to, but also to allow them to change your idea of what your product or service could become.

Listening to the market and being willing to pivot, even if that was the furthest thing from your mind at the time, is not a bad thing. Indeed, history has proven that great things have been born out of it time and again. Because if you release a product or service and are unwilling to change based on the ideals of your users, you’ll wind up hemorrhaging users pretty quickly.

And without those users, what are you left with? Little more than a good idea in search of a purpose, which isn’t anything at all.