“There has NEVER been a time like this. And it’s getting faster.”
Times are changing, and quicker than you might think! Your competitors are continually educating themselves on new ways of disrupting old models to give them a leg up in the industry. If you aren’t continuing to pursue new ways to improve your business, you are falling behind.
Last month, as part of my continuing education as a business coach, I attended ActionCOACH’s annual conference where I learned additional ways to improve my clients’ businesses as well as my own business. One of the more influential speakers at the conference was Paul Dunn (who will be coming to Des Moines to speak on April 25th)!
At the conference, Paul spoke on the “huge” power of making small changes to your business that create a significant and lasting impact. Below are my top three takeaways from his speech, which I have already started to implement in my own business as an ActionCOACH:
- Don’t Discount – Add Value
In highly competitive markets, it can be difficult to persuade customers to buy from you if there is a perception that others offer what you have at a lower price tag. Paul spoke on pricing psychology and how trying to beat your competitors on price alone is risky and not recommended. Instead, he emphasized that when selling your product or services, be sure to highlight the special benefits that are included in your price.
There is no value in “free.” Just as people purchase designer-label clothes and luxury cars, by increasing your service’s perceived value your customers will be more willing to spend more. Instead of discounting your prices to incentivize sales, consider adding features or services to the product that can justify the price to your consumers. Adding adjectives to your product offerings can make a big difference in how your value is perceived.
- Choose to Play a Bigger Game
Are you holding yourself back? Analyze the quality of questions you ask yourself and you may be able to unlock more potential. For example, your annual goal might be to increase your revenue by 10 percent. Instead, ask yourself if you can increase your revenue 10 times! While this might be an extreme example, Paul urged his listeners to challenge themselves to aim for bigger goals.
Similarly, ask yourself who you can partner or collaborate with to take your business to the next level. Is there another business in a different industry that speaks to the same target audience that you do? Consider a strategic partnership with them to increase your product offerings and gain new leads while doing so.
- What is your “Why?”
Simon Sinek states, “People do not buy what you do; they buy WHY you do what you do. People do not buy what you do; they buy what you BELIEVE in.” Why are you in business today? What sets you apart from your competitors? Paul mentioned that what differentiates you from your competition comes from the clarity of “why”; not from excess of “what.”
For example, one accounting firm stated on their website that they had a “$1,000,000 challenge,” where their goal is to add $1,000,000 to their clients’ bottom line. While they identified their “what” and their “how” (through cost reduction, tax minimization, and process improvements), they did not identify their “why” – to make a real impact on the lives of every client and their families, along with the overflow of wealth into the community.
Sharing what your purpose is adds a human factor to your business and gives your customers something they can buy into and feel like they are supporting a larger cause.
I highly recommend seeing Paul Dunn live, continuing your education on business owner best practices and picking up small implementable changes that can make a huge difference. Join us at the Junior Achievement Center’s Community Foundation Education & Learning Center on Tuesday, April 25th from 8:20 a.m. to 12:20 p.m. Learn more about Paul Dunn and the “Huge Power of Small,” as well as sign up for tickets, here!