Building A Thriving Business (What's at the VERY CORE) Pt 11

Business is all about getting paying customers, for as many times as possible, for the longest duration possible, by leveraging the assets in the business. There are tangible and intangible assets in a business, but where most of the windfall cash is lying dormant, is in the intangible assets, such as marketing, innovation, goodwill, sales, market identity and advertisement. The job of the business leader, is to strategically leverage these assets, to get the best and highest yield possible.

Be Strategic

The setbacks of techniques/tactics, such as sales techniques, is that they are short term plans, that can be found out by your targeted prospect, and any kind of goodwill generated could be lost. Every business leader should always be thinking long term; looking towards the back-end of every sale. They should be asking, How much value can I keeping adding to my client? These could be in your marketing, innovation, advertising or pricing. By being a valued expert, rather than a sales person; creating more benefit for the customer, rather than falling in love with your business/product; by promoting real and genuine products, that improve the quality of living; by providing more synergistic products/services for your clients to avail themselves of, you are being strategic, and building a thriving business in the process.

Case In Point

I have shared with you, risk reversal, LTVC, which are strategies employed by the top fortune 500 companies like GE, Alphabet inc, Apple inc, and Amazon inc, to leverage their assets in deal closures, but most of their business comes from customer referrals. Even, the life time value (LTV) of a referred customer is 16% higher than non-referred customers. That means, having an EFFECTIVE referral program in place will benefit any business. And, as a strategic business leader, you should look to have multiple referral programs in place, in order to get the most out of your customer. The more programs in place, the higher the yield of your business.

Conclusion

If any business leader dreams of being one step ahead in their market, having a predictable future for their company, or continually experiencing exponential growth, they have to be strategically leveraging their intangible assets to extend the life of their customers. This is what business is about; leverage and optimisation. An understanding of these two concepts is crucial to building a thriving business.

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