Today's market is oversaturated. Some enterprises manage to build long-term success while others lose the battle from the very beginning. The competition is high, pushing businesses to invent new strategies. As a beginner, you might ask yourself about the key elements that make companies profitable in the long-term run.
Harry Beckwith has mentored many startuppers and knows that the success lies in the following three areas: a clear USP, customer service, and quality management. The approaches mentioned above depend one on another and are the secret to a high-profit company!
Uniques Selling Proposition
If you want to survive the red ocean of competitiveness, you need a clear USP. If you are not sure how you are going to build value, start by choosing your niche. You might have an advantage by differentiation or by providing the best costs on the market. The modern business models also experience hybrid ways to reach competitive advantages. However, as a beginner, you have to define a clear vision and follow it at each level of your company.
The secret of big companies is very simple, they understand their customers' needs. Firstly, you have to put yourself in your consumer's shoes and understand what the profile of your personas is. Afterward, you will be able to construct the strategy of customer service and build loyalty. Harry has a piece of advice for the future entrepreneurs of the hospitality sector: never stop thinking about the customer! This industry is special as the customer is involved in the product delivery. Want to defend the big players on the market? Understand the pains of your clientele and offer them the best solutions!
Now that you have identified your USP based on customers' needs, you have to build successful company operations. Break your processes into small pieces and raise the quality of each step in product development! Create a high standard of quality and teach your team! Do not forget that any planning needs controlling and feedback! Never stop improving your business operations!