The 5 Core Elements Every Thriving Business Must Have.

Zion Thompson November 7, 2018 0 Comments

Contrary to what you might think or care to consider, running a business is a science that only needs an understanding of a few key elements to make it successful and many few business owners understand that.

While its great to have an amazing idea that you think is in high demand there are a few things you should consider before casting your net into the deep otherwise it might be a costly mistake you’re making. Here are a few things to consider to literally grow your business by leaps and bounds:

1. Consumer behavior:

Consumer behavior is the driving force behind any thriving business and must be taken very seriously if you want to stay relevant. It powers the demand and supply equilibrium scale and for smart business owners who are consistently keen on data gathering; gives insight and allows projections to be made so you can be in front of the trends. Consumer behavior is dynamic and constantly evolves, failure to keep up can render your business obsolete in no time.

2. Lead Generation:

You have a great product or service that delivers on the promise, but how do you make your prospective customers know its in their best interest to patronize you? That’s where a good lead generation comes into place. A good lead generation system gets your prospective customer’s interest and curiosity and gets them to make further enquiries after which you can close them or convert them to a paying customer. The more prospect’s interest you can engage the better for your business.

3. Average Lifetime Value of a Customer:

This concept is the very core of your business and it is built upon the principle of customer retention. Your objective as a business owner is to get a customer at break even or profit and then convert them into multiple time buyers who will continually patronize you and become brand ambassadors. The average lifetime value of a customer gives you insight on how much money on an average a customer will spend with you before becoming disengaged with your business or brand.

4. Customer Value Proposition:

We are in business to create and give value in exchange for money, but the value we offer a customer has to be congruent with the customer’s needs otherwise it just won’t work. A value proposition is a promise you make to a prospective customer based on their most pressing needs that you know your product or service can solve. It is a customer centric approach to selling that lowers resistance and gets the sale much better than trying to blow your trumpet louder than everyone else in your industry.

5. Market Strategy:

Without a foolproof strategy your business can’t make headway in the highly competitive marketplace. Most businesses copy each other blindly without checking to see if the strategy is effective. A good market strategy should be unique, flexible and customer centric with a long-term focus in mind. It takes into consideration market trends and how it will affect the demand for their product or service and leverages technology where necessary for maximum exposure and impact.

If you really want your bottom-line to be affected positively then just focus on these 5 steps and you’ll be just fine. For more strategies and tips, you can sign up for a FREE strategy session here.

AboutZion Thompson

Zion Thompson is a Business Growth Strategist with about 15 years of in-depth experience and a strong background in digital marketing, business intelligence, operations, customer experience, analytics, fostering strategic partnership, and strategy development.