Your business will achieve success to the direct proportion that you deliver value according to the marketplace. As an entrepreneur, I have found that the essence of any business is to create value for others. Paramount to everything your business does, it must create unique value for your customers and clients.
Many entrepreneurs become so focused on their company that they forget to look at the value their business is or is not providing to others. The following are five of the factors that can aid a business in providing true market value.
Find your value by distilling down to the essence, the core value that you provide to the market place. It can be tangible, intangible, physical, psychological, emotional, in the present, or in the future. There are all kinds of types of “value to the marketplace” but that is the inner essence of your business.
What value you and the pool of resources, intellectual capital, physical assets, knowledge and experience, that is your business, or you are uniquely capable of delivering in a superior manner. Very simply – What makes you special?
Decide what is the real value that you, as this company, bring to the marketplace? Once you know the answer to this question, you’ll be ready and able to grow at an exponential rate. And that is where business and entrepreneurship start to be fun.
Once you’ve created value, once you have helped your clients to get what they want, and make money doing it, then it just becomes a matter of leverage. Leveraging the value that you have created for current clients by replicating that experience more frequently to your existing client base, and then to new clients, new products, new services, and new markets, that is what the most successful entrepreneurs in the world have done.
Be passionate about your value. You must passionately believe in the value you are offering to the marketplace. If you don’t believe it is great, nobody else will. If your product or service must be sold via a personal interaction, you must believe wholeheartedly that it is great.
You must determine what your market is and who is the marketplace? The marketplace is not just your customers or prospective customers. It goes beyond them to include the press and media and analysts that cover your market, partners, distributors, dealers, universities and thought leaders in your field. You should have a formal or informal relationship with all of these entities in order to deliver your value to them.
Shift your their focus from having an excellent product or service to having a product or service that others desire. The value of your business and the success of your business, is not determined by what you think, it is determine by what others think and do. So shift your focus onto your customers.
If you take these five tips and utilize them, you will begin to see results in the months and years to come. By proving the best value possible to the market, you and your company will flourish.