LJ Consulting Services, Inc. - Blog , Business GrowthLJ Consulting Services, Inc. - Blog , Business Growthhttps://www.ljcsi.com/blogs/business-growthFri, 22 May 2026 12:31:24 -0700http://zoho.com/sites/<![CDATA[From Start-Up to Success: Navigating the Path of Rapid Business Growth]]>https://www.ljcsi.com/blogs/post/Start-up-to-success

Navigating the Path of Rapid Business Growth

Introduction

Embarking on the journey of entrepreneurship is exhilarating, yet it comes with its set of challenges and uncertainties. As a start-up founder, your dream of transforming a novel idea into a successful and thriving business is what propels you forward. Rapid business growth is the ultimate goal, but it requires careful planning, strategic execution, and a relentless pursuit of excellence. In this blog, we will delve into the strategies and considerations that can help navigate the path from start-up to success, ensuring that your business not only survives but thrives in the competitive landscape.


1. **Vision and Strategy**

Every successful business starts with a clear and compelling vision. This vision serves as a guiding light, providing direction for your growth journey. Define your long-term goals, mission statement, and core values. With a solid foundation, you can develop a comprehensive growth strategy that outlines how you intend to achieve your vision. Consider factors like target markets, competitive analysis, and unique selling propositions to differentiate your business in a crowded marketplace.


2. **Innovation and Adaptability**

Innovation is the driving force behind rapid business growth. Embrace a culture of continuous innovation and encourage your team to think outside the box. Stay attuned to industry trends, customer needs, and emerging technologies. Adaptability is equally crucial; be prepared to pivot your business model, offerings, or strategies based on market feedback and changing dynamics.


3. **Product Development and Market Fit**

A critical aspect of rapid growth is ensuring that your products or services resonate with your target audience. Conduct thorough market research to understand customer pain points, preferences, and behaviors. Develop a minimum viable product (MVP) and gather feedback to refine your offering. Strive for a product-market fit that aligns perfectly with customer needs, increasing your chances of success.


4. **Operational Efficiency**

Efficient operations are essential for managing rapid growth effectively. Streamline processes, invest in automation, and adopt scalable technologies. As your customer base expands, make sure your business can handle increased demand without compromising quality or customer satisfaction.


5. **Building a High-Performance Team**

Your team is the backbone of your business, especially during periods of rapid growth. Recruit top talent who share your vision and values. Nurture a positive work culture that fosters collaboration, creativity, and open communication. Empower your team to take ownership and make decisions, allowing you to focus on strategic initiatives.


6. **Marketing and Branding**

An effective marketing strategy is instrumental in driving rapid business growth. Develop a multi-channel approach that leverages digital marketing, content creation, social media, and influencer partnerships. Create a compelling brand narrative that resonates with your target audience, establishing a strong brand identity and emotional connection.


7. **Customer Experience and Engagement**

Exceptional customer experience is a key differentiator that fuels word-of-mouth referrals and repeat business. Focus on delivering exceptional service, personalized interactions, and prompt problem resolution. Use customer feedback to continually enhance your offerings and address pain points.


8. **Funding and Financial Management**

Rapid growth often requires additional funding to scale operations, expand market reach, or develop new products. Explore various funding options, including venture capital, angel investors, loans, or bootstrapping. While pursuing growth, maintain strict financial discipline, track key performance indicators (KPIs), and manage cash flow effectively.


9. **Strategic Partnerships and Alliances**

Collaborating with strategic partners and forming alliances can accelerate your growth trajectory. Identify potential partners that complement your business and share your target audience. These partnerships can help you access new markets, distribution channels, and resources.

 

10. **Scaling Responsibly**

While the allure of rapid growth is strong, it's crucial to scale responsibly. Growing too quickly without a solid foundation can lead to operational challenges and potential setbacks. Monitor your growth metrics and be prepared to adjust your strategy if needed.


Conclusion

The path from start-up to success is a dynamic and exhilarating journey that requires careful planning, execution, and perseverance. By embracing a clear vision, fostering innovation, optimizing operations, and focusing on customer satisfaction, you can navigate the challenges and uncertainties of rapid business growth. Remember that growth is a continuous process, and maintaining a strategic approach will position your business for long-term success in a competitive market. Stay committed to your vision, adapt to changes, and be prepared to learn and evolve as your business thrives and transforms.


If you would like to have LJ Consulting Services Inc help you with an assessment on your business that will help jumpstart your massive growth, schedule an introductory meeting with us using the button below. 

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]]>Tue, 08 Aug 2023 17:59:05 -0400<![CDATA[Once Your Customer Says Yes: Mastering the Art of Cross-Selling for Business Growth]]>https://www.ljcsi.com/blogs/post/my-customer-is-buying-now-what

Once Your Customer Says Yes: Mastering the Art of Cross-Selling for Business Growth

Introduction

In the world of business, the moment a customer says "yes" to a purchase is a victory worth celebrating. It signifies more than just a single transaction; it opens the door to a world of opportunities for both the customer and your business. This pivotal moment provides you with a unique chance to not only meet the immediate needs of your customer but also to strategically introduce complementary products or services through the art of cross-selling. In this blog, we will explore the concept of cross-selling, its benefits, and practical strategies to capitalize on this powerful technique to foster customer loyalty and drive business growth.

 

Understanding Cross-Selling 

Cross-selling is a sales technique that involves offering customers additional or related products or services that complement their initial purchase. It's about understanding your customers' needs, preferences, and behaviors and then strategically presenting them with options that enhance their overall experience. When executed effectively, cross-selling doesn't just increase revenue; it deepens customer engagement and strengthens their relationship with your brand.

 

The Benefits of Cross-Selling 

1. **Enhanced Customer Value:** Cross-selling allows you to offer added value to your customers by addressing their broader needs. It demonstrates that you understand their preferences and are committed to providing a comprehensive solution.

 

2. **Increased Revenue:** By introducing additional products or services, you can boost your average transaction value, leading to increased revenue without the need to acquire new customers.

 

3. **Customer Retention:** Effective cross-selling creates a sense of convenience and satisfaction for customers. They are more likely to return to your business when they know they can find all the solutions they need in one place.

 

4. **Improved Customer Experience:** Offering relevant add-ons enhances the overall customer experience, making it more personalized and tailored to their unique requirements.

 

Strategies for Successful Cross-Selling

 

1. **Know Your Customers:**

 Begin by gaining a deep understanding of your customers' buying habits, preferences, and pain points. Analyze data from previous transactions and interactions to identify patterns that can guide your cross-selling efforts.

 

2. **Segmentation is Key:**

 Divide your customer base into segments based on characteristics such as demographics, purchase history, and interests. This segmentation allows you to tailor your cross-selling offers to each group's specific needs.

 

3. **Offer Genuine Value:**

 The cornerstone of successful cross-selling is providing genuine value. Present products or services that genuinely enhance the customer's experience or solve a related problem.

 

4. **Timing Matters:**

 Introduce cross-selling options at the right time during the customer journey. This could be during the purchase process, in follow-up communications, or when the customer interacts with your business.

 

5. **Effective Communication:**

 Craft compelling product recommendations that explain the benefits of the additional offering. Use persuasive language that clearly communicates how the cross-sell item complements the customer's original purchase.

 

6. **Bundle Solutions:**

 Create product bundles that combine the main purchase with related items. Bundles often provide cost savings and showcase the value of purchasing the additional product.

 

7. **Leverage Data and Technology:**

 Utilize data analytics and technology to track customer behavior and personalize cross-selling recommendations. Automated systems can suggest relevant add-ons based on individual preferences.

 

8. **Train Your Team:**

 If you have a sales team, provide them with training on cross-selling techniques. Encourage them to actively listen to customer needs and recommend complementary offerings.

 

9. **Incorporate Cross-Selling into Marketing:**

 Integrate cross-selling opportunities into your marketing efforts, such as email campaigns, website banners, and social media posts. Promote related products as valuable extensions of the customer's original choice.

 

10. **Measure and Refine:**

 Continuously monitor the effectiveness of your cross-selling efforts. Analyze sales data, customer feedback, and conversion rates to refine your strategies and optimize results.

 

Conclusion

Once your customer says "yes" to a purchase, you have a golden opportunity to foster a deeper connection and provide them with more than they initially sought. Cross-selling is a strategic approach that benefits both your business and your customers. By understanding their needs, presenting relevant options, and delivering genuine value, you can enhance their experience, drive revenue growth, and establish lasting loyalty. Embrace the art of cross-selling as a fundamental aspect of your business strategy, and watch as your customers not only say "yes" but continue to return for more.


If you would like to learn more about the impact cross-selling will have on your organization, schedule an introductory call with us using the button below. 

Schedule Now
]]>Tue, 08 Aug 2023 17:51:04 -0400<![CDATA[Your Compelling Offer]]>https://www.ljcsi.com/blogs/post/your-compelling-offer

Building Your Offer They Cannot Refuse

Over the last few weeks, we have talked about your market dominating position, generating leads, following up with your leads using a drip campaign to grow your business. We have also talked about the impact of cutting costs and increasing your pricing on your profits. It might still be hard to resist giving away all of your hard work with big discounts.  Dont forget, if you have a 20% margin and do a 10% discount, you give half your profits away. Let us first work on developing an offer your customer cannot refuse.


This week, we want to talk about how to build your compelling offer your prospect cannot refuse.


You might think at first the offer is a product or service you want to sell. Yes, that makes sense, but many times that may not be the first item you offer. While you might have some ready to buy now, remember only 1-3% of those checking you out are actually ready to to give you their credit card. The larger pool of 97% to 99% of the people are trying to get information first. You must meet the prospect where they are. How can you help the prospect get the information they need? Would it be a report? A video? Even if you are just starting, you know more about the subject than the people looking for information. After building your report, then you can use a squeeze page to make your offer of the free report you will email them. On the squeeze page, a great practice to make your offer is to include a 1 to 3 minute video on the left hand side and your offer on the right hand side above the fold (meaning, you should not need to scroll down to see the video or offer). Once the offer is taken, your report email should be setup to automatically go out once the prospect submits their email.


This begins to set you up as the expert and who does not want to work with an expert.


Once you have their email you will continue the prospects education. Example, if you finished garages, you might talk about how the finished floor will improve the life of the concrete, how the wall hanging system will organize your garage, and how it will boost their home value, etc. You get the point.

Internal Compelling Incentive

An Internal Compelling Offer is an offer of something you have or control. So let us take a look at what that could look like..


Versus giving away discounts, make a list of product or services you could include in your package. Let us say your gross profit margin is 50%, anything you build into your package will have a perceived value that is twice the value.


First, think of additional services that could be added to your package. Your prospect would otherwise expect to pay, but you provide. Think of a dry cleaner service who will pick-up and drop off your dry cleaning to and from your work place. For you, this saves you a ton of time and for them, they may have 30 clients at the office with 10 shirts each.


How about the martial arts program that offers transportation versus the one that does not. Which will likely have more students.


A second option would be a free or discounting item to be added to your package. If you have an item that has high margin, it will have a perceived high value, but really has a low cost. I have one client who has an item that sells for $150 and she will gift another item or two that she sells for $40, yet costs her $4 to help close the sale. Now the prospect is walking away thinking he or she got a great deal with all of the free gifts. If she gave two items away, it cost her $8, but the customer feels like she gave away $80.


Do you offer a subscription? How about a free trial. If you have a great product, a free trial is a great way to build a long-term customer.


Another value add could be Value Bucks or a gift certificate that can only be redeemed at your business. Example, if your offer was a $60 gift certificate for a $200 or higher purchase, the qualifying carts will likely average over $200 (some might get close, but others will go over) and your Gross Margin was 70%, then the gift certificate would cost you about $18. Plus when they redeem the gift certificate, they will likely spend more than $60.

External Compelling Offer or Incentive

In some cases, you can get a strategic endorsement partner who can absorb some or all of the cost of your free offer. Example, if your compelling incentive included a free trial of this partners product or service, then they will benefit from the long-term customer.


Example would be a home builder or remodeling contractor could offer a free interior design session with a retail value of $100. A carpet retailer could offer a new customer free carpet cleaning for a year. The key is that the strategic endorsement partner has a repeat product or service with a strong lifetime value or the partner believes it will lead to a large purchase.


So to close, you can see how building up the value of your package will allow you to protect your margins but still gives the prospect the feeling they received a great deal. Now begin thinking of your packages.


If you have questions about your compelling offer or interested in a free business assessment, feel free to connect with the scheduling button below.


To your future success,

Robert

Schedule Introduction
]]>Thu, 26 Jan 2023 09:29:10 -0500<![CDATA[What to Do With All These Leads?]]>https://www.ljcsi.com/blogs/post/what-to-do-with-all-these-leads

Managing Your Leads

Over the course of running your business you will have leads convert to buying customers. Typically, we see about 1%-3% of all leads covert to buying customers at the point of being introduced to a business. Unfortunately, this means 97%-99% of all leads just are not ready yet. These leads are in fact looking to educate themselves before making the commitment.  Many businesses have captured the lead's information and may even have one outreach to the lead, but do not have a process to educate the lead until they are ready to purchase. In fact, most people will need to be exposed to a brand five to twenty times before the decide to act on a purchase with that brand.


Do you have a process that exposes your brand to your lead?


Will your business be the business that educates the leads about your products or services offered?


If your leads see your business as the one who helped them get educated, what kind of advantage will that give your business when the buyer is finished with their journey and ready to make their purchase.


What I can tell you, is it will give you a great advantage. Now, the question is, how do we do this without creating an administrative nightmare for you or your team. Heck, you have a business to run and products or services to sell.


Educate Your Customers

The key is to begin building out series of communications for your leads that will help them better understand the problem they have, but do not want; and the solution they want, but do not have. I know, this sounds like an overwhelming amount of work, but if we do incremental improvements each day, a lot will be accomplished by the end of the month, quarter, and year.


First, close your door, turn off your phone, silence your emails, and get a paper and pen. It is important to have no distractions for this exercise. Begin writing down things that are important for your lead to know. What problems are solved with your product or service. What makes your product or service different than your competitors. How will your product or service make their life easier or better than it is if they did not move forward. Do you have customer testimonials?


With all these ideas now on paper, we begin to look for the top 20 message headlines and testimonials.


If your website has a blog page, you can place the communication as a blog post so anyone who visits your website is able to learn from your hard work. Over the next couple days, write the first three or four communications.


Next, determine how many days you want between messages. Example once a week for these messages. This way, you may also send other messages out without feeling like you are sending too many messages.


Next, we will use an email marketing automation tool like Zoho Campaigns to put a portion of the communication in an autoresponder series to be delivered to your leads with a link back to the blog post on your website to read the full article. After you have scheduled these communications, schedule time to write the next communication and then add it to the end of your autoresponder series. Continue this until you have these 20 messages built out. Now, the contacts in the list connected to the autoresponder will begin receiving their series. You will be able to monitor the series performance as people receive, open, click, or event unsubscribe to your messages.


As you continue to increase your leads through your lead campaigns and place your non-buyers into the list of leads to receive the autoresponder, you will have an automated process in place that will work on the education process, so no one slips through the follow-up cracks. Then your sales team can react to leads who take take action.


If this has sparked some questions and you will like to learn more about how Zoho Campaigns and/or autoresponders would help your business grow, we would love to schedule a brief call to walk you through the benefits of automating this task.


To your future success!

Robert



Schedule Introduction
]]>Thu, 29 Dec 2022 20:51:26 -0500<![CDATA[Impact of Cost Control vs Revenue Increases]]>https://www.ljcsi.com/blogs/post/Cost-Control

Cost Control vs Revenue

Over time, I will show you a number of ways to increase your revenues. You may even be tempted to think "getting more leads" or "digital marketing" is where you should start. However, if we evaluate your expenses, we can find an immediate impact to your profits. After all, it is not how much you make, but how much you keep that counts. In the experience of Profit Acceleration coaches, in over 50,000 assessments, the average impact in the area of Cost Control is about 7%. If your Net Profit Margin is 10% and Gross Profit Margin is 30%, then a 7% cost reduction will increase your profits by 63%. 

Finding Profits: Do we Increasing Revenue vs Cost Control?
The unique benefit to finding $1 of Cost, when it is saved, the whole $1 moves to the bottom. When Revenue is increased by $1 only your Gross Profit moves to the bottom.

If you found $1,000 a month in cost savings, your profits go up by $12,000 for the year.

If your revenue goes up by $1,000 with a Gross Profit Margin of 30%, your profits will increase only by $300. You will need to increase revenue by $3,333.34 a month to earn that same $1,000 in profit a month. That means you need to increase your revenue by $40,000 a year.

Case Study
Let us say your company's revenue was $240k annually or $20k a month, with the margins described above; your Gross Margin would be $72k annually or $6k a month and Net Profit Margins would be $24k annually or $2k a month. This means your cost is $216k annually or $18k a month. If you reduced your costs by 7% that would add just over $15k annually or $1,260 a month in profit. Your new profit of $3,260 is an increase of 63% (1260 / 2000).

This new profit of $39k annually would require an additional $43,466 in new revenue to get the same profit benefit. This would be an 18% increase in sales.

So What to Do?
What I actually like to do, is both. Let's see what $283,466 in revenue would profit us if our Net Margin was 16.3% (1 - (90% original margin x 93% remaining costs)) would give us a new profit of $46,205. This is a 92% increase over the original $24k. I get laser focused on one strategy, then move to the second strategy.

This is an example of just applying two Profit Acceleration strategies to achieve compounding impact.

If you are not doing it, someone else is.

Would you like an assessment of your business to see how these strategies and others would accelerate your profits?
Are you struggling to get the reporting needed on your business to do these calculations? Are you a new business owner and still tracking you think you are making by how much money is int he bank? It is time to check out Zoho Books, one of the applications in our Zoho One solution. It will help you link to your business accounts (checking, savings, credit card) to download those transactions, so you can quickly and easily categorize those transactions. Then you can quickly generate your Profit and Loss Statement (P&L) which can help you identify where your money is going. 

Would you like to learn more about Zoho Books?

Let's get together and see what we can do about that.


Get Started Now
]]>Thu, 29 Dec 2022 20:51:26 -0500<![CDATA[Lack of Leads Got You Down?]]>https://www.ljcsi.com/blogs/post/growing-your-leads

Grow Your Leads, Grow Your Business

So, you have identified a problem people or businesses have, but do not want; and have a solution to get them what they want, but do not have. Your fulfillment process is  ready to go. Now, you want more customers!


Regardless if you are a new start-up or an experienced business owner your leads are critical to your business growth. While I have many growth strategies in my bag of tricks, you need a strong lead generation process to have a healthy business.  There are many different lead sources to build your lead list. I will illustrate one of those methods as a use case to illustrate activities you will want to incorporate into your process to maximize the lead generation process.


Lead Source: Trade Shows

A great way to generate leads is at a trade show event. I have seen some business owners use the trade shows as their way of making sales. If you have a product that can be sold on the spot, that is great, because your sales can be used to pay for the booth, pay for your employees, and make some money. The gold mine of the trade show; however, is not the one time sales made at the show. Rather, it is the information you have when you leave the show. This information will help you develop the additional buyers and repeat buyers you need to grow your business.


Businesses at a Trade Show:

    1. Stage 1: Educating Prospects. I have seen some business owners pass out information to people walking by their booth. They may even have a great conversation with the prospect. Then after the even the owner hopes the person will call them back. Unfortunately, they do not have any contact information, so there is no way to follow-up with the customer after the event. Unfortunately, only 1-3% of those walking by are at the point they are ready to buy. This means you miss out of 97% of the prospects.
    2. Stage 2: Gathering Information. I have seen some business owners get information from prospects by having the person write their contact information down on a contact sheet. This is a great evolution from stage 1. The challenge you have when the information is captured on paper, you generally put it in a system or spreadsheet to track your follow-up. I have seen many leads lost because 1's, I's, and L's or 4's and 9's or 5's and S's all look the same depending on how the prospect writes. The other major issue is if you had a successful trade show and you have to now enter the data into a system or spreadsheet, you hare taking time away from the all important follow-up. Usually this follow-up is one and done, which does not convert as many people as it should.
    3. Stage 3: Systematized Gathering and Follow-up. When I work with a client, I first make sure they have their great Interrupt, Engage, Educate, and Offer fine tuned. Then when the 97% of the prospects are too early in their buyer's journey,  I make sure they have systems in place to capture their prospects information. I do this by replicating their paper contact form in Zoho Forms. I then have my client use an iPad with the form in kiosk mode to capture the prospects information thereby converting them to a lead. I then push the data captured by Zoho Forms into Zoho CRM, so my client can track the progress with their lead. Next, I synchronize the lead into Zoho Campaigns in order to being the drip campaign process. The drip campaign running through Zoho Campaigns is to continue the education process of the lead as they gather information and work through their buyer's journey. We setup automated messages over time until the buyer is ready to buy. Then when they decide who, they will likely pick the one who educated them. If your trade show created 100 leads, 3 should buy at the show or when you first contact them, but this drip campaign process will work the remaining 97 leads over a period of time. If it converts just 2 leads every month for a year, what would that be worth to you.

As you review your customer touch points, i.e. website, phone calls, events, etc; make sure you review that you are capturing information in a systemic way and nurture the 97% of your leads who are not ready to buy today, but with your help, will be and see your business explode.

If you would like to learn more about doing an assessment on your business that can show you what the impact of this lead capturing and nurturing process would make on your business, click the Schedule Now button below.

Get Started Now
]]>Tue, 06 Dec 2022 17:21:19 -0500<![CDATA[Market Dominating Position – Part 3]]>https://www.ljcsi.com/blogs/post/market-dominating-position-–-part-3
Let me do a quick refresher of the last article.

The 5 step process to creating your Market Dominating Position are:


Step 1, determine your strategic position in the market.

Step 2,  determine your primary market dominating position.

Step 3, determine your supporting business model.

Step 4, determine your secondary market dominating position.

Step 5, create your market dominating position statement or elevator pitch.


After reviewing them, select the one or ones that best fit your individual business.


Let us talk about the level of service you provide.

There are a total of six different areas where you can add value when it comes to service.

The first area is typically one of the most important to prospects convenience. In today’s hectic world, the one thing most people value more than money is more time. How else do you explain the dramatic increase in “convenience stores” that typically charge 40% or more for the “convenience” of shopping there?

Few of us have our oil changed at the dealership where we purchased our vehicle. Instead, we visit the local neighborhood oil change specialty shop because it’s more convenient. These shops have grown exponentially because we no longer feel we have the time or the energy to drop off our car at the dealership, secure a ride home while the service is performed and then arrange to pick the vehicle back up. The lure of the local oil change shop is based on convenience. Anything you can do in your business to increase your customer’s convenience will create a market dominating advantage.

Here are six areas to consider where you can provide more convenience.

Although this is probably the best way to provide convenience, for the vast majority of businesses, changing locations isn’t an option. However, a great location is certainly a secondary market dominating position. For a fitness center located near a major residential area, location is certainly their primary market dominating position.

Second, availability.

Your customers want to do business on THEIR schedule, not yours. Ask yourself what you can do to make your business more available including extending the hours or the days you’re open for business.

For example, five years ago the majority of health clubs were open from 8am until 7pm Monday through Saturday. Today, the vast majority are now open 24 hours seven days per week. The ones that have resisted this schedule are struggling to survive in this extremely competitive market. Same thing with supermarkets and convenience stores. We want to shop when we have time, not when the store thinks it’s convenient for us to shop. Please remember these are just suggestions for you to consider. You need to evaluate your customer’s needs to see if this is a viable option that will produce a positive return for making your business more convenient.

You should also test different hours of operation to see what works best for your business from a financial standpoint. If you’re a financial planner, would changing your hours to include Saturday mornings or Tuesday evenings help your clients that work Monday through Friday? If your business involves your customers dropping something off to you, then consider offering something as simple as a drop box. How long would a customer patronize a video store that didn’t offer one?

Many businesses rely on drop boxes as an integral part of their business such as rental car companies, photo finishing, dry cleaners, container shipping, auto body shops that ask you to leave your keys after hours in a key box and so on.

The third area involves the ordering process.

Ordering should be easy. If ordering is typically a headache for your customers then solving this problem can help you to establish a powerful market dominating position.

Have you ever attempted to contact a business where it was all but impossible to speak with a real live human being? Instead, you’re routed through a maze of automated voice mail messages asking you to select an option that has nothing to do with the reason you’re calling. This is not only frustrating to the customer, but it immediately creates enough animosity emotionally to compel this customer to take their business to a competitor.

In contrast, the business that makes ordering convenient by providing easy access to menus with a live operator option, or the ability to conveniently order online becomes the logical choice for most customers.

A fourth area to look at involves delivery.

When providing your customers with a more convenient location isn’t an option, then the next best thing you can do is to bring your product or service to the customer. There are now businesses sprouting up that specialize in delivering local restaurant items directly to your home or office. All that’s required is for you to call an 800 number and place your order from one of 30 local area restaurants. The service then delivers the meal and charges a set fee that’s typically 50% to 100% higher than patronizing the restaurant in person. This further emphasizes the fact that people consider convenience to be more valuable to them than money. Dry cleaners are now using delivery to dramatically increase their revenue and profits. They now offer to come to your home on a specific day and time to pick up your dry cleaning and then deliver it back to your front door when they complete the job.

One area involving delivery that’s now growing by leaps and bounds is mobile services. This is where the business comes directly to your location to perform their services. Home decorators now offer “shop at home” service. The decorator comes to the customer’s home loaded with samples and swatches.

This is not only more convenient but it also enables the decorator to perform a consultative type sale by helping the customer select colors that match their home and their lifestyle. This type of personalized approach often leads to dramatic increases in conversion rates, but more important, it often takes price out of the equation.

You see ads on TV everyday for window replacement services for your car where the technician comes directly to your location and puts in your new window instead of you having to bring the vehicle to them. Commodity businesses like this one should attempt to use mobile services whenever possible. Adding convenience into your mix can easily position your business as the logical choice.


The fifth area to investigate involves payment terms.

If your competition doesn’t offer any type of financing options, you can differentiate your business by offering payment terms over 30, 60 or 90 days. Offer multiple payment options such as a “three easy payment plan.”

Did you know that the latest research shows that a product or service that typically sells for $39.95 can be sold for twice that price by offering the customer a two-payment option where they pay $39.95 at the time they place the order and then an additional $39.95 in 30 days?

Although this is a 100% increase in price, it only decreased the order rate by 17% versus offering the product at the original $39.95 price point.

Consider accepting credit cards if you don’t currently accept them. This alone can increase your sales by as much as 80%. How would you feel if you had to pay cash every time you filled your car up with gas, or had to make an emergency run to the store? The sixth and final area to consider involves miscellaneous services. What additional services do your customers consider to be important?

Is your ideal client a parent with small kids?

If your business attracts parents with small kids, consider offering child care services while the parents shop or take care of business.


How much more pleasant would it be for everyone if restaurants offered a separate and secluded child care area professionally supervised and loaded with games and toys? Do you really think that parents that show up with noisy kids really enjoy doing that? Do you think they would relish a quiet hour to have an enjoyable kid-free meal that evening? And do you think that ANY restaurant that offered this one-of-a-kind service would literally dominate their market, practically overnight?

What about the local bank? How often do busy parents have to drag little Sally or Johnny into the bank and spend their entire time trying to corral the kids instead of taking care of business? If your business requires parents to evaluate their purchase decision, such as buying furniture, a new computer or clothing, or requires a lengthy transaction time or office visit, such as the dentist, doctor or health club, then having a child’s play area can be a huge area of differentiation.


If you would like help with your Market Dominating Position, setup a meeting with me to introduce your business to us.


To your success,


Robert

Book Introduction
]]>Fri, 28 Oct 2022 15:29:57 -0400<![CDATA[Market Dominating Position – Part 2]]>https://www.ljcsi.com/blogs/post/Market-Dominating-Position-Part-2

CREATING A MARKET DOMINATING POSITION INVOLVES A FIVE STEP PROCESS.

Step number 1: Determine Your Strategic Position in the Market

What specific niche market or segment of the marketplace should your business focus on? Determining this involves combining the skills your business has with the unmet needs of your targeted prospects and then designing your product or service to fulfill those needs. Domino’s strategic position was “fast hot pizza for hungry college kids.” For Starbucks, “delicious hand-crafted beverages that makes life better.”


Step number 2: Determine Your Primary Market Dominating Position

This is the most dominating advantage that separates you from your competitors. Domino’s claimed it could deliver its pizza in 30 minutes or less, or they would give it to you for FREE! This was the primary advantage that met the needs of their newly defined market position – hungry college kids that wanted food fast.


Step number 3: Determine Your Supporting Business Model

How will you specifically deliver what your strategic position and primary market dominating position promises? What changes, if any do you need to consider making to your business to ensure you deliver consistently on your position and your promise? Domino’s built a supporting business model that enabled them to consistently provide their promised primary advantage, which was fresh hot pizza delivered within 30 minutes. To make good on this promise every time, they were forced to create a supporting business model where they built low-cost, plain vanilla stores strategically located near college campuses. And since college kids aren’t the most reliable workers on the planet, they were forced to hire additional delivery staff and have additional drivers on a stand-by basis. Together, these innovations allowed them to consistently meet and often exceed their primary market dominating position.

Step number 4: Determine Your Secondary Market Dominating Position

What additional competitive advantages does your business offer that your customers will perceive as being different from your competition? Domino’s secondary benefits might include special pricing, assorted sizes, a much broader selection of toppings or additional menu items.


Step number 5: Create Your Market Dominating Position Statement or Elevator Pitch

This is a simple statement you can create by combining steps one through four. This helps you to state unequivocally what differentiates you from your competitors to your targeted prospects and customers. Domino’s market dominating position is neatly summed up in its slogan, “fresh hot pizza delivered in 30 minutes or less, or it’s free.” An expanded version of this might say: “Domino’s provides busy customers with fresh hot pizza and other food items within 30 minutes or less. Our assorted pizza offerings combined with our value pricing makes Domino’s affordable to everyone.” This presentation will focus on helping you to define your market dominating position and then we can help you create a powerful and compelling elevator pitch that will effectively communicate your value to your marketplace.


After reviewing them, select the one or ones that best fit your individual business.

Get ready for the next step!


Hope this read opened your eyes to opportunities that are missing in your business, apply and see the difference it will make in your business!


There are a total of six different areas where you can add value when it comes to service. We will cover that on the next article.


If you would like help with your Market Dominating Position, click below to schedule time to introduce me to your business.

Book Introduction
]]>Fri, 28 Oct 2022 14:18:13 -0400<![CDATA[Market Dominating Position – Part 1]]>https://www.ljcsi.com/blogs/post/market-dominating-position-–-part-1

Do you know what is a Market Dominating Position?


Does your business have a Market Dominating Position?


The majority of small businesses are established in response to market demand for a product or service. Many build their businesses by serving that demand and enjoy growing profits without putting much effort into long-term planning or marketing.


However, what happens when that demand slows or stops?


What happens when the competition sets up shop with a “new and improved” version of your product down the road?

How do you keep your offering fresh while growing and maintaining your client base?


The answer, Innovate your business and offer extraordinary value by creating a “market dominating position.”


Consider this. Every choice you make when buying a product or a service represents a point of differentiation between one company and their competitors. These differences, whether subtle or distinct, determine which customers will buy what they sell.


Consider the well documented case of Domino’s Pizza.

Why did Domino’s become a billion dollar behemoth in an overcrowded market in just a few years?


Did Domino’s make the best pizza? Not even close!


Did they offer comfortable in-house dining? No way!


Did they offer the largest selection on their menu? They offered the exact same pizza as ALL of their competitors!


They dominated by adopting and implementing one major strategy.


They created a market dominating position, which was fast hot pizza, targeted specifically for hungry college kids.


So now ask yourself what, if anything, makes your business different from your competitors as perceived by your targeted prospects and customers?


For the vast majority of businesses that answer is price.


So then consider today’s top selling companies.


Nike offers a wide range of shoes, apparel and equipment products, all of which are currently among the best sellers globally.

As an example, the top selling Air Jordan 3 is currently selling for $150 and up.


And yet, Target sells an excellent imitation for around $40, but Nike outsells them by more than ten to one.


Have you bought a cup of coffee lately at Starbucks?

According to their latest data, their typical customer spends between $3.50 to $4.00 on every visit.


That’s around four times higher than any of their competition.


Obviously, low price isn’t the driving force here.


So what is?


The answer, these top selling companies have staked out a specific and targeted market dominating position.


For Nike, their position revolves around being the best athlete, being hip and in style along with the perception of quality.


For Starbucks, it’s delicious hand-crafted beverages which they claim is the secret to making life better.


When you create your own market dominating position, you will consistently get businesses and individuals to choose your business over your competitors.


But what exactly is a “market dominating position?”

It’s simply any value-added customer perceived benefit, or a combination of benefits, that differentiates you from your competitors; and does so in a strong enough manner that it makes your business the logical choice in the minds of your prospects and customers.

As an example, a dry cleaner that offers pick-up and delivery would be the only logical choice for any prospect or customer that values convenience.


This simple distinction represents a market dominating position.


The key is to create added value in everything you do.


Prospects and customers DON’T buy based on price.


They buy based on the value they receive for the price they pay.


Creating added value is a marketing or customer relations strategy that can take the form of a product or service that’s added to your original offering for free or as part of a discounted package.


Like all other elements in your marketing toolkit, it’s designed to attract new customers and retain existing ones.


Another simple example of added value would be a gift shop owner that offered complimentary gift wrapping with every purchase.


If you don’t revisit the value you offer, then over time your customers will be drawn to your competitor who consistently innovate their business so they offer exceptional value that you don’t.


Ultimately, your customers will demand additional value to remain loyal – and they’re the keystones for your business growth.


Everyone can add value to their business.


And adding value doesn’t have to blow your marketing budget or take up hours of your time.


There are many ways to enhance your business in the eyes of your clients.


The key to adding value is determining what your customers and target market perceive as valuable.


You must understand their needs, wants, troubles and inconveniences in order to entice them with solutions through added value products or services.


Adding value will also add to your profits, but if you don’t focus on genuinely helping your clients you’ll have a difficult time attracting them.


Added value works for both product and service-based businesses.


If you offer a service like hair styling, try treating your customers by offering them a latte while they wait, or complimentary shampoo samples or a free conditioning treatment with every sixth visit.


If you sell a product, consider offering convenience services like free shipping or delivery to make the customer’s experience a seamless one.


The customer will feel appreciated and their needs will have been taken care of.


I hope this read opened your eyes to opportunities that are missing in your business.


In the next blog I will help you understand how to create your business’ marketing dominating position.


If you need help identifying your Market Dominating Position, connect with me now to introduce your business to me.

Book Introduction

To your success!


Robert Jarrett

Your Profit Growth Strategist

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