Welcome back! Last time we looked at our second main point which was creating teachable processes in your business. This not only increases productivity, but also makes your business more sell-able to potential buyers.
Today I want to look at the third main point, which is all about company value and delivering on your Brand Promise. Remember, this all has to do with scalability, so keep that in mind as you read.
Valuable to Your Customers
What makes your product or service valuable to your customers? Do you deliver creative products and innovation? Are there any areas where you are vulnerable to your competition?
Not only do you need to deliver value via your product or service, but you need to tell a great story about it. A story that is consistent and authentic. Everything about your business—your products, your sites, your staff, your stakeholders and your processes—tells a story. Remember that a great story is always consistent. The story helps sell what people are truly buying, which is about how they feel. A great story helps your customer feel great.
And if it’s an authentic story—and if the promise it offers holds true—then you have an opportunity to survive and grow. An average product with a great story will help your business survive far better than a great product with a mediocre story.
I once met a woman who had started afresh with a new start-up business called Novica. Their business model was to put people into developing exotic countries and source decor products and personal accessories for consumers. The Novica representative also wrote stories about the artist who made these artefacts. She wrote about their families and their way of life. She also mentioned what the sale of the product meant for these families because it paid for schooling and living expenses. The story and an accompanying photo went onto the website with the item for sale and served as a biography of the artist.
What was Novica selling? The way I see it, they were selling a dinner conversation as much as an artefact. Admittedly, there was a core business system that worked consistently in delivering a quality product fast. But the story took the product from a commodity to a much more valuable feeling in the mind of the buyer. This story has been so successful in its consistency and authenticity, that the Novica website is now associated with National Geographic.
Amazon’s CEO Steve Bezos says, you need to have something “deeper-keeled” (a differentiated technology, excellent execution, customer loyalty). This helps you continue to motivate your staff, engage your customers, satisfy your shareholders, and flourish as a business. In our plant nursery analogy, replace deeper-keeled with deep-rooted. You’ll soon see your core differences becoming less susceptible to fashion and economic cycles, and being more sustainable long term. That is Brand Delivery. But you also need a great story that is consistent and authentic, and that is your Brand Promise.
If you want to really succeed in your business, clear the decks and focus on the one thing that sums up your mission. In the next issue we will continue with this sell-ability requirement and look a lot deeper into creating a business with value; a business you can sell.
CEO and Co-Founder
neXtep Business Builder Community Pte Ltd
Singapore ACRA Business Registration Number: 201424522Z
80 Kitchener Road #09-09/10 Singapore 208539