Photo credit: freedigitalphotos.net

Photo credit: freedigitalphotos.net

Gone are the days when building a successful business requires hard work. These days successful businesses are anchored on smart work; big or small businesses are now on equal footing. While having a good entrepreneurial background or sufficient funding count, what makes a business successful is the growing number of customers buying on a consistent basis and not the eloquence of its operations. In that sense, it is very important to continually focus on gaining new customers and keeping existing ones.

The principle of business success is exact just like a scientific formula: the business must be built on a strong foundation, rock of “competitive advantage”; and this competitive advantage must be fuelled by being a sought-after solution to an existing problem in the market. Once this has been established then you move on to do the right things that will surely help your business grow.

Don’t stop looking for new customers

The profitability of a business is channelled through customer purchases; take them away in the equation and the business is bound to fail. Once you have your customers you must do everything to engage them in your business: upsell, cross sell, keep them interested to refer other customers with you and continue to create relevant products and services for their use.

Keep highly profitable customers

Most businesses fail in determining the lifetime profitability of their customers that is why they often don’t mind losing them in the process. By knowing the value of a customer’s repeat business over a lifetime will give you better appreciation of them.

Maintain a unique comparative market advantage

Whether that means offering the same kind of product or service at less price or unique market promotions, be bold enough to stand out from the noise created by your competitors. Let your business’ uniqueness speak for itself.