How to Easily Shift Your Business Model to Increase Joy & Customer Retention
It's time to shift your business. Trends change, boredom sets in, or you need more flexibility. Here are 5 things to ensure you shift in the right direction.
You may think it’s time for a shift in your business – trends change, boredom sets in, or perhaps you simply want to add more flexibility. As industries and markets change over time, your business needs to keep up. And as an entrepreneur, you probably get tired of the same old routine and seek new challenges. Here are five things you can do to ensure your shift is going in the right direction.
#1. Follow your passion.
It may sound clichéd, but doing what you love starts with doing what you love. Many entrepreneurs go into business looking for the biggest profit margins, but you need to be sure you care about your business idea. With the hours you’ll be putting in, do you want to spend your time working within an industry or providing services that you are not genuinely passionate about? As the old saying goes, if you love what you do, you’ll never work a day in your life. This may mean a shift in industries, a shift in who you work with, or a shift in how you deliver what you sell. If your passion is to create a business that you can work while travelling the world, be sure it’s set up to work remotely.
#2. Do your research.
To create a business you are passionate about, you must know who your target audience is and what they need, and you must also want to work with them. That may seem obvious, but if you get up in the morning knowing you have a breakfast meeting with “Joe,” and your stomach curdles and clenches, “Joe” is not your ideal customer.
You should be filled with anticipation at meeting your clients, or it’s not worth the effort you put into it. And let’s face it, difficult clients zap your energy and resources and put a strain on the time you have left to work with your top-tier customers.
Research your competition to find out how you stand apart from everyone else selling the same stuff. What is your unique selling point? Why should someone choose you and your business?
According to CBInsights, 42% of businesses fail because there is no market demand for what they’re selling. How does what you offer solve your customers’ needs? It’s not about what you can sell them; it’s about what you can do to serve them – solve their problems.
#3. Share stories – show how you can make a difference.
It’s not enough to tell someone what you do; you must show people how you care. Share your personal stories and real stories from your customers. Show how your innovations have helped others. What lessons have you learned from failures? Connect with your audience by speaking to life moments that acknowledge their needs.
#4. Empower your customers.
Make it easy for your customers to decide to buy from you. Good customer service leaves your customers feeling heard, seen, and appreciated. In fact:
- 73% of consumers point to customer experience as a huge factor in their buying decision.
- Only 49% say companies provide a good customer service experience.
- 43% say they would pay more for greater convenience.
- 42% would pay more for a welcoming experience.
This should make it easy for you to stand out – provide a positive experience!
#5. Create a work-life balance.
If you want to achieve a work-life balance, you have to find ways to optimize your time. That means outsourcing all those things that don’t bring in money or satisfaction and perhaps adding a sales team that does.
Look at everything you do in a day. If you’re doing your own bookkeeping, it’s time to pass it on to a professional. If you’re setting up your own marketing funnels, hire a virtual assistant. If you don’t know what you need to do, or you know but can’t get it done, hire a coach to help you and keep you accountable.
It’s amazing what results you can achieve when you let go and let others work in their sphere of magic, and you work in yours.