In this day and age, working at a company doing the routine job isn’t something everyone aims for. Even if you do it, you are constantly in search of something you are passionate about. Something which you can do enough times in such a quality that you can survive and thrive.
Thanks to internet and the amount of information it holds, now nothing is stopping you to access any information.
Wanna code, go to FreeCodeCamp. Wanna sell something to millions, sign up for Amazon. And everything in between. Also with the internet, the doors have been opened. It ain’t easy – but the door is open.
You can create anything you want and share it with few people. And if they like they will share it and soon it can reach millions of people.
On the alternative, if the initial batch of people didn’t like then you can learn and then create another thing. For example, I create YouTube dance videos. They are bad and only seen by about 10 people. But once in a while, it turns out good and then it reaches 10000 people.
So the access to people isn’t something available to select few.
You have to be generous and boom you work can reach more people than ever before. All you had to is gain trust and attention, your customers – not all of them but a select few will give you money.
And that’s all you need to become an artist. But if you are leaning on the business side of things, then you need to scale – bring in more revenue than last month. And then scale again to become the best in that category.
But at what cost?
Your customers are the lifeline of your business. They pay money in exchange of services or goods and you become rich. Customers are happy as long as the value they see is more than the money they pay. Also the story they tell themselves helps in keeping their sanity.
When you go for a new service, a promise is being made. Whatever that is the customer signed up for that.
If you tell the customer service is a phone call away then that is your promise. When the customer calls, don’t keep her waiting for more than 1 minute. If you do that then your promise failed and the customer will start looking elsewhere.
Over the period you stay in business, you can change, adapt but your core promises shouldn’t be compromised. Because that is the heart of your business.
The easiest way to lure new customers is give them a discounted price. Since you are now churning profit, you can adapt to less profit from new customers.
And sure enough they show up. But there comes a new challenge – you have made a different set of promises to them. Which is cheap prices. So if in future you increase the price, they will shift to the new company which has lower prices.
Also your loyal, dedicated customers will feel cheated. Because they are the ones paying normal fees for the same service.
You might gain some momentum in the short run from new customers. Overall your business strategy just went out of the window. Old customers can’t trust you anymore. And the new customers are on look out for the cheapest service provider. So it is just a matter of someone new coming up with easy switch and cheap prices that all your customers might flock.
The best strategy for a business to grow is give more value to the current customers. Such that they bring you referrals. This way you earn more customers by adding value to the current customer.
This ensures no customer is unhappy because there ain’t a divide of old and new. Instead it is a energy between them to promote because of the best service they have been receiving.
So next time, work on your customers which you have to get new clients. And if you want to play the price game. Then increase the price with new addition of valued added services – only for new customers. And old customers get to have the same price for lifetime.
This way, new customers are encouraged to join now so they can avail future services at current price. In short, the earlier you join as a customer the more profitable bargain you receive.
Now go back to luring the new customers. But this time, you know the rule to succeed.