CFO Services | Differentiating Factors Can Help Market a Business
There are many things that business owners can do that can help them Succeed in Business says CFO services. And having a great business plan as well as a marketing plan is it one of those things. It’s just like Benjamin Franklin, one of the founding fathers of the United States of America was famous for saying. If you fail to plan, you are planning to fail.
And in fact, Palo Alto, the software manufacturing company did a survey in order to find out exactly how effective business plans were. And helping entrepreneurs succeed in growing their business. What they discovered, was that businesses who had a plan to follow. We’re 50% more likely to grow the revenue in their business. Over businesses that did not have a plan at all.
This shows how important it is to have a plan. Not only because entrepreneurs can ensure that’s their business schools are concrete. As well as measurable and have a time limit to them. but also a business plan can help an entrepreneur achieve those goals. By having a marketing plan that can ensure that they are able to get the customers they need to buy the products and services to grow their business.
And one of the important aspects of a marketing plan is for an entrepreneur to understand who their ideal and likely buyers are. So that they can market to those customers, instead of trying to appeal to everybody in hopes that some of their ideal clients will see their marketing.
But understanding what that message should be when they mark it to their ideal and likely customers ask CFO services. The differentiating factors between an entrepreneur’s business and their competition. Is an extremely powerful message. If an entrepreneur is a difference in certain ways, those ways might be very important to their ideal and likely customers. They might be looking for a business that has those things. Or they might not realize how important it is until they hear about it.
How a business owner can come up with their differentiating factors is quite simple says CFO Services. All they have to do is write down all of the ways that they can think of that they are different from their competition.
Once they have this list, a business owner can review it and narrow down the list to three things that we want to focus on doing extremely well. They might have a huge list or they might have a short one. And regardless of the length of the list. Business owners shouldn’t try to focus on being exceptionally well at all of those things.
By narrowing it down to three things, they can focus on and accomplish being extremely good in three different areas. And excelling in those areas. So that when they do attract potential customers based on those differentiating factors. They can be blown away with how well the business does at them. So that they will come back and tell their friends and family about the business.
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Marketing business is extremely important says CFO Services. Because an entrepreneur can have the best business plan in the world, but if they can’t find customers. Then they’re not going to be able to accomplish their goals.
This is why all great business plans need to have a marketing plan within it. So that business owners can do what they need to even before they open the doors to their business. To attract their ideal and likely customers to their business.
In fact, half of all Canadian entrepreneurs sell in business. And 42% of they failed entrepreneurs say that not finding customers was the reason why their business was not successful. This is in fact the number one reason why Canadian entrepreneurs are failing in business today.
It is not likely that the entrepreneurs had a great marketing plan that didn’t work says CFO services. And more likely that the businesses did not have a marketing plan at all. Whether this is because they didn’t feel that they needed one because they thought it was going to be very easy to promote their products and services. Or that they thought they would be able to use word-of-mouth marketing to sell their products and services.
Or perhaps a business owner simply thought that they could easily come up with a marketing plan once they opened the doors to their business. However, CFO Services says this is a bad idea. Because once an entrepreneur is working in their business. Working 12-hour days, six days a week. They are not likely to find spare time to create their marketing plan.
And even if an entrepreneur had spare time after working 12-hour days. They would not likely want to sit down and start work on a marketing plan after they had just put in a 12-hour day.
Creating a marketing plan is important. But understanding what their differentiating factors are from their competition can help influence that marketing plan in a very significant way. The reason why is because understanding what makes them different from their competition. Is an important message to get out to their ideal and likely customers.
These differentiating factors don’t have to be huge to be important. They could be as simple as having extremely good customer service in an industry that typically does not have a lot of customer service. Whether that is free pickup and delivery. It could be offering Shoppers app personal shopping experience.
A differentiating factor can be a convenient location. By being close to a residential area if they service residential customers. It could be that they are located in a commercial section of town if they serve other businesses.
A convenient location can even be an entrepreneur deciding to open their business in an area that has other similar customers. Such as opening their health food store next to the gym.
No matter what these differences are if they Market these differences to their ideal and likely customers. Then the customers will understand why they should choose the entrepreneurs business over their competition. Because they are interested in those ways that they are unique.