The most dangerous phrase to any business is “This is the way that we have always done it” this phrase can be detrimental because it means that you aren’t evolving as a business. This mentality causes stagnation and not growth. Things that were the right approach of the best decision at the time may not be the best course of action 6, 12, or 18-month down the road. Here are three things, that if you have not re-evaluated within the past year you need to stop what you are doing and take a look under the hood, like NOW.
- Target Audience: You don’t want to be “good enough” for a large group you want to be “absolutely perfect” for the ideal group and sometimes that audience that finds you amazing can change. Some businesses will begin by targeting one audience but will really grab the attention of a different audience. When you reevaluate who is buying from you verses who you want to target you gain an understanding of whether or not you are catering to the right group. Your data may show that your customer base is exactly who you planned to attract, if so kudos to you, now figure out how to wow them even more. If you discover your customer base has shifted away from who you intended to target you have a decision to make. You can either make a shift in your business to better serve this new audience or figure out where you are going wrong and why you aren’t attracting the clients that you want. No matter what the scenario it is important to periodically review who your target audience is and how you best serve them.
- Pricing: Although your costs may not change it doesn’t mean that your prices shouldn’t. Taking a price increase is something that many entrepreneurs shy away from out of fear that their customers will stop buying from them. However, in many cases the opposite is true. Raising your prices can actually increase your sales, higher prices have a higher perceived value. Social psychologist Robert Cialdini stated in a Forbes article that “organizations will sometimes raise their prices and as a consequence, will be seen as the quality leader in their market,” regardless of whether they’ve upgraded their offerings.
- Priorities: What are your key priorities? What 3-5 things do you need to achieve to grow your business to the next level? Too often we are so busy doing “stuff” that we lose sight of what is truly important in order to increase your revenue, our resources, and our impact. The majority of your time and resources should be focused on these priorities everything else can be delegated to third parties, or put on hold.
So when was the last time you re-evaluated and revised your target audience, your pricing, and your priorities? I’m interested in hearing who you target and what you feel is the key priority for moving your business forward. Leave me a comment below, let’s get a dialog going.
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