When you start imagining what your business could become, you dream up a wildly successful business with lots of cash flow and profitability, right? Nobody’s business fails in their wildest dreams. The problem is that most business owners don’t follow a unified strategy to reach these business goals. Left to our own devices, we generate more ideas than we have time or money to pursue and can suffer from paralysis of analysis because of it.
The number one weakness in a growing firm is marketing. We don’t understand our value proposition and how differentiate ourselves from our competitors in the delivery of our products and services. We often have a perception of what our value to a client is and what our products/services are. But we don’t take the time to ask our clients for the answers.
I have a client who bought their company from the prior owners and frankly, the first year was a struggle. This was primarily due to the way the previous owners had positioned and marketed the company. The product was perceived as a commodity, as this business is tied to the construction industry. Three years later, the marketing strategy the new owners implemented is a client-centered approach based on three factors:
- They make the pre-construction phase easy because of the detailed schedule delivered to the general contractor.
- They have excellent people that deliver their product on time and on budget.
- Because of their people and detailed schedule, there are no surprises.
Their marketing is client-focused and their delivery has a clear differentiation. Since the new owners purchased the company and implemented this strategy, revenue has increased 118% in the past 3 years and their margins have improved 5x. They figured out how to market themselves effectively and reaped the benefit of it.
So, is your business struggling with clearly articulating your value in the marketplace? Are you able to stand out against the noise of your competitors? If not, let’s talk about how you can.
When implemented, a marketing effort with clear differentiators can be a game changer for your business, putting you on the road to financial success with healthy cash flow and profits. If you have questions, let’s talk today to get them answered.
P.S. If the number one weakness in growing businesses is marketing, can you guess what number two is?
Accounting. Accounting is typically under-appreciated and therefore, underfunded. Keep an eye out for more in our next blog.
