How will you unleash your latent profit?
In today’s newsletter, I focus on the 2nd step of the Mine Your Own Business System: Design it.
Designing how you unleash latent profit requires you to address two very important questions:
- What do we want customers to believe about us?
- How are we going to encourage them to believe it?
How well is your organization able to answer these questions? If your answer is “not well,” what are you doing to address these important questions? Please share your comments!
For more an overview of the Mine Your Own Business System, please see my newsletter from 4 weeks ago. For more information on Step 1: Find it!, please see my newsletter from 2 weeks ago.
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I do like the exercise you describe of imagining the buyer is justifying to the boss/spouse why they should continue to use you. It gets at the heart of exactly what value you bring to the customer, and it’s often not what you think it is. Our ability to really dig into the minds of our clients, their issues, their processes, their goals is so crucial to our success. Maybe it’s the ‘Method Acting School of Marketing’ – you have to BE the client to truly understand them? I can see Dustin Hoffman warming up in the wings!
Hehe, I like your approach, Andy. For those of us who aren’t good actors, maybe we could just try asking some of our customers about our company and products. It’s amazing to me how much speculation circulates about customer groups and demographics when our best customers are more than willing to talk to another human being about what they think of us.