Category: Education

Are You Aiding & Abetting E-Myths?

We are going to embark upon a journey through the world of e-myths and debunk them
to help you avoid falling into an e-myth trap.

First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:

• Desire
• Some capital
• Projecting their targeted profit

This sounds great, but it’s just not realistic. Think of starting a business as a marathon.
Sure, everyone starts out of the gate at record pace, but after a few miles people start
slowing and some drop out entirely. Building a successful business takes stamina and
agility.

The reality is that there are many different facets to a successful business and none of
them can be ignored if you plan to find success.

Let’s take a minute to talk about entrepreneurial seizure… Definition: Entrepreneurial seizure is the moment an entrepreneur decides it would be a great idea to start his or her own business. It’s when one believes that knowing how to do the work in a business is all one needs to understand in order to start and grow a business.

It defines the roller coaster
of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:

• Exhilaration
• Exhaustion
• Despair
• Sense of self-loss

This is usually caused by e-myths and the assumptions we talked about. You can get your
hopes so high on instant success that even the smallest lag and you are sent into an
emotional tailspin. This is also brought on by the stark realization that you can’t do it all
and will need help in the areas where you don’t have the knowledge. Now, faced with
limited choices you may feel like you need to back out or pivot, but don’t do this.
In my next post I will tell you the best course of action to take…

But if you can’t wait and need help desperately reach out to me immediately.

Educate Your Customers

Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!

Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.

Here are a couple of key elements to use to retain your current customers:

  1. Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
  2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
  3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
  4. Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.

There are three cornerstone ideas to a successful business:

  • Quality product/service
  • Offering useful products/services that solve a problem for or enhance the life of a customer
  • Offer subjects your customers find interesting

Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.

Stop wasting all your time on new prospects while your current customers fall by the wayside!

As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”

So, there it is! Remember, we can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay offer many-fold.