Last week I asked the question, “what is your business NOTORIOUS for”, in our Facebook Group M Community and there were a few people that commented and interacted with the post which was good. The reason I put this question to the group was to find out what people thought their business was publicly valued and known for.
We all have a personal idea of what we think or intended our ventures to be known for. But I have seen on many occasions when entrepreneurs start to get a little success, but miscalculated why, and ended up focusing on the wrong part of their business. You see, when you know exactly what it is that people value the most from you or your business, that’s when you can focus and harness that knowledge for greater success.
I remember 20 years ago I was running my own sign business, and things really started to pick up. I had a few retailers that made me their main supplier. A little while later, I gained 3 shopping malls that basically gave me all of their business because of the great referrals I was getting from the retailers.
Now I was really busy, I could barely handle the workload, and I was going to have to seriously consider an expansion. But just before I did, I decided to altar things a little bit just to keep things running smoothly. I felt I was giving my clients good quality work and a very competitive price. The numbers worked. I was making a good margin. I decided that there is no way I would let the quality slip, and price increases weren’t totally necessary. I figured if I just made adjustments to production time, that would see me through until I could facilitate the increase in sales. Wow, was I ever wrong!!!
It wasn’t up until that point did I realize the thing I was notorious for was production time; I was valued on how fast I could get the job done.
All of a sudden I wasn’t getting as many jobs, and of course that freed up some time, so with the jobs I was getting they were getting done quickly. But I would still get a lot of enquiries for more additional jobs and I noticed when I was getting busier and moved production times from 3 days to 5 days I could’t close the sale.
Being a little slow to catch on when I was younger, It took one of my biggest clients to point out the obvious.
I met up with one of the property managers for very high class shopping mall right in the centre of the city. He said the reason he wanted to meet up with me was because they can’t seem to get anything done on time, and now its even worse for them because they are dealing with different sign shops for different jobs. They have to get multiple quotes, send information and sign off on proofs with different sources. Accounts payable had a few more suppliers to pay. But ultimately it was really frustrating for the client. When it got right down to it. I was most valued and NOTORIOUS for getting things done quickly and I didn’t even know that was my strength.
I have seen this situation play out a few times with clients I have consulted with. Not knowing why people valued you or what you are NOTORIOUSLY GOOD at can really slow down your success, maybe even create failure.
Online businesses are even more susceptible because there is a contact barrier, You are not local nor in person. It may take longer to understand what people value from you or your business.
Being NOTORIOUSLY GOOD or valued for something can earn you the best type of marketing you can get. Good old word of mouth is the gold standard.
A good exercise to do from time to time is to figure out your own value points and what you are NOTORIOUSLY GOOD at and then ask some of your best clients what they think it is. You might just get some valuable information that could help fuel a very powerful marketing strategy for some exceptional gains!!
What are you notorious for? Has this opened your eyes? Come post what makes you Notorious in our Facebook Group M Community