Sign in
Download Opera News App





Business Management analysis

Successful business management

I find communication as the most vital aspect of what I do, who I work with, and the satisfaction of clients. To those I work with we make it clear that we don't sell products or services, we sell value. So they align themeselves to market the value. To those that purchase our services we make them see the value more than the asking price. Because people are first humans before they're clients. They're seekers before they're buyers. Our business works because it's guided by philosophy. It's guided by the understanding that people seek that which will bring to them peace of mind, or security, or meaning, or certainty.

Picture used for illustration purposes.

Think of food for instance, people buy fast-food because it's tasty, affordable, and arrives to you quickly. Fast-food joints don't sell time or taste, but those values are big contributors to why you buy what they actually sell, the food. Conversely, there's a food, well not actually a food, but people do take it in, and it makes your fingers dirty, gives you an unpleasant smell, destroys your health and doesn't particularly taste any good, nor does it have to. Yet cigarette companies have annual revenues in the billions. And despite the de-marketing strategy of putting the image of a disgusting gangrenous foot on the side of a cigarette box to warn buyers of the likely end results of smoking, the demand elasticity of the product has only proved inelastic and people still buy the same. So why do people buy cigarettes? Perchance the better question is, why would a human want to smoke? It relieves stress andand makes one feel good, it gives a peace of mind. And that's value. Value creates loyal clients, and yes, maybe addicted buyers too.

Humans will risk money and health for that which they presently value the most. Smarter humans, I'd like to call them ultra, will also consider the future value of things. Business wise, we speak of investors. So don't be surprised when someone buys a regal portrait for $100K. It's just a picture/painting to you, but to them it's worth a whooping $750k in a year or two. The wealthiest rapper Jay Z is hailed for teaching stuff like these in songs such as 'The Story of O.J'. But that's just product value, which is not what I'm discussing here although too often confused. And since I'm sure it's not an investor that's reading this, back to your growing business...

Have you made a clear discrepancy between your product and your value? Your product/service is what you sell, whether tangible or abstract. Your value is what your customer/client gets as a result of using what you sell. Value in itself is too great to be quantified or put a price on. I had this conversation with a photographer who owns a studio. He sells pictures but the value of what he does is the memory. You can't sell memory. A last example is Nike. This brand used to sell shoes and sportswear only but their value has always been performance. You can't sell performance. People work hard, train, and improve their own performances. But a business value will seek toprovide whatever it takes to help a human fulfill his. Soon Nike became a company that designs, develops, and markets footwear, apparel, equipment, and accessory products. Because guess what, a Nike watch will guide me to beat my time record during a sprint exercise, while I'm on a Nike treadmill, wearing Nike shoes that are light for easier running, and Nike leggings that wont limit the stretching of my legs. We get value, Nike makes millions.

As I give you this time to think of what value you bring, you can introspect on a couple of questions below.

Why should I purchase your product and not that of your competitor? Don't tell me how good your product is, show me how it will fulfill what I need/value.

Content created and supplied by: BigMorio (via Opera News )


Load app to read more comments