The 5 Secrets to Business Growth in a Competitive Market - Part 01 of 05
The first strategy used to grow the business by focusing on something that e-commerce can never replicate: relationships.
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Introduction
I was invited to a business networking meeting where I met a business owner who was getting awarded at this event for creating a sustainable business of selling computers, laptops, technological peripherals and accessories to corporates and business clients for the last 25 years.
The reason why this business owner was being facilitated was because he and his business have seen multiple waves and seasons in all these years.
He has seen the rise of e-commerce, GST, times when even some big brands bought computers and demanded pirated software to save costs and now his business is selling millions of worth of products every month, without a single machine being loaded with any pirated content.
I had a long conversation with him after the event where he shared with me 5 of his secrets that have helped his business survive all the challenges.
I’ll be presenting all the 5 principles of business growth that he shared with me in a 5 part series starting today, over the next 4 days.
Time to unfold the first (and the most fundamental) principle of business
The First Principle: Build Relationships
The business owner told me, everything said and done, the real reason why his business managed to survive for 25 years and has reached a place of auto-pilot is because of the first principle: building relationships (with clients)
The entrepreneur confessed that a large part of the first decade was invested in building relationships with customers by understanding their precise needs, customising PCs with components that did the job, but also saved a lot of money for the customer.
He said, that his north star metric in his business has always been to provide the most appropriate solution to the customer at all times, which made his job a lot more difficult, because his business never focused on maximising revenues, but to provide computers that got the job done for the customer.
However, this same practice got him the reputation that he deserved and resulted in a lot of business growth, referrals and opportunities from his loyal customers.
He said, one customer got him a referral of 500 computers just because at one point he had delivered 10 computers to their office 20% cheaper than any other competitor in the market.
In another case, a relationship with another client that started with just 3 machines has now become a business relationship where the same customer’s company has purchased over 27000+ machines.
This doesn’t even include the maintenance contracts, accessories, peripherals, etc.
This is why this local business owner deserved the award. This is just the first principle. Make sure you read all the parts of this series, if you're serious about building a business that is impossible to compete with.
But for now, start evaluating where your business stands in building relationships with your clientele?
Conclusion
In the world of digital businesses, building business relationships has become really simple, but creating a genuine formal relationship with your vendors/ customers takes a lot of effort.
Do you have a structured system to create a connection with the customer and their team? If not, you’re leaving a lot of money (and business) on the table.
If you’d like to consider a 1:1 consultation with me, where I can guide you to create a systematic process of communication to build solid client relationships, feel free to reach out to me and let’s connect.Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
Keep Going Keep Growing 🚀
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a business owner who sells computers and computer accessories and peripherals shaking hands with their customer at the time of closing a sale”