The 5 Secrets to Business Growth in a Competitive Market - Part 04 of 05
Here’s why adding value beyond paper agreements creates unbeatable loyalty
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Quick recap
I was invited to a business networking event where I met a business owner who’s been in the business of sales of computers, laptops, technological peripherals and accessories to corporates and business clients for the last 25 years.
I had a conversation with him to know how he has managed to survive and grow his business among all the competition, rise of e-commerce, etc.
In this 5-part series, I’ll be sharing 5 principles he shared with me that has helped him grow his business.
This is the third part of a 5-part series. The links to the earlier parts are shared below.
Introduction
Have you ever been to a restaurant wherein the experience has been impeccable, the staff is really warm, intuitive and are helping you with every step of your dining experience, the food tastes better than you’d anticipated?
How would you react if at the end of the meal, the team just offers you their signature dessert ‘on the house’, because it’s their anniversary week.
Now, imagine the impact of creating an experience like this for your clients, in your business.
Let’s double click on this idea and discover how this works.
The Fourth Principle: Under promise and over deliver
The industry of computers (and most electronics) is an extremely typical one.
More often than not, a product that was launched and released with a lot of fanfare just a couple of months ago suddenly can become available at a huge discount on the ticket price.
Plus, being a B2B supplier, the award winning entrepreneur would often find himself to be in a very peculiar situation.
While most sellers would buy 5-10 units of any product from the distributor, the business owner in focus would place orders of at least 50 units. There were times when the business demands were so large that the order would run into a couple of thousands of units.
The result of placing such high value bulk orders were: “unexpected and unprecedented discounts”.
The business owner was saying there were times when the crash in the electronics market, or currency fluctuations, or slow demand from others would result in such lower prices that the business owner found himself procuring the peripherals at 20-50% discount from the estimates on the basis of which the proposals were created and approved from the client.
He said his business was well known in the industry to send invoices at much lower values as compared to the purchase order and then he had to explain to the finance team, why the amount on the invoice was lower than the approved amount and why this was not a mistake.
The result of this business practice though?
The list of loyal customers was ever increasing and that also resulted in a lot of referral revenue and free customer acquisition for the business.
A small unexpected benefit being passed on to the customer will help your business in the long run, build a reputation for your brand will also open many doors which seem impossible until the opportunity knocks on your doorstep.
Conclusion
More often than not, a business owner/ freelancer would not even fathom the idea to pass on excess benefits to their customers.
Who would want to take a hit on their profitability after all?
However, you need to understand that it’s small gestures like these that create a significant impact in the mindset of your customers.
Are you feeling overwhelmed managing your business? Would you like a fresh perspective that can help you with more ideas like these? Do you know I offer 1:1 consulting to first time business owners? Want to know more? 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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Link to the earlier parts of the series
The 5 Secrets to Business Growth in a Competitive Market - Part 01 of 05
The 5 Secrets to Business Growth in a Competitive Market - Part 02 of 05
The 5 Secrets to Business Growth in a Competitive Market - Part 03 of 05
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, computer accessories and peripherals meeting with a client where the client is saying thank you to the vendor because they're getting an unexpected discount from their supplier”