Having spent the weekend in Las Vegas, I had a chance to engage in one of my favorite forms of Las Vegas entertainment, playing the penny and quarter slot machines.
I just about doubled my modest $25 ‘investment’ and kept myself thoroughly entertained for a couple of hours. By Las Vegas standards, that was a good ROI.
It got me wondering about the allure of slot machines. I think it has to do with the suspense of the ‘hunt’ and the thrill of the win. It’s a similar dynamic.
“How do I find my best prospects?”
“What does it take to win them over?”
If you treat your business like it’s a slot machine though, you could be suffering from some serious problems.
1. Feeling like you’re not in control
2. Trying lots of strategies but unsure which ones will really work
3. Worried about if and when your big payout is going to happen
Here are 5 ways to win at business and improve your sales, revenue and profitability.
1. Focus on your core strengths
Many people suffer from the I-have-lots-of-strengths-interests-and-abilities syndrome. I grapple with this one sometimes myself. You may find that you’re afraid to focus because you’re worried you’ll be leaving dollars on the table.
Actually, the opposite is true. The more you focus, the easier it is for people who need you to find you. So define what you do best and organize your business around that.
2. Know who you best serve
Similarly, many of my clients are reluctant to select a target market thinking that they’ll make less money if they don’t do everything all of the prospects in the world need. Again, not true. Trying to serve to many people will keep you scattered, spreading your efforts too thin.
It’s easier to find specific groups of people and it’s easier to market and sell to them because you can say all of the right things that will grab their attention.
3. Listen to your clients & prospects
In order to grab their attention, you have to be speaking their language and this requires that you know what they’re talking about. A lot of business owners make the mistake of creating products and services JUST because they’re good at it without knowing if the market is at all interested.
4. Understand their pain
When you listen deeply to your prospects and clients, you can learn what keeps them up at night.
You’ll get a visceral experience of how they’re suffering and where you can help. You can better empathize with them and show your concern for their situation in a more authentic way.
5. Offer solutions to conquer their pain
Once you know the things you excel in, who most needs you and what their problems are, you’ll be able to offer them the perfect antidote to their dilemma and they will thank you for it while eagerly snapping up your products and services.
When you follow these 5 steps, you’ll be more strategic about your business, you’ll stop dropping coins in any random slot machine and your payout of more and bigger sales will just happen naturally.