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Is a great product and service enough to succeed?
| Guest post by: Trent Leyshan |
Article Overview: Well that depends on your definition of success. There is a romantic notion in business that if my product and service is good enough, the business will basically take care of itself. This notion is incorrect. If anything a great product and service is just your starting point and ticket into the game.
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Free Download - Find fear before it finds you By Trent Leyshan |
Is a great product and service enough to succeed?
There is a romantic notion in business that if my product and service is good enough, the business will basically take care of itself. This notion is incorrect. If anything a great product and service is just your starting point and ticket into the game.
Near where I live there is a great little Malaysian restaurant named DorBo. The food is priced reasonably and is always tasty and of quality. I've eaten a lot of Asian food over the years, (waste-line to prove it) as this chow is right up there. I go to this little restaurant to get takeaway dinner for my family and load-up on all things indulgent once every couple of weeks.
When I ring to place my order, I am always enthusiastically greeted by a small-framed, middle aged woman and the owner, whom I call "Mamma." She is in her late 40's or maybe even 50's but looks not a day over 30. She has beautiful skin with a youthful glow and is always bursting with personality. Her every sentence ending with the loving words, "ok darling."
When I arrive at her little restaurant, Mamma greets me with a big smile and asks me how I am. She then always offers me something extra for free or just throws it in anyway without telling me. I pay, and then she scampers around the counter, puckers her big red lips and plants a wet one on my cheek! And I love every minute of it.
I always leave Mamma's restaurant feeling considerably more positive then when I walked in. In fact, she makes my entire experience enjoyable, memorable and meaningful. The exchange of money seems insignificant and not the basis of our relationship.
However, as I head home, my positive thoughts turn into a deep sense of disappointment. You see, Mamma's restaurant is never busy. Most times I go there the shop has maybe one or two groups of patrons and the restaurant is 90% empty. I just know it's only a matter of time before Mamma is gone and so is her business. This troubles me. Mamma is a real gem- she is the exception - not the rule. So full of love and life, and her food is great too. Yet, she is never busy. This shouldn't makes sense, but sadly is does.
A great service and products is not enough to succeed. It's a great start, but that's all it is. You need a process of attracting, engaging and leading customers to win-win outcomes. And the great product and service then contributes to your customers coming back again and again and bringing friends.
Mamma's restaurant is situated in a run-down old strip of shops directly across from an old petrol station. She has no walk-by-traffic and is situated in a part of town that is no longer the place to be seen. She does no marketing and hasn't developed a way of proactively developing new relationships.
She is doing things right, in fact exceptionally, but it's not enough. There are new retail strips and restaurants springing-up like weeds around her and in better traffic areas. Mamma must move or her great little restaurant will be but a sweet, but sour memory.
If Mamma stays to defend the status quo, and resists change and progress, she is out of business. This is a harsh reality for her, but it is the reality, so she must embrace it.
Can any of you relate to this story? If so take action, today! What are you waiting for?
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Article Tags: sales training
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About the Author: Trent Leyshan RSS for Trent's articles - Visit Trent's website Trent Leyshan is founder, CEO of BOOM! A leading international sales training company that specialises in the development of inspirational sales cultures, leaders and salespeople. Early in his career Trent was head tradeshow spruiker and sales manager for Australia's most flamboyant TV salesman, Big Kev. He has since driven two of his own companies from lounge room operations into market leaders. And led sales teams in leading new media and advertising agencies. Trent is a sought after expert and facilitator on sales performance and strategy. He is the Author of sales book, The Naked Salesman: How to walk the talk and sell your way to success! BOOM! develops sales training strategies and delivers inspiring learning experiences for some of the world's most successful and demanding sales driven organisations. Empowering them with modern skills and tools to effectively engage with customers and build stronger and more valuable relationships.
Click here to visit Trent's website   Are you really listening Know your magic numbers Are Telemarketers the only people that CALL YOU How important is a work ethic Empower your Sales people with the right Sales Coaching Process |
Related Forum Posts
Re: Service Or Product?
- Very insightful, and I totally aggree, service first... it is a substantial foundation for any business. Products and service go hand in hand to make a business really successful. Nevertheless quality control for both is also actually a must; you will never offer services that are not par with the standards neither with products. Focusing on the product aspect, in stores or in deliveries or in any other way you get to sell your products there is a pinch of service involved. Even after a product is sold "customer service hotlines" is another form of service buyers somehow expect from you. So IMHO service or product are like chicken and eggs... lol,,,
Starting a New Business
- [quote]What exactly do you need to start a business
With my little experience, i think all you need is an idea - business idea that solves a problem. [/quote]
Having a great idea is a good start.
The next thing you need to know is who's going to pay you for your product or service. If you don't know who your customers are, how can you sell it?
ltrahan is absolutely correct, you've got more research to do about the market and vendors and so forth.
Most importantly, you need to know what do if you succeed.
What's if you get SO many orders, or so many customers that you exceed your present capacity to produce your product or to provide the service? What will you do then?
And that's where most good businesses fail. They don't plan for success.
So they end up getting bought up by a vendor or customer, for pennies on the dollar, who can meet the market need.
Anyway, telling you EXACTLY what you need would take hours. It could fill a book. In fact, it did. And I wrote it.
Much my book wouldn't help you because it's focused on US taxes.
But the first two chapter about business plans and things you need to know to get started, well, those two chapters are universal.
Do your research and find out your local business laws and regulations. And talk to experts who've run similar businesses.
Re: Service Or Product?
- Hi Evan,
A late response to your question but I thought I'd throw in my 2 cents worth as it's still a great topic.
I like services personally as a business model but products would work as well. It all depends on the demand for the product. I learned a long time ago that if the demand out weighs the supply, whether it be a service or a product, the potential for success is far greater. When consumers or businesses are looking for what you're selling, the sale is that much easier and the risk is that much lower.
Think about businesses that never have to advertise and just have websites and yellow page listings to be found. There is normally such a demand for their product or service that there's no need to advertise to find business as their customers will find them. These businesses do exist and if you think long and hard about it, you'll come up with a few that dispite the economy, spend next to nothing on advertising.
So, product or service... who cares... demand and finding a niche is what matters and either or could be very successfull.
Determine Your Target
- Ramon -
Congratulations on your new venture.
First priority is to make a list of the people and businesses who are your target market. Who needs your product or service? Make a list of the things you can offer them. They need to understand the value of your service. Once you have a clear idea of who needs your product and what you have to offer, then you can begin to promote effectively to the right people. Promoting to people who have no use for your product or service or who don't have the authority to make a decision - is a waste of your time and money.
One last thing - when you determine your target market - narrow down the options. For example - if you sold a product that could be used for computers, its not good enough to say your target is any computer owner. Would it be best for residential or commercial use? Is it better for teens or adults? Is it better for beginners or more experienced computer owners? Do small businesses or large businesses need your product? The more precise your answers are, the more successful your efforts will be.
Shri
Re: Service Or Product?
- I usually recommend starting with a service to get close to your customers, bring in cash flow, and keep your overhead low. Step 1 of entrepreneurship is getting past survival and being able to pay your bills without taking a job.
A service is a great way to get you started and really get to know your customers and their problems.
But it's a lot harder to scale a service business so if you really want to grow you can then focus on the product side of things. You have cash flow from the service business and a keen understanding of the pain in your market as well as a history of successful clients who have worked with you and can provide valuable testimonials.
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