The SIMPLEST Success Formula For Any Business!
What Is The Success Formula For An Entrepreneur? Some will say there is no formula, some will add a hundred different variations. However, if you could simply things to the bare minimum, this formula is what determines the success of most businesses.
Success of A Business = The Scale Of Your Marketing Efforts X Your Value Proposition X Market Conditions
Let me explain this. The scale of your efforts, simply means how many people your organization is marketing to and how rapidly the marketing strategy evolves with changing times. At the same time, it is also important to remember that the people you are marketing to should be at least somewhat qualified.
Your value proposition simply means how well you can communicate to the prospect about why they should buy your product/service. The better you can convey the value of what you are selling to a prospect, the higher the chances that they will purchase from you.
Finally, the third element in this equation is the Market Condition. This is something you have ABSOLUTELY NO CONTROL over. You only have control over the first two factors.
When the Market Condition Is Great, Even Average Effort and Average Value Proposition Delivers Decent Results.
However, When The Market Is Down as it is down now during the Coronavirus Crisis, our Marketing Efforts and Value Proposition Need To Become Really Focused In Order To Compensate For It.
At the same time, it is important to realize that because of the prevailing market conditions, you may not get an immediate great ROI upon your effort and value proposition, but what you do during the bad market conditions will go a long way in determining the survival and growth of your business.
This can be explained through the compound effect. Little actions over time lead to exponentially massive results even if they don’t seem to be producing results immediately. In tough times, your actions will not get you immediate results, but you get in life, will be the fruit of the SAME actions.
At the same time, there are two types of actions, the right action and the wrong action. The wrong action will never yield any result, the right action may take time, but will pay dividends in the future. This is similar to how the wrong exercise or diet will lead to no results, the right one may take time but will surely pay off sooner or later. How do you figure out the right action? Through learning, learning and learning more! If there is one thing you should be doing apart from marketing more, it is learning more! Because when you learn more, the same thing can be accomplished with much less effort, time and money!
Finally, Whatever You choose to do, DO NOT just sit and wait! Because those who just wait in life, keep waiting forever!