Secrets Of Business Sustainability:



These secrets will keep your business sustainable for decades.

But, answer these first.Will your business still be sustainable (active) in the next five to ten years?
If you've sold your products to everyone you could reach, what will happen to your business?

If you don't have concrete answers to these questions, it's time you review your sustainability model. Or create one, if you don't have.

The major drawback of many technology businesses is a vague view of sustainability. Many companies are too satisfied with immediate returns on their one-off projects, that they fail to see the continuous drop in their audience. Your products will soon saturate the market. What will you do by then?

I've highlighted three methods global brands like Google, IBM, Microsoft, Facebook and web-based software employ to remain relevant.

1. REPEAT BUYING
The first one is repeat buying. We often call this up-selling and cross-selling

No matter how vast your market is, a single product will circulate someday. Of course, you might have made a lot of money. But what says you shouldn't make more?

For each product you sell, there is a line of associated needs you could meet. Let's look at Facebook ad products. The world has to end first before the need for adverts gets satisfied. The logic of a subscription business model is the same.

You need to have products your customers can buy again. This is why the grocery industry thrives.

Now, it doesn't necessarily have to be like ads.  It doesn't even necessarily have to be the same products. Also, it doesn't have to be your products.

You know what?

The primary objective here is to keep them buying. So, if you create graphics, why not sell DIY guides also?

This is the same reason Toyota has new models for their cars year-on-year. It's also the aim of phone makers whose new models are never ending. Imagine that all we have now is still LG's first telephone model, where will the company be now? Extinction, of course. Their stream of income would have been long exhausted.

You have to build a business model whose products will be needed again and again.

2. COMMUNITY

Nike and Apple are perfect examples of having a community around your brand.

One of the important benefits of having repeat buyers is that it earns you a community of loyalists.

In spite of high-cost products of Apple, there are many people who will use nothing but Apple. With iMac, MacBook, iPad, iPhone, a proprietary operating system, Apple Watch and other products, they've earned the reputation for digital solutions.

It's the same way Nike posits itself as the go-to place for sports, fitness and foot wears.

Sit back, and think of the number of ways you depend on Google. From your Gmail account, YouTube and GPlus to GSuite and Webmaster Tools, the company can boast of offering features that'll always be needed.

Now, how could this work with your business?

You should build your business with an array of offers that a first, second and third buyer will still need to buy.

3.LOW ENTRY BARRIER

Entrepreneurs who scale very quickly understands the need to reduce entry barriers for their customers. They have the ability to maximise their customers' value once they become a buyer.

This might be in form of low pricing or incentives. The objective is to change the relationship from being prospects to customers.

SweetToothRewards.com published a stat which indicated that repeat customers spend 3x more than first-time buyers. That's apart from them converting at a 9x speed. Amazing!

Will a massive price slash work with you? Especially, if you are an infopreneur.

Throw massive discounts. You might have come across $1 lab access offer ad from Digital Marketer. Sounds crazy, right? You won't probably imagine the high yield from this effort.

But, remember that you'll be up-selling these people. They've made a purchase, and you can rely on the high possibility of having them buy (probably something else) from you again.

It's the same model for software trials and freemium.

CONCLUSION

If you study every profitable brand in the world today, you'll definitely find elements of these three factors. Not many businesses are aware of them. Some others are aware, but are non-challant.
The lifespan of your business depends on its sustainability.
So, sell again and again. Look for a recurring needs and position your business to satisfy them.

http://bigfielddigital.com/business-sustainability/

Comments

Post a Comment

Popular posts from this blog

Innovation development in Financial Service Sector

Image
  The 2008 global financial crisis not only marked the end of the the benign credit environment, it also change the way corporate client and their bankers views transnational banking.Sound transnational banking practices like payment, receivable and reconciliation and trade risk instrument moves back to the center of corporate client business agenda increasing competition for better products offering         Visibility of information become critical as clients sought real time access to their global cash position in order to manage their working capital requirement and liquidity..Equally, international trade products become more important in managing risk and banks are seeking more annuity-based revenues with lower capital cost and less capital consumption while regulator are drafting raft to prevent another collapse.         In Africa, both corporate client and banks have had to invest in technology and operation supporting the centralization of treasury function while delivery
Read more

Progressive Tax System and Income Equality

Image
  The major innovation in taxation in the economy is the the creation and development of progressive tax systems which play a key role in the reduction of income inequality and support  the economy growth      A proportional tax system, assesses tax rate to taxpayers regardless of income or wealth. It is meant to create equality between marginal tax rate and average tax rate paid. Under a this tax system, individual taxpayers pay a set percentage of their income regardless of total income earned. For example, an income tax of 10% that does not increase or decrease as income rises or falls results in a proportional tax. In this example, an individual who earns $20,000 annually pays $2,000 under a proportional tax system, while someone who earns $200,000 each year pays $20,000 in taxes.       The progressive tax system, assess tax liability as an individual or entity's income increases. Tax burdens are meant to be more of an imposition to wealthy, high-income earners than they
Read more

Rethinking Industrialization in Africa

Image
 In today global economy, African remain a weak line toward industrialization.If the world are to achieve sustainable development goal as per United Nation 2030 Agenda, this must help African countries to accelerate its development by promoting rapid and responsive to industrialization.   Africa economy must moves beyond the producing raw material to build dynamic and competitive manufacturing sector with higher value added chain. They must draw on the opportunity present by the participant in the global and regional value chain. New and innovation industrial development strategy as well as carefully target measure to attract foreign direct investment.      To succeed ,Africa government will need adequate capacity, competent and skillful workforce to mobilize and interact with all stakeholder in order to serve as attractive investment climate. The necessary reform will open the way for public- private partnership which will provide investment for infrastructure development.  
Read more