Business Education

Your Company’s Mission Statement May be Impressive But It’s Not Necessarily Why Customers Are Buying from You – Here’s What You Should Focus On Instead

There are many moving parts to opening, establishing, and growing a business. The number is so vast, that it’s difficult – if not impossible – to quantify every element. Unfortunately, some factors and circumstances make too many entrepreneurs believe they must buy into certain practices. Some of these are indispensable, but others aren’t necessary in every situation, and the company mission statement is one prime example. Although noble and laudable, a company’s mission statement is not why customers buy from businesses.

The Purpose of a Company Mission Statement

Let’s remember, that the purpose of a company mission statement is to provide a clear, concise explanation of the organization’s general purpose, objectives, and values. It serves as a declaration of the company’s reason for being, defining its culture, goals, and values.

A well-crafted mission statement can inspire and motivate employees, attract potential customers, and convey the company’s commitment to its objectives and values to the public. It is supposed to be memorable, aspirational, and written with multiple audiences in mind, including customers, the general public, and primarily employees. By and large, these goals are usually reached. Still, it isn’t why people buy from companies – even those with rock-solid mission statements.

The Three Real Reasons People Buy from Companies (And None are Its Mission Statement)

People often choose to buy from a company not because of its mission statement, but because of the personal benefits they perceive they will receive from the product or service. This is because consumers are primarily motivated by their own needs and desires, and are more likely to make purchases that they believe will benefit them in some way. The key reasons why customers buy from a business are generally centered around three main areas:

Saving time. If a product or service can save a customer time, whether it’s by making a task easier or more efficient, it’s likely to be well-received.
Saving money. If a product or service can save a customer money, either by being cost-effective or by providing long-term savings, it can be a significant selling point.
Making money. If a product or service can help a customer make money, such as by increasing their productivity or providing a new income stream, it can be a strong motivator for purchase.

This perspective aligns with the view that customers are primarily self-interested. They are more likely to be concerned with the benefits they will receive from a product or service, rather than the broader mission or values of the company providing it. This is why it’s crucial for businesses to communicate the benefits of their products or services to potential customers, and to ensure that these benefits are aligned with their customers’ needs and desires.

Ways To Show Your Customers How Your Products and Services Make Their Lives Better

Of course, if it is true that people buy because they get something valuable out of it, then how do you show them how your products and services benefit them? Well, businesses can show customers how their products and services make their lives better by focusing on the benefits and outcomes rather than the features or functionalities of the product or service. This can be achieved through several strategies:

Personalization. Tailoring the product or service to meet the specific needs of the customer can greatly enhance their experience and show them the value of the product in improving their life.
Customer testimonials. Sharing stories of how the product or service has made a positive impact on other customers’ lives can be a powerful way to demonstrate its value. This can help potential customers see the product or service in a real-world context and understand how it could benefit them.
Clear communication. Expressly communicating the benefits of the product or service can help customers understand how it can improve their lives. This can be done through product descriptions, marketing materials, and customer support interactions.
Value proposition. A strong value proposition that clearly states what the product or service does and how it can improve the customer’s life can be very effective in showing the customer the benefits of the product or service.
Demonstration. Showing customers how the product or service works and how it can be used to improve their lives can be very effective. This can be done through product demonstrations, tutorials, or user guides.
Customer support. Providing excellent customer support can help customers see the value of the product or service in their lives. By quickly and effectively addressing any issues or concerns, businesses can demonstrate their commitment to customer satisfaction and show customers how the product or service can make their lives easier.

Also, continuous improvement. Constantly improving the product or service based on customer feedback can show customers that the business is committed to making their lives better. This can build trust and loyalty, and encourage customers to continue using the product or service.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at (602) 541-1760, or, if you prefer, Waters Business Consulting Group to learn more about us and the services we offer.

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BREAKING NEWS! Entrepreneurs who need to raise capital will have no restrictions!

May 24, 2017 No Comments

Hi Everyone! The moment many of us have been waiting for has finally arrived! About an hour ago, the Securities & Exchange Commission (SEC) voted to approve the FINAL rules for Title III Equity Crowdfunding under the JOBS act legislation. What this means is that in approximately 90 days, ANYONE, regardless of income, will be able to invest in a startup by purchasing shares or issuing debt and earning a financial return on their investment. This also provides entrepreneurs who need to raise capital a HUGE new investor pool as there are no restrictions on income or net worth in order to make an investment (there are caps / safeguards however built into the legislation). I will update you all as I get more information but today is a HUGE day to celebrate! To everyone who has been following this movement for the last few years, get ready for things to change in a HUGE way! Manolis Sfinarolakis Founder & CEO RCTV & VICN This is great news for Entrepreneurs who want to raise funds from the general population. I’ll post more on this later, in the meantime please share and celebrate! John Waters [shareaholic app=”follow_buttons” id=”26833294″]

Should You Scale or Scuttle Your Startup

May 16, 2017 No Comments

When business begins to slow, your sense of confidence can slide, and it’s a scary sensation that usually follows. Facing the possibility of having to close the doors isn’t a pleasant one, and, you could feel like a complete failure. Before you begin to pack-up your office, take some time to look at the situation objectively. Ask yourself what’s the most likely cause and begin to take steps to solve rather than scuttle. If you are experiencing a steady slide in sales, there’s obviously a reason why that’s so. The good news is, there are always options, which can range from scaling out, scaling down, or, shutting down. The latter might not be the most welcome, but, sometimes it’s the best option, providing you with an opportunity to try something else. How to Solve the Scale or Scuttle Situation Should you be facing a mountain of bills, not seeing a jump in revenue, and having to cut back where you’ve never cut before, it certainly can be frightening and frustrating. The first place to begin is with yourself, your emotions, dreams, and, mental state. If you’re in a situation that simply taxes you too much and drains your energy, you ought to consider closing and starting fresh with something new. However, if you believe you can turn things around, you should seriously consider scaling down or out. …you’re stressed out, your relationships are fraying and your resolve is destroyed. Nevertheless,you must take action in order to end the turbulence with as much poise as possible. You can’t change the past, but you can certainly determine how you [proceed]. —Entrepreneur.com Scaling down is obviously taking measures to reduce your business workload to concentrate on key accounts. Scaling out isn’t the same as going up, it’s more lateral, providing more of what you already do, not offering new things. If you’re still wondering which way to go, take the following into consideration to make an informed, well-thought decision: Look at your workable options. One mistake some failing businesses make is to hammer a square peg into a circle, meaning they attempt to go beyond their core competencies, and, that’s just not a good idea. You’ll nearly inevitably see this backfire and make things go from bad to worse. Be prepared to stunt growth. Some businesses falter, not because of the lack of revenue, but because they take on too much. Should you and your team be stretched thin, it’s time to scale back and produce the best you can deliver. What you’ll find is more happy customers, co-workers, and self contentment. Get some unbiased advice. An outside view by an experienced business consultant can shed a lot of light on problems you didn’t even realize existed. Have your business evaluated and get some helpful advice that isn’t tainted by being too close or too attached. Know your company’s limits, and, its potential. Here again, if your company can’t comfortably keep pace with demand, it’s time to pull back and deliver quality over quantity. Should you be experiencing a spike, consider your business’ potential and grow incrementally. Understand your cash position. Having less cash isn’t necessarily or always a bad thing. It causes you to look at and prioritize expenses, weeding out what’s not needed. You’ll find creativity if you don’t succumb to fear. Another factor you’ll have to face is the emotional adjustment. We’re told all our lives that quitters never win and winners never quit, but, that goes against reality. Be willing to make an emotional adjustment and deal with the reality. [shareaholic app=”follow_buttons” id=”26833294″]

A Lesson from the Luddites Smart Ways to Keep Your Small Business Agile and Adaptable

June 12, 2024 No Comments

A Lesson from the Luddites: Smart Ways to Keep Your Small Business Agile and Adaptable You’ve probably heard of the Luddites – a group of English textile workers who protested against the rise of mechanized weaving looms in the early 19th century. They believed these new machines would lead to widespread unemployment and take away their livelihood. To save their jobs, the Luddites focused on destroying the forthcoming state-of-the-art technology instead of adapting their skills to work alongside it. This inflexible approach ultimately proved futile. But, they didn’t anticipate the long-term benefits of mechanized weaving, such as increased efficiency and lower production costs. These advancements ultimately led to a more competitive textile industry and potentially more jobs in the long run. In other words, the Luddites are a prime example of a small group who failed to recognize the emerging situation and simply weren’t agile or adaptable enough, which ultimately spelled disaster. Why Companies of All Sizes Need to Stay Agile and Adaptable Today, small businesses benefit from staying agile and adaptable because they can respond quickly to market changes, customer needs, and technological advancements. This allows them to outmaneuver larger competitors who may be slower to react due to their size and complex decision-making processes. Being agile and adaptable also enables small businesses to foster a more personal connection with their customers by quickly addressing their needs and concerns. Agility and adaptability are crucial in our incredibly fast-paced business environment, where sudden global events, technological shifts, and changing consumer demands can impact the market. By embracing change and staying flexible, small businesses can maintain a competitive edge, innovate more effectively, and ensure their long-term success. Moreover, small businesses have the advantage of making decisions and implementing changes more quickly than larger organizations. This agility allows them to experiment with new strategies, products, or services, and learn from their successes or failures without significant financial or operational risks. Best Ways to Keep Your Small Business Agile and Adaptable To keep your small business agile and adaptable, you can start by encouraging a culture of adaptability. It’s very important to foster an environment where employees feel comfortable taking risks, experimenting with new ideas, and learning from failures. This can be achieved by rewarding innovation and promoting a growth mindset within your team. Additionally, embracing technology as it improves. Moreover, staying up to date with the latest technological advancements in your industry and being willing to adopt new tools and processes that can improve efficiency and adaptability. While these are fundamental starting places, you can do much more. Your small business can pursue more strategies to keep it on the cutting edge, and up-to-date, and make it agile and adaptable by doing the following: Listen to your customers. Regularly gather feedback from your customers and use it to make informed decisions about your products or services. This will help you stay in tune with their needs and preferences, allowing you to adapt accordingly. Stay agile in your operations. Implement agile methodologies to streamline your business processes and improve collaboration within your team. This will help you respond quickly to changes and make more informed decisions. Foster cross-functional collaboration. Encourage collaboration between different departments and teams within your organization. This will help break down silos and promote a more holistic approach to problem-solving and decision-making. Invest in your employees. Provide opportunities for your employees to develop new skills and expand their knowledge. This will help them adapt to new challenges and contribute to the overall adaptability of your business. Monitor market trends and changes. Keep a close eye on market trends, competitor activity, and changes in your industry. This will help you identify potential opportunities and threats, allowing you to adapt your business strategy accordingly. Embrace change. Be open to change and willing to adjust your business model or strategy as needed. This will help you stay ahead of the competition and maintain your competitive edge. Maintain financial flexibility. Ensure your business has the financial resources to adapt to changing market conditions and seize new opportunities. This may involve diversifying your revenue streams, managing your cash flow effectively, and maintaining a strong credit rating. Also, be sure to communicate openly and honestly. Keep your employees, customers, and stakeholders informed about changes within your business and the reasons behind them. This will help build trust and support for your adaptability efforts. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Your Company’s Mission Statement May be Impressive But It’s Not Necessarily Why Customers Are Buying from You – Here’s What You Should Focus On Instead

Your Company’s Mission Statement May be Impressive But It’s Not Necessarily Why Customers Are Buying from You – Here’s What You Should Focus On Instead

The Purpose of a Company Mission Statement

The Three Real Reasons People Buy from Companies (And None are Its Mission Statement)

Ways To Show Your Customers How Your Products and Services Make Their Lives Better

Want to Accomplish More?

Like this article?

Related Posts

BREAKING NEWS! Entrepreneurs who need to raise capital will have no restrictions!

Should You Scale or Scuttle Your Startup

A Lesson from the Luddites Smart Ways to Keep Your Small Business Agile and Adaptable