So the carbon tax was in the news again yesterday – this time because it’s likely not to be the huge cost (revenue earner) business (government) thought it might be. But the sad truth is that businesses have incurred higher bills for all sorts of things since its introduction – despite warnings and prosecutions from the ACCC regarding price gouging.
And when costs go up almost everyone starts wanting to drop costs. But let’s face it, there are only so many costs you can reasonably trim, before you lose the ability to actually run your business properly. So if you’ve gotten to the end of your cost-cutting rope – what else can you do?
What about increasing your revenue via new business?
Yes, even in tough(ish) times there’s always more new business to be found. Regardless of good times, tough times, GFCs, etc there’s always someone doing well.
But, if there’s so much new business out there, why then, do so many business owners hate ‘doing’ new business?
Business owners hate being rejected
The reason, research tells us, is because most of us fear being rejected. Yep, me too.
And we give up too quickly. Actually the statistics on how quickly sales people and business owners responsible for new business give up are alarming, but I digress.
One of the biggest reasons we’ve all had miserable experiences with new business in the past is because we’ve focussed on the wrong thing – getting our customer to buy what we’re selling; not selling what the customer wants. Yes, it’s a fine distinction, but it’s a really important one.
It’s not that your product or service isn’t the best in the world – it’s just that your customer, isn’t really that interested.
Customers aren’t interest except in themselves and WIIFM
So if they’re not interested in your product or service – what are they interested in? How do you build new business?
That’s easy – your customers are interested in themselves. Your job as a business owner/service provider is to answer their most critical question – “what’s in it for me?” or WIIFM. If you get your answer to that question right, you’ll have no shortage of new business opportunities.
Next blog post we’ll look at how to put the WIIFM principle to work for your business.
If we can help you better address your customer’s WIIFM needs and build your new buisness portfolio, we’d be delighted to help.