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Want to Maintain Market Relevancy? Here’s What to Do

There’s no foolproof way to insulate your company from potential hardships, you can maintain relevance by focusing on the problems your products or services solve.

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COVID-19 taught leaders a lot of tough lessons and revealed that even well-established businesses could fail in the midst of uncertainty. Although there’s no foolproof way to insulate your company from potential hardships, you can maintain relevance by focusing on the problems your products or services solve.

Being problem-driven serves several purposes. First, it keeps your focus squarely on your customers. You aren’t as likely to be distracted by the “what you do” or the “how you do what you do.” Rather, you’ll always refer back to the key reason you’re in business.

A second benefit is that you’ll be more efficient with your overall processes and team time management. You’ve likely experienced some turnover due to the Great Resignation. Becoming a problem solver gives your team members direction and purpose. This helps them be more engaged and productive; they’ll be more likely to stick around because they know they’re making a difference in customers’ lives.

Finally, becoming problem-centric will help you make your products and services even better. Once you truly understand your customers’ problems, you can identify relevant solutions and tackle other tangential struggles.

Inspiring Your Team to Become Problem-Focused

Are you ready to focus your business around the problem you solve? The following strategies will help you reset your North Star so that you never forget why you’re in business:

1. Research other companies that have generated success by solving specific problems.

The best way to understand the benefits of becoming problem-driven is to read about other companies. Take Salesforce, for instance. The cloud-based software company helps its users store, manage, and analyze data. In other words, the problem Salesforce solves is helping customers stay organized and make well-informed decisions.

Subway solves a much different problem: consumers’ desire for fast food that’s also healthy and not overly processed. Subway’s entire platform is built around showing customers how they overcome this problem, right down to its “sandwich artisans” making food in front of customers’ eyes.

As a side note, you might want to consider the problems your strongest competitors solve. Do you solve the same problem in a different way? Maybe your solution is more dependable, but your competitors are doing better jobs positioning their solutions from problem-solving angles. Learn from those around you to determine the best path forward.

2. Speak with your most satisfied customers or clients.

Have you lost sight of the problems your company solves? Your biggest fans haven’t. They know why they appreciate your business. You just need to open up communication so they can give you explanations.

There are numerous ways you can gather this information. For instance, you might want to send out surveys or set up in-person or online focus groups. Depending on the type of market you’re in, you could pick up the phone and have one-on-one conversations with your best champions. For example, if you make as tangible products as linen suits, it might be a good idea to meet some of your customers in person. They will be happy to share and even show you the weaknesses and strengths of your products.

Be sure to write down all the problems that your customers say you solved for them. Then, look for common threads so you can drill down to just a few core problems. Your sales and marketing team members can provide a sort of litmus test to be certain you’ve identified the issues they hear from customers on a daily basis.

“The golden rule for every business is put yourself in your customer’s place.” – Orison Marden

3. Transform your mission and vision statements.

Do your mission and vision statements outline the problem your company addresses? This needs to be a major priority. When your mission and vision reference the problem you solve, the whole world knows immediately what to expect from your brand.

Again, this is a good place to start conducting research. Look up some successful companies’ mission and vision statements. See which ones tacitly or openly speak about problems. How does yours compare?

Just make sure your mission statement doesn’t sound pessimistic or overly transactional. Honest Tea’s mission does this well: “Honest Tea seeks to create and promote great-tasting, healthy, organic beverages.” The statement implies that not all beverages are delicious, good for you, or sustainable. But the words themselves are stimulating and appealing.

4. Make your sales and marketing messaging problem-centric.

All your sales and marketing materials should explain how your company solves a problem. By putting this messaging front and center, you’ll show potential customers exactly how you can make their lives better.

Consider the videos you produce. In today’s world, video content is essential because so many people consume it regularly. HubSpot research shows that about two-thirds of people rely on video to learn about products or brands. If you’re making a video, start off by talking about the problem you solve. Make sure the problem’s negative impacts are clear. From there, you can speak more about how your company tackles the problem and the advantages of your products or services.

Don’t forget to update your cold-calling campaigns, too. Every call should involve problem-based discussions that lead prospects to the conclusion that your company is the right partner. As you’re updating your sales scripts, remember that problems are almost always directly associated with a drain on time, profit, or both.

Your customers’ problems are your opportunities. As long as you solve a relevant problem, business will never dry up. And that’s an outstanding position to be in because it helps protect you against events such as recessions and the Great Resignation.

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Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

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How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

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Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

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