During my over 25 years tenure of building businesses and as a business consultant and advisor working in the global business world, I’ve found that regardless where you are and whom you are, the most important factors that make your business extremely valuable are its client loyalty and its ongoing supply of client referrals. The following are the five main keys that can make your business referable and therefore, more valuable:
  1. Focusing on a profitable niche with specific customer groups;
  2. Providing products and services that your customers value and are willing to pay for;
  3. Having a strong value proposition that resonates with what your customers appreciate;
  4. Delivering on your promises and actively managing your clients’ expectations;
  5. Developing a coordinated process to seek referrals from your happy customers.

When assessing my client’s business health, the three main questions I particularly ask are;

  1. What is your value proposition and how does it make your customer happy?
  2. Is your client’s satisfaction score well above the industry average in every area?
  3. Do you have a client acquisition strategy?

The hallmark of any successful business is a meaningful and profitable value proposition for both the client and the enterprise. Articulating why your business exists and what solutions you offer is great only if you are adding tangible value to your customers while creating a profitable outcome for your business.

Being able to clearly articulate your client value proposition will help you to identify the fundamental drivers of your business, what you really need to focus on and what influences profitability – all of which will give you a clear direction on what you need to do to become more referable.

Consistency is another main driver that will allow the flow in your customer relations innovation, timely operational processes and high level customer service. All taglines, value propositions and a point of difference will mean nothing if you do not have consistency across all your touch points with your customers.

You must have a client acquisition strategy that starts with broadcasting your message to your target market, interacting with your ideal customers and engage them through a memorable experience.  I’m a huge believer in having processes in place that  assists the business in seeking meaningful referrals. Many advisers seem very unsure about asking clients for referrals, perhaps due to a lack of confidence or the fact that, in the past, new clients were not that difficult to come by.

Once you’ve achieved a high level of customer satisfaction and loyalty you then have the license to seek customer referrals in a structured and professional manner. You may utilise client surveys like the Net Promoter to start the conversation with your clients and find out exactly what they think of you.

How do we use technology to make your business referable and your competition irrelevant?

At Advantex360, we work with you to align your business strategy with your online objectives, and clearly articulate your customer’s value proposition that will identify the fundamental drivers of your business to create a strategic online solution. We custom design a solution that will target your niche market and convey your clearly defined solution to your customer’s clearly defined problem, with a strong call to action. All these elements combine together to create a strategic online presence that will lead to your customers making quick decision to buy your products or services, they will be guided by a customer acquisition strategy that will turn your leads into transactions and help you acquire your ideal customer.  Therefore, by aligning your business strategy with your online presence we create an enhanced online experience and value proposition resulting in many referrals from your happy customers.

For more information on how to make your business referable and more valuable contact us today.

About the Author: Michael Yacoub is the Founder & CEO of A360 Coaching and author of a several best-selling books & publications. With over 25 years in business and leadership development, Michael is an accredited Blue Ocean Strategy consultant, international public speaker, and winner of Telstra Business and ASX Enterprise Market Awards.