Every business will be successful if it follows three basic fundamentals. First is the display or presentation, second is marketing and the third is delivery. If any entrepreneur follows these three basic fundamentals they will never be a failure in their business life.
Display or presentation means the kind of infrastructure that is created for the type of business that we are going to do. Few things to be kept in mind while doing this are, we have to be care of the set up, the infrastructure, the interior decoration and the exterior of the unit. We have to take care of every minute detail like the quality of material used and that it has to be an attractive infrastructure. Moreover, if the business has an attractive infrastructure and a wonderful layout people will automatically get attracted towards the setup of the organization. It is simple human psychology that whenever a customer wants to go for shopping they want to go to a beautiful showroom than a small shop. The simple reason behind it is that the small shop will not have many options or variety and the quality also may not be up to mark. A business becomes successful only when it focuses more on quality. Any business which focuses on quantity while compromising on quality will have only short term gain or benefit. However, if a business wants to stay in the market and go for long term benefit, it has to focus on the quality of the service or the product that they are dealing in. If the business is providing quality service or product it can also charge more for it.
If a business has an implausible infrastructure, the presentation is excellent and the quality of service or product is great, it automatically builds a trust and confidence for the business or the organization among the customers. This plays a vital role in human psychology and creates a positive picture among people. It shows that the person behind this infrastructure has sufficient funds and they are in a position to provide quality service or product. With good infrastructure half of the job is already done in creating a successful business.
Every business requires good infrastructure. To have a successful business it is imperative to have a good infrastructure. On the other hand, there are certain businesses where an infrastructure is not required, like an individual working from home or an online business or service. So for businesses where infrastructure is not required, we can attract customer through the display. In this case the display of our website or portal should be appealing. The design of the website should be creative so that whenever a customer opens the website, they should be attracted to it. In this case the website works as display or the showroom for the customer. So the first and the foremost thing is how a business presents itself in the market, this includes few other things like the staff dress code, color scheme, logo and so on. The business has to create a complete corporate identity for its business and follow it. A corporate identity creates a positive impact on customers’ mind and it convinces them that it is a good and a reputed brand. Even a small business has to be careful and specific about the colors, the theme, logo, design, patterns, stationery, business cards, envelops or whatever stationery are selected for the business. It should be perfect because all these things are crucial for any business, be it physical or online.
Marketing is another important thing that the entrepreneur needs to do to make the people aware that we are in the market and deal in this product or service. Never can a business ignore the marketing aspect and the marketing has to be effective. It has been seen commonly that many organizations do not focus on marketing or don’t have adequate marketing budget. These people start a business with a basic capital, create infrastructure, hire people and expect that the customers will walk in. When they will earn profits from the business, they will invest it in marketing. This is definitely a wrong approach. Whenever we start a business we should always have a dedicated budget for marketing and promotion. Marketing is the only medium through which a business can reach out and attract the customers. Many organizations in the past have failed due to lack of sufficient marketing. When they stopped marketing their product, they started losing the business. Marketing is not a onetime investment, it is a continuous process. If a business has a good infrastructure and an effective marketing, the customer will come to them and buy products from them.
Delivery is the final factor for effective and successful business. It shows how we take care of our customers, how we serve them, our service pattern and how we deliver the services. It also shows we really care about our customers and provide quality service for which we are charging. We should show to the customers that we are not charging them to recover the money that we have invested but for the quality service that we provide. The customer should also feel that we give importance to customer satisfaction.
To summarize, if an entrepreneur adheres to the above discussed three factors while starting a business and running it and also appoints a dedicated team and allocates sufficient budget for the above discussed three key aspects of the business, they will never incur losses and the business will always be in profit. Finally, to reiterate, Display, Marketing and Delivery are the three essential factors for a successful business.
Written By – Ashish Bhagoria
(Excerpt from the book Managing Business through Human Psychology)
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