business success

4 Practices of a Successful Business

All businesses want to emulate rock star companies like Facebook, Pixar, Google, and Amazon with their cool culture, free lunches, and bean bag chairs. We see the impressive profit statements and hear stories about the fun work environments and wish our organizations could be like theirs. But we need to ask – How did they become successful in the first place?  What did they do to set themselves apart from all the other companies out there?  Before you go out and buy a pool table for your dealership, check out these 4 practices of a successful business.

Know your customer

It’s critical to your business that you know your customer. Challenge yourself, and your teams to learn everything you can about your target audience or your ideal customer. This exercise will help you develop personas or groupings of customers with similar wants and needs. With this insight, you will be able to recognize challenges or problems that these customers commonly face and provide helpful solutions for them. Just like any relationship, the more you know about what makes the other person tick, the stronger the relationship can become.

Maintain high standards

This is how many big companies got to where they are today. Each touchpoint with a customer is an opportunity to demonstrate your dealership’s high standards. If problems or issues arise, it’s even more important to deliver on your promises to those customers.  They are the customers that, when won over, will become brand ambassadors for you.

Create personalized experiences

Once you are comfortable that you know your customer, you can begin to offer a personalized experience for them. This could be something as simple as paying attention to a customer’s preferred method of communication. Maybe they like getting a text when their car is ready.  Customers will equate your dealership’s brand with the experience that you offer them.

Create engaged employees

Maintaining high standards isn’t easy if the environment isn’t right. It’s important for employees to be recognized for their work and to feel appreciated. They also need to feel that you are investing in the progression of their knowledge.  Try creating ways to turn something that might be considered boring and “educational” into something that is just as informative but fun. Plus, you could always get that pool table.

 

For more on this topic, see “4 Strategies for Business Success (and One Company Getting It Right)” by Wade Harman