I said to a CEO “there is no profitable status quo in business.” He asked me to imagine standing on a street corner where we live. The traffic and the people are passing by. He said “Standing there is like maintaining the status quo in my business. I am not losing ground.”
I said “you may think that not moving is the same as not losing ground. Not so. Many of the people literally passing you by are on their way to companies where they will pass you by in revenue and profit growth; in improvements and innovation; in client retention. Standing still will pretty quickly mean you are losing ground.”
What are you doing every day to get better? Apply Singular FocusSM to these three areas where getting better will blow you far past the status quo.
- Maximize Best Buyer Revenue. Best buyers are current buyers with whom you have a long and productive history. They want to buy more from you, as long as it has high value and meets their needs. Ask your best buyers what else they’d like from your company, and then give it to them. This is the ultimate opportunity to get better.
- Improve and innovate. Improvements and innovations of your current offerings are perfect examples of resisting the status quo. What can you to do increase convenience, quality, and variety? How much additional value can you provide that is easy for the buyer to access? What innovations will meet needs the buyer hasn’t even realized they have? Improvements and innovations mean you are getting better over time.
- Cultivate and nurture your current buyers. Your current buyers will propel you past the status quo if you invest in them. When CEOs and Owners devote 80-90% of the company’s marketing efforts to client retention, they see a huge increase in revenue and profit from those buyers. Think of it this way: current buyers already trust your company and so they buy more quickly, share their positive feelings about your company with others, and are eager to buy your new, improved or innovated offferings.
When you stand still and everyone around you is moving, you get left behind.
These three specific opportunities for getting better exist in every company. Get focused on them right now and put the status quo behind you.