The 3 Quality Features You Need to Grow Your Business
Major Points From The Article.
You can Grow Your Business by creating quality within the business
There are 3 quality features that are needed to grow a business
Employees should be motivated and experienced
Processes should ensure high customer retention
Branding needs to be consistent to create brand equity
We have all been told that content is king, but we also have to factor in that the content must be quality. Much like what we can see below, these three skilled and experienced soccer players win against 100 inexperienced soccer players, and with ease.
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However, quality is more than just content. The quality of your business creates the competitive fitness, and the higher the quality, the more professional you look and the more brand equity you create (i.e. what makes you better than a generic brand).
So what are the 3 features of a business that needs to have quality? In fairness, all the elements within a business requires quality to ensure that your customers, be it B2C or B2B, keep coming back, but we will just focus on the top 3.
As we saw with the video above, the 3 high quality soccer players were able to win against the 100 inexperienced players with ease, and the same came be said within business. In a top performing team, the people are productive, cohesive, supportive, and motivated to achieve the company's objectives. They strive to continual improve and have high resilience to rejection. These are excellent qualities to have within your sales team, and should also be present throughout the whole business. In doing so, it helps to elevate the customer journey with feel good energy, encouraging your clients to keep coming back.
Financially, 3 good players at say $150k/year ($450k total) is better than 100 bad players at $50k/year ($5M/year total). It's a major saving to your business.
On the flipside, an un-motivated, un-productive employee will not accomplish much for your business.
How do you measure productivity?
These need to be high quality by representing speed and output. How many times have we changed telco because they kept failing at providing reliable coverage or internet speed, or changed a delivery service because the packages arrived damaged? In regards to the first item, this relates to the process of working on customer complaints and fixing the issues as quickly as possible to keep customer retention high. In the second example, this relates to the operating procedures of how to handle a package, how to stack a package, how to look after a package in transit and more... Without quality processes, customers become upset with your business and will move to a competitor.
Coming back to the content is king... we need to consider more than content. We should actually be considering branding. Branding relates to the experience and the journey a customer or client has with your company and how they identify it is you. Typically they will understand it is you by your logo, but it can also be recognised by colour, shape, size, and more. Take Coca-cola for example, the logo, the wave, and their signature red all adds to building the brand. Add to it the marketing campaigns to create the joyful experience, it helps to build the brand equity. Without consistent messaging, consistent style, consistent design the brand becomes unrecognisable and is poor quality. A consistent brand, creates a quality brand and will grow your business. Furthermore, as the branding is of high quality, you can also charge a premium for the product. This helps to increase profit margins, growing your business further.
Take the above flour example. Both are exactly the same product. Just plain flour. However due to the quality of the branding the Woolworths Essentials is $1/kg, whereas the White Wings is $3/kg. White Wings have a higher quality to their branding and have created more brand equity (and $2 premium).
How large is your brand equity?
4. Bonus: Product
Not for everyone, as not everyone has a product-based business. Your products should be a certain quality that they survive their expected life span. Laptops 2 years, Cosmetics 1 year, Mattress 10 years, etc... If the battery doesn't last, if the moisturiser develops mold, if the mattress springs burst out, and more... it will create product recalls, loss of customer base, decline in sales, brand damage, negative word of mouth and more. Your products should be quality (and if you have a service, the service should do what it says you do).