The Three W’s Your Business Needs to Answer to be Successful
Do you ever look at businesses (and I don’t mean that in a literal sense)?
For most of my life, I stared at commercial after commercial of successful brands like Coca Cola and wondered how they were able to keep their business running for many years. I eventually figured it out after working as a copywriter for them and many of the other well-known brands you know and probably buy from. I noticed that all these brands had answered, what I like to call the three W’s of business: why, who, and what.
These three w’s make up the basic foundation of an effective business and is often the determining factor of the success or failure of a business.
Figuring Out Your why and Why You Need It
As a business owner/entrepreneur, you’ve already probably heard a ton of things about figuring out what your why is. If you aren’t familiar with the term, your why is basically the gasoline to keep your business (and you) operating at its best.
It commonly looks like this: Why do I want to start this business venture?
Aside from it being a very popular topic to talk about, many don’t realize that there is more to answering your why than that very question.
I realized this when I first started searching for the meaning behind my why. It wasn’t enough that I wanted to start my biz to take care of my family or to be able to live the life I dreamt of or even make money. There is so much more to it than I could have ever imagined because your why isn’t just about the business you’re running- it’s also about your customers.
One of the reasons why many businesses fail early on is because they’re more concerned with figuring out what font to use or how to run an effective sales funnel, not that’s a bad thing, while forgetting the most important component a business needs: a customer.
And how do you get customers?
By getting inside their brain and understanding what they really, really want.
Too often, we get caught up in the excitement of entrepreneurship that we tend to not look at it from a customer’s perspective. Because of this, we start creating products or services that we want rather than what customers really want. As a result, you’ll end up getting stuck and your customers will go elsewhere in search for someone who will fit their needs.
So, instead of making your why completely about what you want, include the whys of your potential customers, too.
Defining Who Your Ideal Audience vs Ideal Client
Every business in the world knows who their ideal audience is. For example, Best Buy’s ideal audience is made up of people who are interested in electronics. Another good example is Starbucks (and we all know what their ideal audience is).
But knowing your who is a lot deeper than that.
You see, knowing only your ideal audience isn’t enough. You need to have an ideal client, too.
I’m going to keep this section brief since I’ve already blogged about it before, but basically your ideal client is the niche to your niche since these clients are willing to spend money on you and your programs/services because they love you that much.
What Does Your What Really Mean and Why
We all know that it’s a lot easier to say something than to actually do it. It’s probably why we still hear a certain cliche all the time. While it is definitely cliche, it’s true — your actions tell more about yourself than your words because words lie but actions don’t.
Having been in the business for over 15 years as well as being a mentor to many more, the what is the more exhausting and most tiring W of them all. I like to think this quote from Thomas Edison sums it up nicely: “Genius is one percent inspiration, ninety nine percent perspiration. As the inventor behind many of the things we take for granted, it’s pretty easy to see why he’d say that.
But the problem is that many people are going about this the wrong way.
From people buying followers on social media to hopping from one mentor to another or not even trying to actually learn anything at all, many end up feeling discouraged and kicking their passion project under the rug.
The answer is simple: stop being distracted by everything and focus on what you actually need.
It’s different for everyone, but what I like to do is pick something I’m struggling with and start writing down the steps I need in order to become better at it. One popular way to do this is using the SMART Method. If you’re unfamiliar with the concept, SMART is an acronym for the words Specific, Measurable, Attainable, Relevant, and Time. Each of these sections not only make your goals more realistically approachable, it is also a great way to keep track of what you need to actually do instead of what you think you need to do.
Once you’ve created your SMART goal, work and do what you need to do — like working with a mentor or hiring an expert — until you get there.
So maybe you realized you’re missing a why, a who, or a what and you’re not entirely too sure how to go about it.
Or maybe you’ve got these covered down to a T, but you want to make sure you’re up to date.
Or maybe you are new to everything and want to learn more.
Then you’re in luck.
Starting tomorrow at 5 pm PT/8 pm PT, I’ll be starting a workshop series called Seen Heard Paid where my team and I will be discussing and answering your biggest questions on topics like:
- Attracting loyal customers and ways to keep them interested in what you have to say.
- Getting your whys out there to the world, whether it’s through social media and blog posts.
- Making money doing what you love and how to do it.
And so much more!
So, if you’re ready to end 2017 with a bang (it’s almost 2018!), let’s get you and your biz on the right track today. Click here to sign up for the Seen Heard Paid workshop, and I can’t wait to see you soon!
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