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Every business is unique or rather should be treated as unique. A few things can be learnt and read about business but there are things you just can never know until you start a business which leads me to the 11th commandment of business. There are more than a million books on business and all these books are supposed to serve businesses. I read books too and love business books the most but there is one more commandment to be added which every business should know.
Everyone has an idea and in one way or the other working towards making it a business which is good. I wrote about 4 signs you should quit a job for a business. No matter how much you do in business and don’t get this 11th commandment of business right from the beginning you might succeed in the business until a better competitor comes into the pitch. The 11th commandment of business is this;
“Thou shall create value, build value and give the value like no one else is doing.” I will explain. The very reason why a business exists primarily is the value it gives. A business that possesses to give value but then collects people’s money for nothing is a scam. How do you obey the 11th commandment?
1 Give value in a way no one else does
There is a need everywhere for clothing, one can choose to start providing clothing. The question is how can you provide this clothing in a way no one else does? Aside from the labels on the clothing, how can you differentiate your line of clothing? When everyone is focused on making Ankara clothing, can you submit proposals to schools and specialize in making school uniforms for schools?
This is called value differentiation. it is the 11th commandment of business no one would stress on. You sell cars, and your neighbour sells cars too, what can make someone leave your neighbour to patronize you? It could be that you sell cheaper or that you give one-year free maintenance after purchase maybe a one-year free car wash or that your cars are neater. How are you different? It’s this differentiation that gives you an edge over others in the market. When there was a lot of malt drink in the market, one quickly differentiated their product by making low sugar malt and boldly wrote it on their malt can. Giving value isn’t enough, give it in a unique and different way, simply be different.
2. in 11th commandment of business, You don’t sell a product, you sell a solution
I’ve seen people put the cart before the horse, they build or import a product and then starts looking for who to buy. They make a product before knowing who would need it. The rule is this; find a problem before making a solution, find a market(buyers) before purchasing those products.
Big companies don’t expand because they want to, they expand their product lines because they saw a need. Example, when Coca-Cola was accused of adding too much sugar in a bottle, they researched for data of diabetic patients, elderly and other class of people who live low on sugar. The result and number were promising enough to make a special drink for that market so they launched diet Coke, that coke with zero sugar.
3 It all matters what you make people believe they are buying
When Coca-Cola started, they made people believe they were buying a healthy nutritious drink that can even cure and prevent migraine headaches. So people believed they were improving their health not just buying a product. People who enter a meat shop believe they are buying a healthier and a better alternative than that meat kept on tables in the market with flies feasting on the meat with dangerous infection.
There is something more important than what you’re selling, and that’s what you make the customer believe he is buying. Heard of wristwatch that checks and regulates your pulse? People buy it believing it would keep them healthy all day in their busy activities. It’s all about what you make people believe they are buying. You achieve this by including an added value on your product. A watch that checks and regulates blood pressure. A toothbrush that removes a tough stain, a detergent that disinfects your clothes long after washing. It can be anything, just include an added value.
4 11th commandment of business demands you Sell a promise
Selling a promise and living through to it is the easiest way to build a brand and offer an efficient value. Some companies sell a promise of strength and reliability so, when you buy their product you already know what to expect. Let me use the telecommunication companies as an example, one promises “everywhere you go” in other words, more coverage no matter your location and a lot of people use it for that reason.
Some other people who prefer a large quantity of data bundle are subscribing to another telecom company that promises grand data and they truly get the big data bundle at a very cheap price. Some other people want a fast and reliable internet speed so they are subscribed to another company despite the high cost of the data. Give a promise and live up to it and people who need that promise will be attracted. The easiest way to kill a business is to give a promise and repeatedly break that promise.
The good thing about a brand promise is that no one judges you for what you don’t promise. The telecom that promised you speed and reliability, despite the high cost of data have people who can’t endure slow speed run to them for rescue despite the high cost. They didn’t promise you cheap data like the “grandmasters of data”. The company that promised you grand data but gives you slow speed attract people that quantity is their biggest concern and not quality. Nobody judges you by what you didn’t promise as long you live up to what you promised.
In conclusion, Giving value isn’t enough, give it in a unique way(product differentiation), shape what the customer believes he is buying, sell a promise and live up to it. By so doing, you’re obeying the 11th commandment of business.