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joint ventures &mastermind marketing system &Risk Reversal Martin Lee on 14 Dec 2007 04:23 pm

Critical Questions for the Successful Entrepreneur

Continuing with my summary of Jay Abraham´┐Żs Mastermind Marketing System, this week’s contents talks about some questions every entreprenuer should ask himself of his business. This is part 8 of a 12-part series.

If you can’t paint a clear an accurate picture of where you want to go, you can’t get there.

There are a lot of different avenues to the same outcome. Define what success means to you, what you want and what you do not want. Ask yourselves these questions:

Your Goals and Vision

  • What got you started? What was the reason? What’s the goal?
  • What’s your true market potential?
  • What is your USP and is it a consistent theme throughout all your different communications?

Your Business

  • Describe completely what your business or career does.
  • What were the things that initially drove your success?
  • Excluding yourself, your family and your clients, Who else will benefit from your success?
  • How many of your suppliers could be motivated to grow your business?
  • Can you barter any of your services or assets with other companies?
  • How has your products/services or methods of doing business changed since you started doing business?

Your Clients and Prospects

  • What is your business philosophy with regards to your clients?
  • Why did clients buy from you in the beginning?
  • Why do they buy from you now?
  • What primary method of generating clients do you use?
  • Where do your clients come from today?
  • How well connected are you with your clients on the ground?
  • What do your clients really want (be very specific)?
  • What are the biggest client complaints you receive and how do you resolve them?
  • Do you know your client attriction rate? What can you do to reduce the problem?
  • How do you currently capture prospect’s information and what do you do with them? Have you ever analysed them?
  • How much is your average initial sale to a new client?
  • Is there a system for you to consistently communicate with your client after the initial sale?
  • Do you make consistent efforts to communicate to your clients what your company is doing for them?
  • Do you have an adequate number of client testimonials in various formats?
  • What does it cost you now to get a new client? If you know this and also the correlation between a prospect and a client (percentage of prospects that convert to clients), you can afford to buy leads all day long.

Your Marketing

  • Which of your marketing efforts bought you the most amount in revenue?
  • Do you test the various aspects of your marketing activities and processes to optimize their yield?
  • What is your single and most successful marketing campaign?
  • What is your biggest and best source of new business?
  • In what ways do you try to upsell your clients?
  • Do you need to make money on the first sale or can you just break even?
  • Do you actively solicit referral business?

Your Competitors

  • Who are your biggest competitors and what do they do differently from you?
  • What are your competitors biggest failings?
  • Do your clients buy only from you or from your competitors as well?
  • Have you tried selling your lists of unconverted prospects to your competitors?
  • Why are your clients buying from you and not your competitors?

Joint Ventures

  • Do you have strategic joint ventures with other people?
  • When you create a new client, who else have you created a new client for?

Risk Reversal

  • What kind of a gurantee do you give your clients and how does it compare with your competitors?
  • How many better and more effective ways could you reduce the risk of the transaction for a prospective client?

9 Responses to “Critical Questions for the Successful Entrepreneur”

  1. on 15 Dec 2007 at 12:50 am 1.Peter said …

    Good article thanks for it.

  2. on 15 Dec 2007 at 6:16 am 2.Dale Parkes said …

    Hi
    Martin…great service you are providing….thank you.

  3. on 16 Dec 2007 at 5:43 am 3.Peter said …

    Hi
    Martin This is great article thank for it.

  4. on 18 Dec 2007 at 12:45 am 4.Lee Johnson said …

    Great work, Martin!

  5. on 28 Dec 2007 at 6:48 pm 5.JohnB said …

    Great work Martin, great list!

    Those questions will definitely make you money in business.

  6. on 29 Dec 2007 at 6:10 am 6.Paul said …

    Martin

    I seem to have missed this posting but once again it reminds me what a great product Jay’s Marketing Mastermind System is.

  7. on 03 Jan 2008 at 1:24 am 7.Martin Lee said …

    Thanks for all the positive feedback. Hope this is useful.

  8. on 23 Jan 2008 at 2:24 pm 8.Lily said …

    I think enterpreneur need to write down and keep the answers after finish with all the questions. They have to read the answer repeatly every certain period (could be a week or a month?). By doing this, the business will be keep on the track (as previous plan) and they maybe able to find any opportunity of improvement.

  9. on 24 Jan 2008 at 12:37 am 9.Martin Lee said …

    Hi Lily,

    Yes, reviewing and tracking your own plans is important and will lead to improvement. Thanks for bringing this up.

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