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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 Abrahamís 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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