Success = x + y + y
It’s a simple formula, but it works. This is how:
Yesterday we discussed that knowing your X-factor will improve your chances against the rest of the pack. It will enable you to work out what makes you special in amongst the abundant choice of products and services we have these days. Once you know the unique value of your X, you will be able to work out the reason behind what you are doing, as well as what makes customers buy from you. Those are the Ys in the equation. Why do you do what you do? And why is your customer spending money with you.
Why do you do what you do?
People are motivated by a great many reasons and, often, it is not the most obvious reason that is actually driving us. Getting to the bottom of why you really do what you do involves asking questions and doing them the honour of brutally truthful answers.
For example, if I asked you why you do what you do, you might answer: to earn a living. But that is just the surface ‘why’. You have to dig deeper than that. I went through the same thing as a writer: Why am I a writer? At first I thought it was because that was the easiest way for me to make a living with young children who I didn’t want to put in aftercare. But, when I dig deeper, I find I am a writer because I want to share what I learn; I want to provide value to the world through thought innovation and information. Knowing that helps me to provide more value. I put more thought and depth into my articles since I am doing so much more than just trying to earn a living. It helps me to earn a much better living.
So, think more deeply, answer your questions more truthfully and find your absolutely authentic ‘why’. Once you have your X+Y, you can find out your customers’ whys. And they’ll all be slightly different.
Why does anyone buy a certain thing?
What motivates people to buy your product? Why are they really doing business with you? For example, the man who buys a new fishing rod wants to go fishing, right? Well, yes, but does he also want to find some quiet alone time in which to recuperate after long work hours? Or does he want the excitement and exhilaration of catching something big and strong? There’s the other Y.
The motivation behind the purchase will help you to determine the value the customer places on the product he is buying from you. Customer value determines how much the price means in terms of the value the customer will get out of the product. So getting the right fishing gear needed to hook that fighting fish is of great importance, or the fisherman will not achieve his real ‘why’. For the chap who wants to find some relaxation time while feeling productive, the price of the equipment will have more influence in what he buys.
If you know the motivation, you can sell the product’s benefits, which is far more likely to close the sale.
So in order to succeed in business you have to know why you are special, the truth behind why you do what you do, and the real reason the customer is willing to purchase your product or service.
This all speaks to the same thing. Authenticity. Keep it real and you will succeed.
Do you know the ‘why’ that motivates you? Have you found that knowing the ‘why’ that motivates your customers helps you to close more sales? Let us know in the comments below.