The ‘WOW’ Factor For Business Development
If you have it, flaunt it
If you do not have it, create it
If you do not have any WOW factors, you are pressured to be a commodity with the lowest price.
By Michael Marshall, ‘The Business Doctor’
The WOW Factor is simply, anything that you can do or offer that when customers, clients and the market hear or finds out about you, they comment ‘WOW’.
After ‘WOW’ you will often hear comments like;
“I never knew this about you.”
“This is great.”
“If I knew this about you before I would have bought from you.”
“If I knew this about you I would have been a customer of yours a long time ago.”
“If I knew this about you before I would have never gone to your competitor.”
“If I knew this about you before I would not have left you.”
“If I knew this before we could have done a lot more business together.”
“Why haven’t I heard about this before”
“Why haven’t we heard about you before”
“I have not heard about this before, is this something new”
Such WOW factors need to be boldy communicated, in everything continually.
This WOW factor is very powerful to help grow the business.
It is important to keep in mind that WOW factors have to have actual value.
The criteria of Value Added include;
1. it must save the customer money
2. it must help avoid a cost for the customer
3. it must help the customer avoid a problem that is meaningful to the customer
4. it must give the customer a competitive advantage
If any of your WOW Factors do not meet any of these criteria, then your WOW Factors are not so WOW.
If they do not have benefit for the customers (in the eyes of the customers or in customers’ perception) then they will not significantly help you grow your own business.
Remember, this has to be in the eyes of the customer and not yours.
If you do not know your WOWs, take an inventory all of your capabilities no matter how large or small and ask customers and potential clients out in the market what they think about them.
This is a very easy method to uncover your value and importance to the market.
There is another thing that is important to understand regarding time frame.
Just because you just decided to start letting customers, clients and the market know about some of your WOW factors that meet the value added criteria, this does not mean everyone will coming rushing to you for business immediately.
Studies indicate that a time frame of 1 to 5 years is fairly average to ramp up sales and business when aggressively communicating WOW factors.
Aggressive communications include;
Boldly in all literature
Boldy on websites
Boldy in advertising
Boldy in PR public relations
Boldy in all training
Boldly in all customer & market communications
It takes time for the market to learn about you and your WOW factors, get to believe them, accept them and be motivated to work with you.
This indicates the need to aggressively start communicating your WOW factors immediately.
The more aggressive you are, the shorter the time frame to ramp up into business growth.
It also indicates that if you have not been aggressively communicating the WOW factors that you have been wasting valuable time.
You should now understand one of the reasons for lack of business growth.
All of the crying or complaining about it will not get back the time you may have wasted.
Just uncover and acknowledge your WOWs that meet value added criteria and start aggressively communicating now.
Michael P. Marshall, PhD
Executive Advisor for Business Development, Marketing and Sales
Michael has more than 30 years of business experience focusing on business development utilizing extensive skills in marketing, sales, and communications; both national and international.
This experience comes from starting at field staff level positions and then progressing up to senior level Director and Vice President positions in several industries and markets including medical and healthcare.
His expertise is also utilized in special advisory and consulting situations, as well.
Prior to his extensive 30-year business career, he studied advanced engineering and then transitioned to psychology and social human behavior.
In these endeavors he learned what makes people do what they do, what influences others, how to motivate positive behavioral change; and the importance to a strong foundation and the individual components in a structure.
Michael’s education and trainings include a PhD in business concentrating in marketing and business development, an MBA, bachelor degrees in psychology and social human behavior, advanced post graduate certification in medical and healthcare marketing from UCLA, formally trained in ‘Creativity and Out of The Box Thinking’, federally certified in international business.
He has over 35 formal trainings and certifications covering the fundamentals of business development, marketing, sales, communications, management and leading a business to significant sales and profit growth.