The One Secret That’ll Make Your Business Succeed Very Fast
In the year 2007 as I was preparing to go into the business world, I borrowed a book from one of my friends.
The book is titled, “What the Rich Know and Desperately Want to Keep Secret”. Like most books I’ve read, this book only left me with one business lesson and that’s how to answer the simple question every buyer asks.
If you’re an entrepreneur, your success can be guarantee if you can answer this simple question.
In today’s Topic I’ll share with you what that question is and how to answer that question and build a business that grows fast and makes a lot of money.
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Now, let’s start from you. Why do you spend $1,000 on iPhone while you could buy some other brands that could do similar things your iphone does for half of the money?
Why do people spend $100,000 on Rolex watch when they can buy any watch that gives them time for $100?
Why do we choose a brand and not others? Most of us will think that our decision was based on some rational thinking. Well, that’s how consumers think.
I believe for you to be watching this video, you’re an entrepreneur, so let’s burry how consumers think. Let’s think like rational people we are, as entrepreneurs.
You see, several studies have proved that consumers don’t choose brands based on any rational analyses.
We make most of life’s decisions based on emotions and that include products and companies we patronize.
Now, if you agree with me that the man who buys a Rolex watch for 250,000 dollars doesn’t buy it to check time, the woman who buy the 1001 Night Diamond Purse for $3.8 million doesn’t buy that purse to carry her makeup sticks, the poor guy who borrow money to buy iphone and even the poor women who patronize Wall-Mart all do it for a reason and that reason is arrived at after consumers ask the question, why should I buy from you?
Why should I buy from you? Is a simple question you must answer if you want to build a business that grows fast and makes tons of money.
Humans Are In Tribes I really want to explain this concept very deeply so that you’ll get it because when I understood this simple concept, it changed my business life forever.
Now Here is the thing. Humans are in tribes. When I mention this, the first thing that will come to your mind is the physical tribes and races you know. Yes, we have blacks and whites. We have Americans and Indians.
We have Africans and Chinese people and we usually don’t tolerate each other. For example, someone will watch this video and just hate me for no reason other than my accent.
Such people perceive that I’m not their tribe and that’s the only reason for resentment. But let’s move past that. Let’s think about the tribe that unites us and that’s the emotional tribe.
Some of us like to impress people so we won’t mind buying the Ferrari with our last cash. It doesn’t matter whether you’re in Asia or Europe, such tribe exists.
Some of us love cheap things and we’ll look for coupon for everything. We’re everywhere. Some of us love things to be fast. We’re everywhere. Some love it slowly, they are everywhere. Some of us love to deal with experts and we will handsomely pay for such services. Some love quacks and they are everywhere.
Target un-served tribe ,Now as an entrepreneur, your primary job is to target an un-served or les-served tribe. Most entrepreneurs have brands that say, “Hey, come and buy”. That is not motivating enough.
Your marketing message should say, “This is for XYZ tribe”. Your branding should say, “This is for people who love to impress others”, “This is for people who love it cheap”, “This is for people who love it fast”, “This is for women alone”, “This is for people of Toronto alone”, etc.
Some people call this, the Unique Selling Promise. I call it “Choosing your tribe”. Choosing your tribe in marketing works because we as humans and we’re are proud people. We don’t just love to belong; we love to be proud of our tribes.
Why do you think people post the photos of their cars and watches on social media? Why do people use the most expensive phones? Why do we buy things we don’t even need?
It doesn’t matter, as long as our tribes buy them, we will. The way it works is this. As an entrepreneur, you must answer this question: who are my tribes and why should they buy from me?
“Differentiate or die” This brings us to an important step in the process of building a great business and that’s the concept of differentiation. As Peter Theil said, business is not about competition. Business is about monopoly.
The true businesses don’t compete because competition kills. When apple first released iphone in June 2007 Steve Ballmer made joke about the Apple’s dream of selling a phone for $500 dollars.
Steve laughed and called Apple a joke. Today, Apple sells phones for as high as $1,500 and people line up to buy one. The reason is because Apple isn’t competing. Apple is a monopoly.
Someone watching this will say, but Apple is obviously not a monopoly. Well, Apple isn’t a monopoly for the entire world, but for the tribe that worships Apple’s products, Apple is the only company that exists.
Haven’t you seen people who cannot use any other phones or laptop except the Apple’s logo is on it? Those are the tribe I’m talking about.
Your goal is to create something similar to your business. The starting point is to avoid competition. Instead, choose a tribe you can lead. Differentiate yourself from everyone so that you will stand out and appeal to the tribe you care about.
Here are some tips —
- Study to know every business you’re competing with —Whenever I want to start a new business, my first job is to spend tons of hours to study every single person I can study in that industry.
Often times after spending several hours on these businesses, I usually see a loophole, an underserved tribe, a world I can dominate. When I see this loophole, the job is half-done.
- Forget competition — I’m an entrepreneur but I hate competition. I hate competition because it’s poisonous to every party involved.
When we compete, we often reduce our prices. When we reduce our prices, we have a little margin. When we don’t have a good margin we can’t make the money to serve our tribes or make ourselves happy.
Forget competition. Don’t fight with the Goliaths in the market place. Create your own kingdom instead. You can do this by differentiating yourself from everyone else
- Reject some people — When you exclude some people intentionally in your branding effort, the people you include will see it as a great honor and they will become your devoted fans.
I started my first online business by targeting a certain group of people. By saying NO to others, the people I say YES to are much likely to become my devoted customer.
An example of this is a product that is targeted at people between the ages of 15-35 or a product targeted at women, men, or aged people.
For us as entrepreneurs, the game we’re playing is the game of tribe leading. We’re not building businesses to compete. We build businesses to lead a tribe.
You must identify your tribe and customize your business for their needs. You must differentiate yourself and reject the temptation to please everyone.
You must be able to answer this question; why should they buy from me? And you must understand that they will only buy from you if you speak their language because if you don’t speak their language, they will know that you don’t belong to their tribe.
I hope this information helps someone to become a better entrepreneur. But if you need me to explain more on this, you can let me know in the comment.
Thank you so much for being here.
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