The Secret Formula for Building a Million Dollar Business

According to the Small Business Administration, roughly 50% of all small businesses will fail within the first five years and those that make it, only a small percentage of them will achieve long term success. So in essence, your small business is doomed to fail! Starting a small business is always risky but if you are patient, work hard and use the secret formula….success can be yours.

The secret formula is:

Strong brand promise + Strong Leadership + Strong Message = Long Term Success

Building a business around the promise you make to your customer and living in service of that promise each and every day will create unshakable customer loyalty. It will also create a great story that will be passed on from customer to customer as they share their experience with others in their networks and community. So here are some tips to implement the secret formula into your business so you can build a million dollar business:

Create a brand promise that is specific and differentiates your company from the competition. It should not be a generic statement such as best quality or world class. Think of Dominos Pizza when you are creating your brand promise “Hot Pizza in 30 Minutes or Less” – The entire organization from the corporate office down to the franchise owners and staff make it their mission to deliver pizza to the customer HOT and in less than 30 minutes.

Every decision, investment and marketing message created is made in support of one thing: The Brand Promise.

Create a culture of accountability and creativity starting with the very top and all the way throughout your entire organization. Make sure every employee is on your “brand wagon” and delivering your promise 100% of the time to create the ultimate customer experience. Look at every place within your company that touches the client and validate that that touch point supports the perception you want to leave in the minds of your customers. And challenge your employees to be creative and to discover new ways to add value to the experience.

Create powerful messages delivered by a direct outreach program and various marketing tactics that attracts new customers and compels them to purchase your product and services. Since you have built an organization around a compelling promise and are delivering on that promise every day, you will retain new customers and create unshakable customer loyalty.

The best marketing is still word of mouth or recommendations from your customers to other potential customers. By successfully deploying the secret formula you will not only attract and retain more customers; you will turn those customers into evangelist of your products and services leading to more profits and long term success.