How do you define success? In particular how do you define success when you own or operate a business? The simple fact of being in business does amount to a certain level of success. However merely existing doesn’t automatically mean your business is successful. When it comes to defining success in business you must look deeper. Are you doing enough to position yourself and your business for long-term success? If not you could be just surviving until other business(s) chip away at your market share until there is nothing left for you.
Success vs Survival
Surviving in business means you are able to meet all of your obligations and most likely turn a profit, but are not doing anything to set your business up for long-term success. You probably have the next few months planned out for, maybe even up to 6 months, but are you planned out for the next year? How about 18 to 24 months?
Success, by contrast, means you are doing all the things to survive but you are also positioning your organization for a prosperous future. Your business is thriving today, while keeping an eye on the what is around the corner.
The key difference between success and surviving is not what you are doing today but what you are setup to do months and years from today. Successful business owners always have one eye on the future. They are preparing and planning for changes in the industry or their market. They are looking for ways to increase their market share while prepping for the lean times most businesses face. Successful business owners invest in new employees, ideas, or equipment with the goal of ensuring the prosperity felt today lasts long into the future.
There is one more important investment successful business owners ALWAYS make. And this investment might be the most impactful of them all — marketing.
How Marketing Leads to Success
As we have written before, marketing is NOT a luxury. It is something all businesses looking for success must do. Here are some of the ways marketing sets you up for success:
- Increase Market Share – The more people know about your business, and what sets you apart from the competition, the better. People who would not otherwise know about your business will begin to seek you out which will increase your share of the marketplace.
- Know Your Audience Better – A key part of any marketing strategy is defining your target audience. Doing so give you deeper knowledge of who your best customers are, which in turn allows you to build a deeper connection.
- Become a Leader – As your share of the market grows, so does your influence. Not only in your industry, but in your local business community. Other business owners and professionals will start seeing you as a leader and may even look to you for consultation.
- Improve Your Business – Developing a marketing strategy forces you to review how your business operates in order to make sure your business and marketing strategies are aligned. This gives you the opportunity to make improvements where needed while applying successful tactics to other parts of your business.
Done right, promoting your business through sound marketing efforts has positive impact on all areas of your business.
There is nothing wrong with surviving in business. In fact that is what ALL businesses try to do in their first few years of existence. However there comes a time when you must shift your thought process from surviving to succeeding. Marketing your business is the most effective way to make that shift.