The Formula For Online Business

In other words a formula is simple a recipe, thus will always give the same results always when followed properly. In this sense therefore the formula for success should always leads to one thing-SUCCESS. However, it is a well known fact that some people like to take some shortcuts and thus a recipe doesn’t normally produce the same results always. Having said that, there are some principles which will work irrespective of what you think or say and one such principle is gravity. If you jump from a house or any height, according to the principle of gravity you will go down. Your initially direction might be up but soon you will be headed downwards. This is a simple and yet powerful principle that will treat you in the same way as anyone else. Similarly there are some principles of success (Success is the maximum utilization of the ability that you have.) that will always produce the same result when adhered to. While doing my research I found the following statement which is very true when it comes to success in business.The formula for success = your human capital (what you know) times your social capital (who you know) times your reputation (who trusts you).This formula can be summarized as follows:BUSINESS SUCCESS = APPLIED KNOWLEDGE * RELATIONSHIP*TRUST The following quote explains the formula in a nutshell “You can have everything in life that you want if you will just help enough other people get what they want.” Zig ZiglarLets breakdown the formula into manageable chunks: Applied knowledgeCan you identify with this saying? “Knowledge is power.” This statement even though it sounds great, it is not really complete as it is. Knowledge is only potential power. The power is in the application of knowledge. Knowledge becomes power when, and if, it’s organized into plans of action and acted upon. The problem with many individuals is that they think accumulation of information is knowledge and also that knowledge is power. It’s not how much you know that will get you wealth, but how much you are doing with what you know that matters most. Napoleon Hill said it in a very convincing way when he said that knowledge will not attract money unless it’s organized and intelligently directed through practical plans of action to the definite end of accumulation of money. For example you can know a lot about horse racing or celebrity gossip but this knowledge will be of little benefit to you and others unless you organize and package it. Acquiring information and knowledge and not using it will just make you a living library.

The secret to great wealth accumulation comes as a result of power acquired through highly organized and intelligently directed specialized knowledge. And here is what most people don’t know-you don’t need to know everything. As long as you know where to get the knowledge needed to solve a problem then you’re educated. Successful people like Thomas Edison, Henry Ford, Bill gates and many others know that to prosper you have to surround yourself with people with specialized knowledge.Successful people are those who never stop acquiring specialized knowledge related to their major purpose, business or profession. If you’re a business person you have to keep on learning new marketing and selling strategies etc. Unsuccessful people stop learning the day they finish formal education.There is absolutely no virtue in ignorance whichever way you look at it. In life the things you pay for are those that you cannot make, operate or even procure all by yourself. Ignorance is not bliss you will pay for whatever you don’t know. For example if your car breaks down and you can’t fix it, you will have to pay a mechanic to fix it for you; whatever you don’t know will cost you.As Zig Ziglar said, when you apply what you know to help other people achieve whatever they want, they will also help you achieve whatever you want. Your level of success will be directly proportional to the magnitude of the problems you’re willing to solve for others. Every invention, service and product is a solution to a certain problem. If you will just listen to people when they talk about their problems, and find out what they want and what you ought to supply them, and then supply it, your success will be guaranteed. There is no other great secret of success than this- You must first know the demand. You must first know what people need, and then invest yourself where you are most needed. Find a hungry niche and give them what they want. In this way you will be a problem solver To be a problem solver you need to understand people’s needs and thus the need for relationship. BUILD LASTING RELATIONSHPS “Whoever renders service to many puts himself in line for greatness- great wealth, great return, great satisfaction, great reputation and great joy.”Jim Rohn Financial prosperity is a numbers thing. He who can make more friends or customers prospers. It’s very difficult for a person to achieve anything they desire in life without the cooperation of other people. On the other hand if you render quality and timely service to many you are destined for greatness. Where the people are not valued success becomes scarce, and where people are valued and feels important success is inevitable.

All successful people know the value of good relationships. They know and master the skill of treating each individual as a king. Everyone is special in their eyes and the secret of great success is to make them feel even more special. When you treat people in a special way no matter who they are, they will reward you much more than you can ever imagine possible. The truth is that nobody really cares who you’re and how much you know until they know that you care. If you just run over people’s emotions and never pay attention your success is limited. To touch people’s lives you must first establish a relationship with them. When you can identify with a lot of people, they will respect you for who you are and in the long run your simplicity and approachability will pay you greatly. Almost every successful leader, businessperson, salesperson and many others who deal with people know the value of giving people what they yearn for most- recognition.

People want to be important and feel that they are needed. Your duty therefore is to make them important. Make them feel like kings. Success does not come cheap and it’s almost impossible to prosper on a solo-project. Everyone who achieves much does it with the help of other people. People will help you achieve your desires if you help them achieve theirs. In other words all success is based on relational success. Without good relationships between the employers and employees, salesperson and customers, the teacher and the students etc. it becomes very difficult to succeed.

How do you establish good relationships? Business relationships like any other relationship don’t just happen. Relationships don’t just happen automatically. They don’t just appear, they are created and developed. Successful business people develop a network of customers and friendships.

The way to establish a path to financial prosperity is to balance your love for self and others and this can only be achieved if you show genuine interest in others. If you don’t like people they won’t buy any service or product from you. People buy you before they can buy anything from you. There is no other way outside relationships- you have to be genuinely interested in helping people succeed in order to prosper financially. A genuine interest in people is priceless. A pleasing personality is even more profitable because not only will it get you friends but long time trusted customers and even business partners. So the next time you meet a new person treat them like a king. Who knows you might just have met and talked to a millionaire or a future president of your country.

Only those who are prepared to pay the price will benefit from successful relationships. Are you prepared to pay the price? It doesn’t cost that much only a genuine interest in people would do you good. Here is the advice from Robert Kiyosaki, author of ‘Rich Dad Poor Dad’: “if you really want to be rich cultivate friendships with successful people. These are the people who will help you meet your financial goals.” Who are your friends and what contribution do they have in your life?

Your success is hidden in your ability to relate with other people. This calls for excellence in all areas of your life; in business, family, team, mastermind group, class, church etc. Its only when you learn to treat everyone like a king that you will be given the kingly crown. A man chooses his side by the relationships he is prepared to end and those which he is willing to pursue and invest in. The choice is yours; you’re in control of your destiny. Choose today to be wealthy; choose to have great friends and choose to be a man of integrity. Above all apply wisdom in all your deals and prefer relationship over making quick gains.

How to instil trust in your customers Genuine customer trust in your business can be a rewarding competitive advantage especially in today’s world where competition can be global. Every successful business understands that earning customer trust is the only way to win and keep customers coming back to you. Trust is built slowly over time. However, once established, trust births customer loyalty for your products or services. Loyal customers can quadruple your returns. The following will guide you towards establishing customer trust and can be applied both online and offline.

1. Transparent: Let the customers know who is behind the business or the products you are promoting and also why you are doing what you are doing. When the customers know you better or at least perceive that you are a real individual concerned about their success, they will help you succeed. It’s much easier to establish trust through person-to-person contact than online and therefore you have to do more online to instil trust in your customers. You must also be truthful about everything you do and the quality of your products or services. Match your promises and actions with your values. Compromising your character and values for a quick profit is not an option. Tell the truth and nothing but the truth. Nothing can beat sincerity and honesty in your business and nothing is harder to regain than lost trust.

1. Respect the customer and make them feel special. Any relationship will hardly thrive where there is no respect for each individual involved in the relationship. Your part as a businessperson is to be responsible for all your actions and treat customers with respect. There is a saying that the customer is the boss and the sooner you learn it the better. Whenever you treat customers in a special way and reward them accordingly they will continue to buy from you even if you increase the price. As long as the customer trust you and your services or products you are the boss, but don’t let them know that. Just act as if they are the boss and you will reap the rewards. People will always thrive where they are loved, respected and made special than where they are just tolerated.

1. Usefulness, Unbeatable and Unbelievable: Why should the customer buy from you? In order to build a lasting relationship of trust with your customers, you must be useful to them. The possibility is that there might be many other people offering products or services that are similar to yours thus you have to be different to attract the customers. Your objection must be to add value to the customer and not just sell them a product or service. You can not afford to portray yourself as a money magnet. Magnets only attract things to them selves and they never give away. By being a giver you will automatically put yourself on the receiving side. To be unbeatable you must add value to your customers. You can add value by providing your subscribers or customers with valuable, quality offers and advice. Use your newsletter (ezine) and mailing list to keep in touch with the customers. Communication will help you reinforce customer trust especially when it’s personalised. Provide advice, tips, hints, inspirational quotes, and quality endorsements freely. In other words promise well and deliver the best. There are very few businesses that offer such an unbelievable service.

1. Security, Satisfaction and Specific – as already stated it’s much easier to establish customer trust offline than online. However, it’s possible to instil customer trust by paying attention to their fears and concerns. Customers need a sense of security and privacy especially considering the high rates of internet fraud and identity theft and many other scams that have infiltrated the internet. Where there is customer satisfaction business grows. Are you customers satisfied by your services and their security concerns? Is your site secure? There is seriously no way around security satisfaction and you must provide your customers with a sense of security. Security icons on your website such as (Hacker Safe) are very useful. In fact security icons are transactional in the case that they represent a safe exchange of their money for the products or services without risking the customer’s safety. You must be specific about what your product can do and what benefits can be gained from your services. Don’t leave anyone guessing about what you’re selling and the value of your services. Trust is developed with time but can be accelerated by specificity and clarity. It is rewarding to spell out your guarantee clearly and let your word be your bond. Make sure you stand by whatever guarantees your give and make it easy for customers to leave feedback and complain about any service or product they are not satisfied with. Customer dissatisfaction can tarnish your business image and thus the sooner you resolve any customer problem the better.

1. Testimonials are a very powerful tool you can use to instil customer trust. On itself a positive testimonial is tempting and can speed up the buying process. Using testimonials, or "user feedback," to promote products and services has proven to be one of the most effective ways to build credibility and earn customer trust. It is therefore very crucial to actively solicit testimonials from satisfied customers and display them where customers can easily see them. An endorsement of a satisfied customer can work wonders on your behalf and this is especially true for online business. For example the higher the number of positive feedback on eBay can actually increase a sellers business. People like to do business with someone that is trustworthy and they need that extra assurance provided by fellow customers.

Warren Buffet once said, “Trust is like the air we breathe, when it’s present, nobody really notices. But when it’s absent, everybody notices.” As a reminder: BUSINESS SUCCESS = APPLIED KNOWLEDGE * RELATIONSHIP*TRUST And I sincerely believe that anyone who models this formula appropriately in his online as well as offline business will succeed in the long run.