Blog › 5 Secrets of Every Successful Business
5 Secrets of Every Successful Business
by Umukoro Simeon
by Umukoro Simeon
When we hear of or see successful business in magazine, news headline, stock market or social media, there is an instant gratification and connection that we feel, the human brain is configured to associate with good things.
Many people dream of owning a successful business, for some, it is because of the financial security it offers, for others it is the freedom to explore their passion or the desire to build legacy for their families.
To succeed in business, you need to understand the key principles successful brands like Apple, Facebook, Google, eBay and others have used over the years to build their businesses.
In this article, we will reveal to you “5 secrets of every successful business”
and how you can use it to grow your business.
So, without any further ado, let’s get started.
A business name is a name or title under which an entrepreneur or organization conducts business. It can also be legally registered trade name.
Your business name is the first thing a customer interacts with, and it plays a crucial role in a brand's perception and growth, it can completely make or break a company.
Businesses and brands that understand the value of a good business name spend time and money to get it right - Google, Facebook, Apple, Uber, etc.
Others whose names are not memorable, difficult to spell and pronounce, have negative cultural meaning or don't properly reflect their brands suffer because of it.
A good business name has the power to build:
1. A long-lasting relationship between a business and its customers
2. Brand awareness, recognition and loyalty.
3. Word-of-mouth marketing
4. SEO benefits such as easy to type in search.
5. Attracts venture capital funding for some start-ups.
A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.
A good business plan is a roadmap for how to structure, run, and grow your new business. It helps you refine your ideas, research your competitors and target market, strategize your operations and financials, plan for the future and success of your business.
The purpose of a business plan is to identify, describe and analyze a business opportunity, examining its technical, economic and financial feasibility.
Every successful business has a business plan, if you cannot write pages of a detailed business plan, at least make sure you draft a simple document that identifies your proposed product or service, the costs involved, your funding needs, your competitors, potential customers and market opportunity, challenges your business can expect to face, goals you would like to achieve and how you will track and measure your progress.
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services.
The goal of a marketing strategy is to achieve competitive advantage over rival companies by understanding your customer behavior and needs, and providing helpful experiences along the consumer journey.
The functions of a marketing include research to support pricing decisions, tailored
messaging that targets certain demographics and geographic areas, platform selection
for product and service promotion –
1. Print Ad - Billboard, Profile, Flyer, Magazine
2. Digital Ad - Social media, SEM, SEO, Radio, TV
3. Mix of both platforms.
To effectively communicate the company's value proposition and key brand messages,
and metrics that measure the results of marketing efforts and their reporting timelines.
Effective marketing plan helps a business direct its advertising efforts to where it will have the most impact. A 2019 study found that firms with a documented marketing strategy were 313% more likely to report success in their marketing campaigns.
Customer management is defined as the process of managing the relationship between an organization, its people and its customers.
The new customer-brand relationship has changed how customers interact with business. Customers now need a frictionless experience to stay loyal to a business, and this have forced businesses to adapt and shift their focus away from products & services towards customer satisfaction and loyalty.
According to Forbes, 90% of CEOs believe their customers have the greatest impact on their business.
A strategic customer management strategy can build lasting customer relationships and grow your business. In fact, with the right customer management strategies in place, the initial point of conversion is just the beginning of a lasting relationship with a new customer who can soon become a loyal brand advocate.
Many large companies will use a customer relationship management (CRM) systems and others tools to collect, store, and organize customer data, which helps to simplify customer management at scale. When customer management is done right, it can encourage people to return to buy more products and services, time and time again. Remember your customers are not numbers, they are real people with emotions, treat them as such. .
Cash management is the process of collecting and managing cash flows.
Cash is important for every business whether small or big. It is a key component
of a business's financial stability and it is the primary assets use to pay their
obligations on a regular basis.
Problems with cash flow are the most commonly stated reason for businesses closing their doors. Without cash, you cannot implement your marketing plans, pay employees, or invest in technical-know-how or equipment. No matter what sort of business you own, be sure to manage money wisely, keeping an eagle eye on expenditure and income.
Businesses have a multitude of cash inflows and outflows that must be prudently managed in order to meet payment obligations, plan for future payments, and maintain adequate business stability.
We can help you create data-driven strategy to build your brand and your grow business
Let's talk
You have seen the 5 secrets of every successful business; it’s not to late
to get it right for your business.
If you can start implementing these key principles little by little -
you get your business name right, prepare you business brief,
fix your marketing, manage your customers and your cash flow,
imagine ten years from today how successful your business will be.
We hope you find this post helpful? Please drop a comment below it will encourage us to publish more content like this.
If you need a brand strategy to help grow your business, or you want our team to just do your marketing for you, call us now
When we speak of "Simtech”, "Simtech Creative", "Simtech™”, "Simtech Creative™", “we”, “us”, and “our”, we mean Simtech Creative Limited and its affiliates.
Services refers to any products or services offered by Simtech™ such as strategy, branding, website design, digital marketing, training, including our website (https://www.simtech.com.ng).
Services refers to any products or services offered by Simtech™ such as strategy, branding, website design, digital marketing, training, including our website (https://www.simtech.com.ng).
Site refers to our website or Web App.
“You”, “your”, "user" or "people" refers to any individual or organization (a legal entity such as business, company, school or non-profit) and its affiliates using our services.
Organization is a legal entity such as business, company, school or non-profit (not an individual).
Entrepreneur is a person who starts and runs a business with the aim of maing profit.
Services refers to any products or services offered by an individual or organization.
Non-personal means something that is not related to a specific person or their feelings.
Personal means something that is related to a specific person or their feelings.
Information is a processed data that has meaning. It can be facts, ideas, or instructions that can be communicated in various ways, like texts, graphics, images, audios, videos, or even files.
Content refers to any kind of material include text, graphics, images, audio, video, audio-visual, interaction, software and files, created for the purpose of education, information or entertainment.
Appropriate mean suitable, civil, social, moral or generally accepted standards.
A code of conduct is a set of rules that outlines expected behaviour for a group or organization.
Inappropriate means unsuitable offensive, harassing, abusive, harmful, hateful, stalking, misleading, defrauding, defaming, illegally impersonating, pornographic, spamming.
Alter means to change, modify, obscure, reproduce, reformat, restructure, adapt, transform, translate, create derivative works from or otherwise.
Sell refers to the act of exchancing for money or its equivalent. This include to trade, rent, lease, license, franchise, transfer, assign, merge, advertise, barter or otherwise.
Store means to save, host, preserve, hold or keep in any format.
Channel refers to any medium use for sharing such as website, email, social media, telephone, television, radio, in-person, print, any medium now known or developed in the future.
Rights are legal, social, ethical, or moral entitlements including copyright, trademark right, intellectual property right, privacy right, data protection right.
Lawful means legal, ethical, without violating or infringing any third-party, not a subject of any threat, legal proceedings or other similar complaint in any jurisdiction.
Unlawful means unethical, illegal, violating or infringing third-party, capable of giving rise to threat, legal action or similar complaint against a person or organization.
Applicable laws refer to rules, regulations, sanctions and permits including consumer protection laws, intellectual property laws, tax laws, human trafficking laws, export control, data protection and privacy laws.
Personal means doesn’t extend anyone else.
Transferable means allowed to assign to someone else.
Non-transferable means not allowed to assign to anyone else.
Sub-licensable means the ability to grant sublicenses.
Worldwide means valid or relevant anywhere in the world.
Non-exclusive means that we can license our services to others.
Non-exclusive means that you can license your content to others.
Royalty-free means there are no monetary fees for this license.
Retained rights refers to any specific rights that we preserved after a content or project is transferred. For example, we may feature logo design we did for a client on our website or social media platforms.
Perpetuel refers to the right that is indefinite or without expiring date.
Fair use is a legal doctrine that allows limited use of copyrighted material without permission for specific purposes such as criticism, comment, news reporting, teaching, scholarship, and research
Core Web Vitals are a set of metrics that measure the loading time, interactivity, and visual stability of web pages. They are used by Google to rank web pages in search results.
Web standards are the formal, non-proprietary standards and other technical specifications that ensure web pages are accessible to everyone, regardless of the device or browser they are using.
HTML (HyperText Markup Language) is the foundation of all web pages. It is used to define the structure and content of a web page.
CSS (Cascading Style Sheets) is used to control the appearance of web pages. It can be used to change the font, color, size, and layout of elements on a web page.
JavaScript is a programming language that can be used to add interactivity to web pages. It can be used to create animations, pop-ups, and other dynamic features.
PHP (Hypertext Preprocessor) is a server-side scripting language that is used to create dynamic web pages and web applications. It is a popular language for developing WordPress websites.
WordPress is a content management system (CMS) that is used to create and manage websites. It is a popular CMS for creating blogs, news websites, and e-commerce websites.
JSON (JavaScript Object Notation) is a lightweight data-interchange format. It is often used to transmit data between web server and browser.
Structured data is a way of organizing data so that it can be easily understood by machines. It is often used to markup web pages to enable search engines index, rank and display them better.
Ranking is the process by which search engines determine the order in which websites appear in search results. There are many factors that affect ranking, including the quality of the content, the number of backlinks, and the use of structured data.
API (Application Programming Interface) is a set of routines, protocols, and procedures that allow two pieces of software to communicate with each other. APIs are often used to access data from a remote server.
Website is a collection of web pages that are linked together and accessible via the internet. It can be used to provide information, sell products or services, or connect with others.
Web app is a software application that is delivered over the internet. It is typically accessed through a web browser and do not require installation on the user's computer.
User Interface (UI) is the way that users interact with a website or app.
User Interface (UI) design is focused on making the product or service visually appealing, easy to use and understand.
User Experience (UX) is the overall experience of using a website or app.
User Experience (UX) design is focused on making the product or service easy to use, engaging, and enjoyable.
Web experience refers to a user's overall interaction with a website. This includes how fast the site loads to the visual design and finding useful information.
Wireframe is a visual representation of the layout of a website or app. It is used to plan the structure and functionality of a website or app.
Prototype is a detailed representation of a website or app. It is used to test the funtionality and usability the website or app.
Low fidelity prototype is a prototype that does not include any graphical elements. It is often used to quickly test ideas and concepts of a website or app.
High fidelity prototype is a prototype that looks and feels like the final product. It is typically used to test the usability and functionality of a website or app.
User flow is a diagram that shows the steps that a user takes to complete a task on a website or app. It is used to identify potential problems and improve user experience.
Sitemap is a diagram that shows the structure of a website. It helps users navigate a website and to improve the website's search engine ranking.
Hierarchy is the arrangement of elements in a way that creates order and structure. It can be used to organize information to make it easy to understand and navigate.
To ideate means to generate new ideas for a product or service.
To sketch means to draw an outline of an idea.
Conversion-optimized means that a website is designed to increase a visitor's desire to take action, such as making a purchase or signing up for a newsletter.
Call to action (CTA) is a phrase or button that prompts users to take a specific action, such as clicking a link, signing up for a newsletter, or making a purchase.
Multi-channel is the use of various channels to reach a target audience. This could include traditional such as print, television and radio, as well as digital such as search engine, social media and email.
Multi-channel marketing is the use of various marketing channels to reach and engage customers. This could include print, television, radio, search engine, social media and email marketing.
Strategy is a long-term plan for achieving a specific goal. A marketing strategy typically includes goals, target audience, high-quality content, channels, budget, and tactics.
A marketing strategy is a long-term plan for achieving marketing goal. It includes goals, target audience, high-quality content, channels, budget, and tactics.
Search engine optimization (SEO) strategy is a long-term plan for improving a website's or Google Business Profile ranking in search engines.
Search engine marketing (SEM) strategy is a plan for using search engine advertising platforms to reach and engage with target audience.
Search engine strategy is a plan for using search engine optimization and advertising platforms to reach and engage with target audience.
Email strategy is a plan for using email marketing to communicate with and nurture leads and customers. It typically includes goals, target audience, email list building, and email content creation.
Tactics are the specific actions that are taken to implement a strategy or achieve a goal. In marketing, tactics might include SEO, social media, email, and display advertising.
Search engine optimization (SEO) tactics are the specific actions that are taken to implement an SEO strategy. They might include keyword research, content creation and optimization, and link building.
Email tactics are the specific actions that are taken to implement an email strategy. They might include list building, content creation, and marketing automation.
Search engine marketing (SEM) tactics are the specific actions that are taken to implement a search engine advertising strategy. They might include ad copy creation, targeting, and bidding.
Search Engine Optimization (SEO) is the process of improving the ranking of a website in search engine results pages (SERPs).
Content marketing is a strategy that involves creating and sharing valuable content to attract, engage, and retain a target audience.
Search engine marketing (SEM) is a broader term that encompasses SEO as well as paid advertising on search engine.
Pay per click (PPC) is a type of advertising on search engine where you pay every time your content is clicked by users.
Brand is a name, symbol, design, or any other identifying feature that are used to distinguish one product or service from another.
Great brand is a business or company that is instantly recognizable, memorable, and appealing to its target audience.
Memorable brand is a business or company that comes to mind first when people think about anything relating to its products or services.
Brand identity consists of the visual and verbal elements that represent a business such as name, logo, colors, fonts, images and tone of voice.
A good logo is a visually appealing, simple and distinctive graphic symbol that represents a brand.
Brand asset is any tangible or intangible element that help a company build and maintain its identity. They include the name, logo, tagline, colors, fonts, and imagery.
Brand image is the perception, belief and impression that customers have for your business or company.
Brand heart defines who a brand is, what they stands for, the guiding principles that shape their behaviour and decision-making.
Brand values are the guiding principles that shape a brand's behaviour and decision-making.
Brand message is a concise and clear statement that captures the essence of what the brand stand for and the values it offers.
Brand story is the narrative of a company; its vision, mission and values. It explains how and why a brand exists.
Storytelling is the art of using stories to communicate a message. Brand storytelling uses narratives to create an emotional, value-driven connection between customers and the company.
Brand positioning defines how your brand is distinct from competitors and how it fulfills a specific need or desire in the market.
Brand personality determines the tone of voice, style, and manner in which your business communicates.
Brand reputation is the perception and opinion that customers, stakeholders, and the general public hold about a company.
Brand loyalty involves creating a strong connection with customers, leading to repeat business and advocacy.
Brand experience is the overall interaction customers have with a business at every touchpoint.
Brand strategist is a professional who helps businesses develop and implement their brand strategy.
Brand strategy refers to the comprehensive, long-term plan that outlines how a brand will achieve its goals and objectives.
Brand designer is a professional who creates visual elements such as logos, typography, colors for brands.
Brand design is the process of creating the visual identity of a brand. This includes the logo, typography, colors, and overall look and feel of the brand.
A mission statement is the road map between your purpose and vision. It’s what drives you every day to do work that matters; it activates the strategy that delivers results and creates impacts for your brand.
Audience is a any group of people who are exposed to a company or buisness marketing messages.
Target audience is a group of people who are most likely to be interested in a product or service.
Consumers are people who buy and use products and services. They are the target of most marketing campaigns.
Consumer behavior refers to how individuals, groups, and organizations make decisions about what to buy, how much to spend, and where to buy.
Customers are people who have purchased a company's product or service.They are the group who have put their trust and money in a brand.
Lead is a potential customer who has expressed interest in a product or service.
Customer journey is the path that a customer takes from the time they first become aware of a product or service to the time they make a purchase.
Media planning is the process of determining the best way to reach your target audience with your marketing message.
Content distribution is the process of getting your content in front of your target audience and ensuring that it is easy to find and share.
Earned channels are platforms where your content is shared and promoted by others, without you having to pay for it. This includes social media, word-of-mouth, and press mentions.
Owned channels are platforms that you own and control, such as your website, blog, and social media pages.
Paid channels are platforms where you pay to have your content seen by others. This includes social media ad, PPC and display ads.
Key Performance Indicators (KPIs) are quantifiable goals that help us track and measure success of a project.
