As an entrepreneur today, you must do a lot more than expected in order to run a successful business and create wealth! In the past, economies were a lot less competitive. In the past, when a business performed below customer's expectations, they would be struggling to break even. If a business met their customer's expectations, they would make good profits. If a business exceeded their customer's expectations, they would become a market leader and would earn huge profits! Why do over 90% of businesses fail today? It's because markets have become so much more competitive. If you start a retail store, you are competing with hundreds of others, both locally and internationally! Today, if you perform below customer's expectations, customers will never come back and you will go bust! Today, if you meet customer expectations, you will still be struggling to survive! Why? This is because hundreds of other businesses can also meet your client's expectations, and some of them do so at half your cost. You will find that you will be competing on price most of the time and will earn so little that it is hardly worth your while.
I have seen so many business owners struggling to break even simply because what they offer is the same as every other business in their industry. In today's marketplace, if you exceed your client's expectations, you will only earn nominal profits because many businesses already do their best to add more value to their clients. So how do you make huge profits and become a millionaire in business today? The answer is that you have to go way beyond your client's expectations. You have to give them an unbelievable experience where they will keep coming back to your business and tell all their friends about you. One of my companies is in children's education programs.
We run a five-day program for children and teens on study and life skills. Now, the market for such educational courses is extremely competitive. So, with so much competition around what do you think is the usual ploy to get business.
Slash prices, offer the lowest, the cheapest for what appears to be the same value? Wrong. My education business does quite the opposite. We charge the highest prices in the market ($1,700 for a 5-day program.) and yet, we run the highest number of classes and our courses are always fully booked, with a perpetual waiting list! We have become the market leader for such programs within two years of setting up my business, overtaking competitors that have been around for over ten years.
How did we do it? Simple, the secret is in the delivery of our service. Our company gives our clients (both parents and their children or teens), an unmatchable experience, one that far exceeds their expectations. You must set your standards so high that they will never go to anyone else for that particular product or service. When you highly exceed your client's expectations, you can charge a premium and make huge profits. This has been my secret of success for all my businesses and I want you to learn this same secret right now!.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here.