Often I want to apply the laws of physics in entrepreneurship as a separate discipline or science.
What is Gravity?
I would not use some really complicated definitions, factors and figures in describing the gravity, but would simply express it as:
Gravity: force of attraction that exist between two objects.
For example, when you let a stone from hand it falls to the ground because of gravity (the earth attracts the stone). Is there not an analogy that we can also apply it for companies?
What is something that is most wanted for every business? Every business and every entrepreneur needs a kind of gravitational force that will attract customers and potential customers.
Gravity and Business
The concept of gravity, business and entrepreneur is shown in the picture. We have a business that is a system that succeeds by selling the products and services to the customers. The heart of the business is you as an entrepreneur. Outside of your business are the entities that decide whether to give you success or not, and they are:
- Customers. This are the persons that already buying from your business. They were attracted by a gravitational force to buy that product or service from you.
- Potential customers. Here’s gravitational force is still weak, but should be established and strengthen so it would convert this group into your consumers.
Among them and your business must be a gravitational force which will attract them to your business. In other words, it will attract potential customers to enter your sales funnel, while current customers and clients to get back into your business and buy more and more from your products or services.
Gravitational force will be bigger if the desire of this group of people or businesses to join your business is greater.
Tasks for Entrepreneurs
What will be your tasks as an entrepreneur in terms of gravitational force? First you need to build, then establish and continuously improve the forces that bring new customers to your business and increase sale to existing customers. Finally, you must constantly expand it to the other groups of people outside of your business.
What are the Basic Elements that Affect Business Gravitational Forces?
- Products or services. This includes the features and benefits. Greater gravitational force we will have if the products and services are more useful for customers and potential customers.
- Price. Some customers and potential customers are attracted with lower prices, while others are attracted from higher prices. Depending on your target market, prices will have different influence on your business gravitational forces.
- Promotion. Many entities will be attracted by your promotional materials such as the advertisements, brochures, flyers, website, etc.
- Distribution. In some cases, crucial for the decision making process from the potential and existing customers is the distribution of products or services.
- You as an entrepreneur. Your reputation, behavior, a way of working is constantly followed by the above entities, and sometimes you can be a critical point to business gravitational force.
- Staff. Your employees are a reflection of your business. Your sales team has big influence in attracting potential customers and helping current customers to make a right decision.
- Combination of all above elements. Sometimes it is not enough only one of these elements for a strong business gravitational force. Therefore, all elements must be sufficiently strong in order to have a powerful gravitational force.
You may note that the above is a marketing mix of a business. So, marketing, entrepreneur like you, and your employees together are elements that increase business gravitational force.
Therefore, improve all these elements and increase business gravitational force, so the success will be here.
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Great list. I think the staff one is the most often neglected. That explains why customer service is such garbage at most companies. Employees aren’t given any incentives to treat customers right. All they see if more opportunities to get yelled at.
Yes Yst, there are too many factors that have influence on the gravitational forces between business and customers. But, it’s seeming most important are factors that are in direct contact with customers as products and services, additional services, employees…