Often I want to apply the laws of physics in entrepreneurship as a separate discipline or science. Here I will use gravitational force in correlation with your business success.
What is Gravity?
I would not use some complicated definitions, factors, and figures in describing gravity, but I would simply express it as follows:
Gravity = a force of attraction that exists between two objects.
For example, when you throw 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 to 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 above. 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. They are the persons that already buy your products and services from your business. They were attracted by a gravitational force to buy those products or services from you.
- Potential customers. This 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 that 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.
Your gravitational force will be higher if this group of people or businesses have a bigger desire to join in a gravitational field of your business.
Tasks for Entrepreneurs
What will be your tasks as an entrepreneur regarding gravitational force? First, you need to build, then establish and continuously improve the forces that bring new customers to your business and increase sales quantity 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 Force?
- Products or services. This includes the features and benefits. The higher gravitational force we will have if the products and services are more useful and valuable for customers and potential customers.
- Price. Some customers and potential customers are attracted to lower prices, while others are attracted by higher prices. Depending on your target market, prices will have a different influence on your gravitational business 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 a big influence on attracting potential customers and helping current customers to make the right decision.
- Combination of all the 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 to have a powerful gravitational force.
You may note that the above is a marketing mix of business. So, marketing, an 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 that the success will be here.
