A few years ago, my firm hosted a special event for our business clients and other close business associates. Our special guest, Nick Karadza of Rock Star Real Estate shared some insights that are essential for business success. Here is a summary of the points shared by Nick that still hold true today:
- It’s about them – not ‘it’ or ‘you’
The key here is to always have the customer in the forefront of all you do. Think about the benefits to your customers. Your advertising, marketing and speeches to prospective customers should focus on explaining the benefits to them, i.e. “What’s In It For Them. A quote from Dale Carnegie’s book “How to Win Friends and Influence People” puts this in perspective:
“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you”
- Focus on a minority, not the majority
Provided there is a market for what you are offering, trying to be all things to all people is a quick way to failure. Remember that only a tiny percentage of the population in general, and only a specific group of people is all you need to succeed. For example, Apple’s products are only focused on the high end; doctors and lawyers that specialize in particular area are more successful than generalists. So it’s important to find your specific customer base and focus on it.
- People don’t only want ‘what works’
Understand that people want ‘unusual secrets’, ‘the next new thing’, they want to be ‘first’. It’s often not enough to have good, valuable and credible information or deliverables. As a result, you have to work on how to factor these in your advertising and marketing to appeal to your clients. One of the most powerful words in client attraction is ‘Secrets’. Very few people think the problem could be them, rather, they’re more likely to think that there is “A Secret” solution to their problems.
- Be a storyteller
People buy stories, not things! So be careful not to talk too much about the things that people don’t care about, instead, focus on how to use stories to sell what will benefit your clients. Understand that every business is a story telling business so you need to figure out how to tap into that. Stories give people an opportunity to visualize what they are consuming for a greater level of comprehension and a longer period of retention. If you think about it, people will often do business with you if they know you, like you and trust you. Stories are powerful tools for people to get to know and trust you.
- Your biggest asset is the relationship with your lists
Realize that wealth is in the lists of the business and the relationship with that list, not in the stuff you sell. Use your list to build relationship with your clients and prospects and to offer your products and services. Be careful when using your list and ensure you’re offering something of value first. Avoid the temptation of bombarding your lists with your products and services without providing something of value to them first.
- Peaks and valleys
If you’ve been in business long enough, you will realize that you will peak and at some point, decline, you will be popular and then out of fashion. So, it is essential to understand that there will be peaks and valleys in your business and you should prepare for it by creating sustainable assets within your business. Don’t sacrifice long-term equity in your business for short-term income. While it is important to make short-term income to keep business going, it is even more important to focus on your long-term business objectives if you want to prosper. A quote from Dan Kennedy on “Income vs. Wealth” sheds more light on this:
“Entrepreneurs tend to focus more on income than on wealth. And many enjoy very high incomes for many years without ever converting any of it to wealth. Sales, profits and income are all important, but none of them directly produce wealth. Wealth comes from the creation of value (not income) and from prudent investments.”
- Constant evolution
The business environment is constantly evolving and so must you if you want to remain competitive in today’s reality. You must understand that changes in the way you run your business is a constant imperative, so your business today will likely be different 2 to 5 years down the road. Don’t get stuck in your successes today without innovating for tomorrow. So many examples in real life illustrate the importance of this. Palm Pilot did not evolve and went out of business. Blackberry did not evolve quickly enough and lost significant market share to Apple and Samsung. Wal Mart, Target, Amazon are constantly evolving by expanding to new markets.
About Nick Karadza
Nick Karadza began investing in real estate at the age of twenty-one, by successfully buying, renovating, and selling a home for profit in only three months. He quit his job at a Fortune 500 software company, Oracle Corporation, to give his business 100% of his focus.
Nick is a real estate professional focused on helping other real estate investors, in the Greater Toronto Area, create income for life. Nick is an active real estate investor and founder of Rock Star Real Estate Inc. in Oakville, Ontario.
Nick, together with his brother, Tom, have worked with over 1,000 real estate investors acquiring over 320 million dollars of investment real estate across southern Ontario.
Nick has been featured in national media, such as the National Post, Canadian Real Estate Magazine, the Business News Network, and numerous local publications.
Nick is an avid international traveler and explorer and believes in this simple but unconventional philosophy, “Your Life. Your Terms.” To learn more about Nick and his company, visit http://www.rockstarinnercircle.com