Of all the words that matter in business, perhaps this one matters the most – ‘why?’
So why does it matter so much? Good question.
‘Why’ determines a number of business elements, including your reason for being in business, and also the reason a customer would select your products and services over those offered by someone else.
So, let’s take a look at the importance of knowing your why and how it helps you achieve business success.
Knowing the why behind your business
Many business operators implicitly understand the ‘what’ that drives their business. They know what products they offer and what they want their business to look like.
But ‘why’ they want to be in business and ‘why’ they want to build that business to a specific level of success speaks to the inner motivation and driving force behind any brand.
The answer to why will be different for everyone. It may also look different throughout the life of your business.
For example, Joan might start up a bookkeeping business, and behind the scenes there are a couple of reasons why.
- She is great with customers and numbers
- She wants to create a business that gives her flexibility to work from home and an income to support her family
- She believes a quality offering is missing in her local market
Knowing why she wants to be in business helps Joan determine a number of things, including:
- The level she wants her business to initially operate at – this helps her set actionable goals and plan
- Her vision and mission for her business – what she will offer and how it will be different
- Who her ideal client will be – how she will reach them and what she will offer them specifically
Later in the life of Joan’s business, the ‘why’ might begin to shift.
For example, Joan is now running a successful bookkeeping business from home, but to cater to demand from her customers, she is considering leasing a fixed office and bringing in additional bookkeepers.
Again, before she takes this step, she needs to understand why.
Her reasons might include:
- To cater to increased customer demand
- To enjoy higher income and step away from the business when or if she needs to
- To meet her inner ambition to be seen as a successful medium-sized business
Knowing the why in this case will again help Joan determine the steps she needs to take. It will also help her determine the numbers she needs to achieve in order to reach those goals.
How knowing the why assists your customer
Whether it’s obvious or not, ‘why?’ is a question that customers consistently ask throughout the purchasing journey.
And they will ask it in a series of ways: Why this? (as in why this particular product) Why now? (why do I need this at this moment) Why you? (why would they opt to purchase from your business over another).
Quite simply, when you understand how ‘why’ shapes the customer journey, it can help your business better market to your ideal customer and overcome any objections they may have to purchasing.
If you’re looking to better understand the ‘why’ that drives your business, including how it impacts the customer journey, and how that translates to your goals, vision, mission and marketing, I’m available to assist.