Any successful business creates something that’s valuable for people who want it or need it, in exchange for a price they’re willing to pay. This transaction should be so satisfactory for the customer that the business continuously generates more profits and thereby, keeps the cycle going on, and the customer stays loyal to the business despite any competition.
All businesses in existence can be fundamentally broken down into 6 crucial processes. These are the different aspects of a business that simultaneously impact the overall success of the business. Let’s have a look at the 6 parts of every business that we should all know about.
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1. Value Creation
Value creation is the process of finding out and defining what people need or want and then, creating it. Generally, there are 12 standard forms of value in the business world.
2. Marketing
Marketing is the process of attracting people and convincing them about the value the business provides. This includes aspects of branding and is a huge topic on its own.
3. Sales
The people attracted through marketing are called potential customers. Sales is the process that converts these potential customers into paying customers.
4. Value Delivery
Value delivery is the process of ensuring that the customer gets what you’ve promised and the customer is extremely satisfied with it. So much so that you are able to turn the one-time customer into a regular customer.
5. Finance
Finance is the process of generating revenue and making profits. This generation of profits is what motivates the business owner to keep the cycle going and make the best of the effort that is put into operating the business.
6. Branding
Branding is the process of converting a one-time or regular customer into a loyal customer. It is as fundamentally crucial as the previously mentioned aspects.
Through the right brand strategy, design, and advertising, over time, the customer resonates with the brand’s personality and develops trust. This turns the customer into a loyal one that not only prefers the business despite any competition but also, involuntarily acts as a brand ambassador promoting the business to other people.
Conclusion
To summarize, apart from just value creation, other aspects like marketing, sales, value delivery, finance, and branding are also equally important for a business. Especially when starting a business, it’s always best to have an idea of what these processes would look like for your business.
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