Written by – Ranuli at OmeBiz
We have learned valuable insights and lessons when it comes to running a business through leading entrepreneurs such as Dhammika Perera, Harry Jayawardena, Ashoka Pathirage and many more who are the faces of successful corporates in Sri Lanka.
But have you ever thought of what your business could learn from Santa Claus? Here are six very important lessons an entrepreneur can learn from Santa Claus.
“He is making a list and checking it twice, gonna find out who is naughty or nice”
‘Santa Claus is coming to Town’ is one of the many classic Christmas songs that we listen to during this festive season. The song mentions how Santa Claus knows when you are sleeping, when you are awake and he knows if you have been bad or good. This clearly shows us the time, resources and efforts that Santa puts into analyzing his clients.
Data collection from customers is vital for your marketing plan; what the client looks for in a product or service in order to personalize his or her experience, how to improve the quality of the good or service and how to stay ahead of the ever-growing competition of the market. Customers’ preferences change over time very frequently, it is important that your business stays ahead of trends.
Market segmentation is another crucial aspect when it comes to your marketing plan. As Santa Claus tries to segment between the naughty and nice kids, a business should also market their products to the target customer. Market segmentation helps the business to effectively market their product or service in order to get a better response. This further helps a business to make their loyal customers their first priority.
Santa is filling up millions of stockings with different toys
Santa Claus has to give presents to children all around the world and they are all different. It would not make sense for Santa Claus to give the same present to every child as everyone has their own preferences. Hence your business should also diversify their product range in order to suit different preferences. This could be related products and services or even tapping into markets that are overseas. The more your business diversifies the lower the risks faced by the business.
Nothing can stop Santa Claus
Not even a recession can stop Santa. It is very tough for a business to be recession-proof because consumers would choose to spend less. However, your business could choose to sell an essential product or service. But if this is not possible then you could cut costs. An example would be how Santa Claus has the best advertising strategy that does not cost a rupee, word-of-mouth.
Word-of-mouth is the best advertising strategy for any business, consumers trust recommendations from people who they know directly. This would not only attract more consumers but also bring in loyal customers.
“Rudolph, with your nose so bright, won’t you guide my sleigh tonight?”
We all know about Santa’s elves helping him make all the toys for the children around the world just in time for Christmas. Then there are the reindeer who help Santa carry his heavy sleigh all around the world, to make his deliveries. Having an efficient, hard-working and loyal team is vital for the success of your business.
It is your job to have the knack to find unique talent for the job, just like how Santa Claus saw something in Rudolph that others did not. Also, it is even more important to appreciate your staff in order to keep the unique talent within the company.
Santa knows everyone in the North Pole
The world is getting smaller and smaller as time flies by, we are all interconnected now through technology and transport. Especially in Sri Lanka where everybody knows each other, it is critical that entrepreneurs network with each other. A great idea is not enough! It is essential to have the right contacts in order to climb the ladder. Attend as many networking sessions as you possibly can and share your ideas and insights.
Merry Christmas everybody!
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