Lets talk PSI!
- Product
- Service
- Image
The PSI formula ensures that you have thought about who really needs your idea, and how you want them to think about it!
When considering your product, the most important question you’ll have to ask yourself is : “How do I know they’ll want it?” You must be absolutely sure that there is a market for your idea. You can hire firms for this step, or you can do some of your own independent research, but you must have a firm idea of how many people will be interested in your product/service. You don’t have to reinvent the wheel, you can even resell other products or services and simply add value to them. You can hire a bakery to make bread for your sandwich shop, you can resell software and offer installation services and support, you can even hire out your accounting work! Once you’ve decided on the size of your market and the parts of your business that others can take care of for you, then you will need to focus on the value you can bring back to yourself. Is there any way for you to save money in your process? Are there some extras that you might like to offer, but cost more than they make? You must bring as much value to the table as you can, but never give yourself the short end of the stick. If it can’t make financial sense, then you must rethink your implementation. Also, remember to consider the DETAILS of your project. Now is the time for deep thought. Take your time, and get it right on paper before you ever put a dollar into your idea.
Service means taking care of the client. We ALL know what good service feels like, and your goal should be to replicate that feeling in all of your customer’s minds. You should operate with integrity, consistency, and most of all a sense of urgency. Remember that every customer that you’ve created a good feeling in is a chance for an upsell. Do not waste the effort you put into customer service by neglecting to upsell every time you talk to a client! The only way to true give good service is to delegate. Most people would think you have to do everything yourself to ensure good service, but the opposite is true. You can not do everything yourself. You MUST delegate every aspect possible and then follow up to ensure it’s being done properly. The key is to hire the right people, train them well, let them do it and follow up, follow up, follow up. In other words…tell, show, do, review.
I saw it over and over again with my successful Franchisees and stores. They All had this in common. All of the stores that were failing were run by operators that had to have control and do everything themselves. What happened in every, single case, is that because they couldn’t do everything themselves, things didn’t get done and many aspects of the P,S,I, suffered; thus they failed. Again in EVERY, single case in the successful businesses, the owner fluttered around overseeing the entire operation while their team took care of the details. Works every time, no matter what the product or service is.
Your image has to be desirable to a client. Think of what it is you want to portray. Whether it’s a uniform, marketing material, a retail outlet, or words you use; do you want it to be fun, clean, colorful, conservative, trustworthy, safe, creative, and different? Think about what you want people thinking and talking about. If you have a hotel, do you want people to feel safe, have comfortable beds, think your place is clean, affordable, or high end? If you have a restaurant do you want people to think it’s clean, do you want them fed fast, or to have a slow leisurely experience. What ever you want to portray, be clear on those objectives and be consistent everyday. Communicate these objectives with your team and make sure they understand what you mean by them. Think “Brand”. A brand can be created around a single person or a multi-until corporation. There’s a restaurant around the corner from my house that does this beautifully. They only have one restaurant, but they are so clear on what their brand is. The restaurant is called Cowboy Star. Everything from the floor boards to the ceiling to the drinks they offer, to the uniforms, to their printed material goes with the 1920’s cowboy theme. Even the paper bags they send you home with your leftovers is simple with a stamp that looks like the brand a cow would get on it’s hide. It’s not an expensive item but it is exactly what they’re all about. What is your brand?
In all of the above PSI details, one thing is most important. Consistency! If you use a font on your menu, use it on your advertising and flyers. Keep one single “voice” on your webpages and blogs…be consistent!! I know I say that a lot, but consistency is one of the most important if not THE most important thing to incorporate in any business. Even MacDonald’s is consistent in their mediocrity. They’re successful because people know what to expect!
Consistency and delegating would be the 2 top things to really master if you want to be really successful in any business. YOu may be wondering, how about a doctor or a dentist, a makeup artist, or a housekeeper? Well even a doctor (or any of these professions) can delegate. My doctor does it brilliantly. You see a nurse (delegate)for the majority of your visit, then he pops in for about 5 min for a brief summary (follow up) and to see if anything was missed. I feel completely taken care of, actually more so than any of my previous doctors, because he is so thorough. I felt like doctors in the past didn’t have enough time to spend with me to do a proper job. I had to ask for things to be checked when they kept trying to leave to get to the next patient, where at my current place, the nurse takes their time, asks all the questions, makes sure all is good and then I get a second repeat insurance from the doc. It’s great!
Stay tuned next time for some more advice on the business formula. We are going to talk about building and nurturing your team!
