WoW Factor

Your “Wow Factor”

In 1972, while doing business consulting and studying business, I “created” the term “WoW factor”. It is a common thing to say when a person goes somewhere and the environment meets desires or even exceeds expectations! It is that simple! MOST businesses and destinations for vacationers are
based on the consumer’s need for a “Wow Factor” visit.

Those firms or places that generate customer visits one time only–have a poor “Wow Factor”–as the visitor asks “What is here to excite-please me? Too often, the answer is “nothing”–and the customer takes his energy, time and most importantly, money, elsewhere. While it is a fact that people sometimes go places where there is an absence of excitement or pleasure [church, doctor, court], when that place IN SOME way creates a “Wow Factor,” the destination often becomes a positive memory and the visitor wishes to return.

Those businesses who help create a GREAT “Wow Factor” find provoking repeat visits easier than those places that ignore this component of business.

Dynamic vs Static

Humans are dynamic creatures; our cells wear out, skin components are wiped off or fall off, scabs are removed, etc. Humans learn, have attitudes both positive and negative and have needs and desires that change. Those things are part of the dynamism of life. On the other hand, church, most government operations, military methods, and “old line businesses” like ATT and others, are static institutions. Montgomery Wards, Woolworth and others, were static businesses. They chose not to change. They felt they had good quality wares, a safe place to do business and ethical staff--and that was enough. Most of their customers felt that a world dynamism was more important than just goods that satisfied five or ten years ago-- and thus, they stopped coming.

It is sad when a company spends hundreds, then thousands and then millions of dollars on image, on “remember us” and on furnishings and interior appearance [if applicable] and then they choose to use policies that create a static environment.

It is essential to separate two perspectives of the word static. One is “if its not broken.......leave it alone”...and the other is “if its not broken, break it and make it even better.”

A new business needs things to survive its first day, week, month and year. This relates to any business; any size, location, product or service offered or experience of founder. The new entrepreneur needs sales–[of goods/services]–whatever it is open to offer to its identified clients.

These sales must be fast in coming and carrying enough of a price [profit margin] to cover both expenses and profits/pocket money–that which you have after income taxes are paid.

This new business can attract new clients for a limited period of time JUST by being new. By attracting, I mean ONLY provoking someone to enter the entrepreneur’s place of business to see “what’s up. Almost every book, managing article and lecture on entrepreneurship either touches on or emphasizes the key reason for the entrepreneur opening up in the first place. Factually, when interviewed as to why they are opening/opened, many people say “I had a lot of this stuff hanging around....” or “My neighbors love my baked .....” , or “I really like fixing..........”

In my research, those “reasons for opening” make those people hobbyists instead of entrepreneurs.

An entrepreneur wishes to take reasonable risks and seek a profit–a maximum profit, in order for the entrepreneur to have the greatest chance for success [done so AFTER he-she has dealt with the inventory matrix, pricing, staffing, location, etc., and to have a great “Wow Factor.”