My definition of success is simple yet powerful. Here it is: when you deliver a new product to market, you know you’re successful when …

• Your customers are delighted
• Your competitors are in awe
• And you already know how to do it better!

Many people define success in some form of financial terms – things like revenue generation, growth rates, profits, cash, or net worth. However, those are the latent rewards for success, and not the leading indicators of continued success.

To maintain a successful business, you need to keep your eye on the things that got you there in the first place, and continuously monitor the leading indicators of whether you’ve still “got it”.

Customers are delighted

Your customers’ satisfaction is the #1 leading indicator of your current and future success. If they are delighted with your products, that means you’re meeting their needs and expectations, and there’s a high likelihood they would recommend your product or service to their friends and family. That’s huge, because it drives more and more customers into your fold, creating a natural viral growth effect for your businesses.

Competitors are in awe

How you’re perceived by your competitors and the overall industry act as a multiplying effect on customer delight. If customers see that your company/business is held in high regard by the overall industry, that reinforces their personal experience with your product or service, and gives them more confidence to be a vocal promoter for you. By associating themselves with you and your products/services they are associating themselves with a winner, and everyone wants to be a winner!

You already know how to do it better

To achieve sustained success, you always need to stay one step ahead of your customers and competitors. That doesn’t happen by accident. You achieve that because you continuously immerse yourself in your customer’s day to day life, identify the key issues/problems they encounter, continuously engage your entire organization in solving those problems, verify the solutions with customers, and then deliver those solutions with reliable and robust products and services. So, while your current product is enjoying great market success, you already have the next product or updated features in the pipeline, positioning you for future success.

In the end, the financial rewards naturally follow. But you can’t get hung up on just the financials, as any investor knows, “past performance is not an indicator of future results”. You need to keep your eye on the customer and the products you deliver, and let the financial folks worry about counting the money!

Here’s to your success!

• Pete