Does your business, (or organisation), know who it is?
In other words, does your company, business or organisation have a clear identity?
Lack of a clear identity is one of the leading causes of business failure at all levels of business because . . .
the organisation does not know what it is delivering,
and the customer base is unclear what it is getting.
Imagine a Jazz Club, (bar and restaurant), that is reasonably successful.
Then along comes an agent who says, “We can increase your client base by bringing in Country bands and singers.”
He closed with, “You will tap a whole new market.”
This is what could, and probably would, happen:
- Firstly, the business looses its unique identity as a jazz venue.
- Next, jazz fans turn up on a country night and decide not to come back.
- Country fans are unsure whether to go to the venue because it is known as a jazz club.
- Country fans turn up on jazz nights.
- And having jazz and country artists playing on the same night to satisfy everyone . . . well, need I say more?
Rather than increasing the customer base and revenues, they would most likely drop.
It can be the death knell to an otherwise sound business.
And it applies equally well to nonprofit organisations and clubs, who in a bid for more members and membership fees, dilute their offerings with loosely related or unrelated services.
They start out with a specific niche, and then dilute that offering by appealing to the broader community with generic offerings.
There can be a temptation to diversify from the core function of the organisation in the hope of bringing in more members and more revenue.
But where it is a knee jerk reaction, you can be pretty sure that it won’t work.
Many businesses are now in the position where they already have taken on multiple different and possibly unrelated offerings in order to capture a wider, but more generic, market.
It has happened gradually over time as the business owner tried to capture more customers, but perhaps ignoring his core revenues in the process.
- Where do you or can you excel?
- Where can you dominate a market?
- What is your unique niche?
- What are your unique skills, knowledge, experiences?
- Have you diluted your offerings into a market where there is a lot of competition?
- What market can you be in where there is little or no competition?
So that you do not have to worry about competing in overcrowded and competitive markets.
Well, that is quite simple really, but it will take some thinking!
What should you do now?
- Ask yourself these questions.
- Perhaps get an outside point of view.
- Want some help or ideas? Just contact us at Hotpink Websites now.
Very narrow areas of expertise can be very productive. Develop your own profile. Develop your own niche.
~ Leigh Steinberg
Remember – Does your business know who it is?