“Stop Being All Things to All People!”
That’s the comment shared at a past business conference. As reported, small businesses battle with being competitive with larger providers, a battle that they can rarely win. The issues of limited funding, time management and even market penetration can be overwhelming for most, unless you change directions in your focus. Stop competing at their game. Stop trying to be all things to all people, because larger companies can out price you, offer more and have the funding to marketed deeper.
What’s the answer then if small businesses are to become successful?
Become a specific thing to specific people. Find a niche market with a need or want that can be customized for them specifically This act of customization per customer offers greater value than competing at being the lowest price or having the widest selection.
It appears that the idea of quantity serving a mass market over quality serving a niche market has been the mainstay of business operators for a long time, but that time is passing quickly. Too many providers with massive offerings overlap their competition and resulting in a price war where the smaller provider can’t compete. To increase your success, driving quality to a smaller market can actually bring higher returns in the long run. This allows the niche provider to be nimble and cut the funding from being tied up in quantity products and apply it to marketing.
Today’s start-up and entrepreneurs must be smarter and play in areas the large providers cannot. Make this your mantra: “Be Specific for Someone Specific.”