Less is more…. It’s said that in a Commodity Based business, you’re only as successful as your stupidest competitor. If true, then why compete? Why try to be all things to all people? Why focus on products with razor thin margins? Why waste half your resources working with unprofitable clients? Most people would agree with a resounding “Duh!” but guess what? We do it anyway at one time or another.
As Sun Tzu would say – “Go where they ain’t!”
In modern “business” terms it’s referred to as Niche Marketing and the Business Dictionary defines it as:
“Concentrating all marketing efforts on a small but specific and well-defined segment of the population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond.”
If you want to stand out and succeed in a world full of unprofitable businesses, try narrowing your focus. Foster a single-minded drive for excellence with just a very few “high margin” products and services.
Narrowing your focus offerings the following benefits: