TUESDAY CHALLENGE: REVIEW YOUR STRATGIES
Your challenge this week is to review your business strategies. Most business owners follow one of two strategies:
- This strategy focuses on being the cheapest in the market place. In this case, price is the focus.
- The other strategy focus on differentiation. This means that the focus is on providing unique products or services.
A third strategy is called a focus strategy. This is where you offer a specialized service or product to a niche market. This strategy can be combined with either of the two strategies listed above.
At BizQuack we recommend a combination of the 2nd and 3rd strategies.
By focusing on a niche market it allows you to better understand the dynamics of that market and the “pains & gains” of the customers within it. By differentiation, you can tweak your products/services to be different than those of your competitors and, at the same time, create a greater appeal to your customers.
Innovation in customer service is short lived. It is important to constantly look at your “differentiation features” every six months and add to them to stay ahead.
Success for small business owners often is the result of being “a big fish in a small pond.” The combining of those two strategies allows you to take this approach in your business.
We have a strategic plan. It’s called DOING THINGS!
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