What Business Are You In?

Seems simple enough… What I found after asking that question to 50+ small business owners over the past 3 weeks is that it’s actually one of the toughest questions for a small business owner to answer. Even though the answer to this question would seem easy - I assure you, it isn’t.

defining your brand

Defining Your Brand

The core element of defining a brand is defining a business. In that regard, brand and business are inseparable. 

Let’s take that thought a step further to the undeniable reality that the world has become an incredibly competitive and commoditized place to conduct business. This gives rise to customers who have much higher expectations of you, mandating that you find ways to deliver increased value. Moreover, that difference-making value is increasingly found in the margins. A twist of a phrase on a website or a service that provides minute-saving convenience are no longer periphery, they’re make-or-break propositions! 

I am strongly suggesting part of the answer to near and long-term business success resides in a closer examination of business definition. So, please take a moment to answer this question...

“We’re in the [________] business.”

Just FYI: By definition, you are in the business of meeting customer wants and needs.

What Do Your Customers Want? 

If you filled the blank with something like “information technology”, “selling flowers” or “manufacturing medical devices” you may well need to push your definition closer to something more like these: “enabling access to the new frontier", “cultivating green households” or “growing medical practices”.

Remember, by definition, you are in the business of meeting customer wants and needs. So what do your customers want and/or need? 

Defining your business on their (i.e. customers) terms opens up opportunities to create the additional value you need to differentiate your offering. If this causes you to add a few customer care nuances, deliver all-new products, invest in non-core offerings or remodel your organization — fantastic! But please, whatever you do, take time to answer the question “What business are YOU in?”.

Make it relevant and wants/needs focused... or fall into the pit of never ending mediocrity. The choice is yours.





Author:
Jonathan Hinshaw

Post Date:
Wednesday, September 17, 2014

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