Anyone who has ever run a business knows how easy it is to lose sight of what first got you involved in that venture.
What motivations, inspirations and passions moved you to take your first steps on that often windy road of building a business.
In the haze of becoming profitable, competing with competitors, changing market environments…and let’s not forget getting your ass-kicked to the curb at least once or twice…
…all entrepreneurs fall down at one point.
What seperates the real success stories from all the other statistics are the people who keep getting back up.
But I digress. While the topic of will-power and commitment may be more important than any other in business success - it isn’t the topic I will cover today. Maybe next time.
Last week I read an article by Al Ries, one of this century’s marketing and branding greats.
What I’ve always loved about Al is his no BS approach. His work, and that of Jack Trout, guided me in my early years.
It played a huge role in opening my eyes to how much junk there is out there…and how much money is wasted by companies each year on useless, and worse-yet, hopeless marketing attempts.
In Al’s article he wrote that too many companies focus on their brands…and don’t focus enough on being a ‘leader’ in their category.
Companies get so worked up trying to better themselves that they forget to look around them and see how the market is changing.
The result is that you may end up with a great product…but the market has moved on and doesn’t want what you have to offer any more. Many times because some other product is now more relevant in meeting their needs.
The danger that Ries points out is that too often companies will succeed in one category and think that they can automatically transfer that success to another one. That they’re name/brand alone will guarantee them another gold medal.
Unfortunately, it doesn’t. Just because starbucks has won in coffee doesn’t mean they’ll win in coffee-flavored chocalates. For Kodak, just because they were so successful in film photography doesn’t mean they’ll succeed in digital.
The lesson here is to always know what is happening in the market around you. Never assume that your success in one area guarantees your success in another.
So what should you do?
Join your strengths with what the market wants, fullfill their needs and desires…solve their problems and you’ll be well on your way to success.
As always to your success,
Michael
