This week on Mind Your Own Business, I want to talk to you about my favorite type of pie!
Let’s talk pies. I want to talk to you about my value pie. I created this concept to help our clients understand how incredibly important it is to focus on a core customer or on a niche market. If you try and be all things to all people, it just doesn’t work because if you think about your customer base, they will all have very different requirements, and therefore they will make judgments about who they use based on different criteria.
As a small business, it’s unlikely that you have the resources and the skills and the capability to be able to deal with all of the different things that everybody wants, so what you need to understand as you grow your business is what type of customers do you really want to build your business on and therefore what kind of pies do they like to eat so this is a general value pie as you can see these are all of the different things that a customer might perceive as important in their decision-making process.
If you try and build this pie, it’s not going to be a good idea you will go mad, or you’ll run out of money it’s not a good idea your value part should look a little bit more like this or like this the key thing is for you to focus on the areas that you want to major on and to basically disregard almost everything else you want to scratch a few people’s itches better than anybody else because that enables you to charge higher prices it enables you to keep your customers for longer and it helps you focus your resources properly.
So that you can build super strengths around these capabilities and just be an absolute rock star for a very select type of customer and that means that they won’t go anywhere else because nobody else can deal with them just the way that you deal with them it’s a simple concept but do you actually understand it in the context of your business and in the context of your market.
If you’re looking for more small business tips, then we’d like to see you every week on “Mind Your Own Business,”
Marco Soares is an award-winning business coach in Sussex and is available if you’d like help implementing these tactics.
