Weekly Quote: Smaller is Better

"If you want to be the best in the world, make your world smaller."

-- Seth Godin

Man does this ever seem to counter all we have been taught and believe to be true. Salespeople always want more territory, businesses are always trying to add new products and services to gain business from other markets or niches. They think that they need to go into new geographic territories to be able to grow. They feel the need to take any customer that comes along.

Time after time I have found nothing could be further from the truth. Think about your own business. Do you have customers that maybe bought on price? Are they the ones that complain the most and suck up your limited resources at the expense of your good customers? Do they leave you when they can get a better price?

About 30% of any market is made up of price buyers. They buy strictly on price. I am always asked how do I know if my prices are right?

If you are not getting serious pushback and losing at least 20% of the time on your price you are priced too low.

So what is the point here? Well I'll put that in the form of questions.

Who is your ideal customer? Who loves you and tells others about you? Who values what you bring to the market, your differentiator? What do they love about you, why do they keep coming back, what pains and fears do they have that you solve?

Thu if you understand, really understand your ideal customers, you should target your marketing and attract more just like them. To this group you are the best in the world, you offer something they value. You can develop more offerings focused on this group. They will pay for that value!

You want to be the best in their world. It's the best way to build a profitable growing business.

All the best,
Rick Wallace