Do You Know What Business You're In?

Wednesday, November 4, 2020

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You are in a business or you are going to start a business. If you’re just starting a business you may still be in the mind set, “If you build it, they will come.”

People already in business who also thought that, are now finding that it just is not true.

You may have come up with the greatest widget (the next energy efficient motor – so efficient that you believe it’s almost perpetual motion) or consulting service in the history of your industry. You know it’s the best. People have told you it’s the best. Probably your mother and your friends. How many of them plonked down cash to get one or use it? None except for your mother.

So, what’s wrong? Well, what’s wrong is that you don’t know what business you’re in. Oh, I can hear you saying, “That’s bullshit. I’ve been in this industry for eons and know what it’s all about.” And that maybe true but you’re not selling what you know you should be selling. Why is that? Once again, it’s because you’re not in the business you think you’re in. “Not again,” you say.

You think you’re in the business of making world class widgets or providing a great service. But not enough people know that – people who would buy what you’re selling. And why’s that?

It’s because the real business you’re in is the business of marketing your widgets or services. Until you believe and act on that, your business may limp along but will not be the business you know it should be.

Remember VHS and Betamax (I know I’m dating myself)? Betamax was by far the superior video recording technology but VHS carried the day and Betamax died. Why was that? It was because VHS realized that it was in the business of marketing the video tape recording business not just making video tapes and machines. Betamax never quite grasped that because they believed that, “If you build it, they will come.” Well they didn’t.

Without a solid marketing system your business will never reach its potential.
More on marketing in future posts.

Til then, starting marketing.

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