So You Don’t Get Hammered by Competition

In a previous post we talked about being committed to a single focus in your business.

This helps you, the business owner, to use your time and money wisely. It helps your customer to know what mental drawer to stash your company in.

To decide when you have the Ideal Solution for their problem, the buyer needs to know what one solution you, uniquely, provide.

Makes sense, right?

I need a hammer.

How do I know when to shop at Target [my local big box store]?
When I want the lowest price on a basic tool and don’t have any special requirements.

  • One solution: Price.

How do I know when to shop at the Home Depot [my local home improvement supercenter]?
When I want choice and feel informed enough to choose for myself.

  • One solution: Selection.

How do I know when to shop at my locally owned independent hardware store?
When I want a hammer for a specialized use, and I need informed answers to my questions.

  • One solution: Information.

You can get more complex than this (a lot more complex) in determining your Ideal Solution, but this is what it boils down to: If I can think of someplace else where I could also get the lowest price on a hammer when I don’t have any special requirements, I just might. In small business, that could spell the end for you.

There’s only one way out of this dilemma. Focus on what makes your Ideal Solution one in a million. You have no competition when you are alone at the top of the customer’s mind.

What have you got that nobody else has?

 

Grow and be well,

Kelly Erickson