Business Success Center

What Business Are You In?

The success or failure of your company depends upon marketing. And, because marketing involves managing numerous tasks - like sales, advertising, and product/service development - there are always many questions to answer. Perhaps the most crucial is: What business are you really in?

When faced with this question, many often respond by listing the specific products or services their company provides. However, it is extremely important to look at the larger picture. Take a company that sells phones and phone systems. The reason these products and systems are purchased is because a customer has a need for additional or improved communication. With this improved communication, this customer can be more efficient and offer better service to their customers. They key question is not necessarily, "What is your product or service ?" but rather, "What is it that you offer to your market?"

To effectively answer this question, you have to know your market. For example, let's say that you are running a children's baseball camp. Telling parents that you simply teach their kids how to play baseball will only get you so far. Explore how your services will benefit both the kids and the parents. What is important to these parents? What do parents want for their children? What would make them feel most comfortable?

When you go through this process, you will often discover that you are already providing many things that will appeal to the needs of these parents. Your camp offers a safe environment where kids will be taught discipline, sportsmanship, and effective skills. Your camp leaders are experienced professionals that offer one-on-one attention in a fun environment. And, your camp will give parents a well-deserved break.

By promoting your camp in this manner, you have communicated what business you are in - what you have to offer your market. This powerful position tells parents your camp is the premier place to send children. They will have a valuable experience that offers much more than merely baseball improvement tips.

What business are you really in? Apply your industry expertise and develop a solid marketing foundation for your company. Focus your company and your efforts in a successful direction.

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