Old Thinking in New Business = Small Business Failure
There is an old saying in the product development world that says, ‘Build a better mouse trap and the world will beat a path to your door’. This thought process was echoed by Henry Ford with the launch of his Model T with his famous quote, ‘You can have any colour as long as it’s black’.
The statements are obviously very outdated and were recorded many years ago. However, more importantly, that way of thinking will almost guarantee……
…..a small business failure
The business world has changed… radically. There is so much more competition out there. The rise of China and India as production powerhouses has also changed the landscape and we all know about the power of the internet.
This world has shifted so much that it’s no longer enough to just have the best product or service. It’s now more important to have the best marketing. You have to be able to get your message across about your product and create the correct image. In doing that successfully, it’s rare that you will have a “one product fits all” approach. Segmenting target markets has now given way to micro-segmenting target markets to get your message across with maximum impact.
You may have the best product or service in the world but if your marketing is not correct, you won’t even get the opportunity to pitch for the business.
Let me know your thoughts below
To your Health, Wealth and Happiness
P.S. Click here to AVOID small business failure!