Here is the audio version of this post. Thank you so much for listening.
As Theodore Roosevelt famously said, “Comparison is the thief of joy.” It can be a thief in business too.
On Saturday, I posted the above image to Instagram with the following message…
“Often when working with small businesses I hear something like this… Well the business down the street is charging this or promoting this or… should I do that? Awesome businesses are created when you define your own purpose, promise, target market, set clear objectives, create a bad ass strategy and execute like a mother … Focus on creating your own kind of awesome.”
It was one of my more liked posts. But this topic requires more time and explanation than an Instagram post. So here goes…
Yes, studying success and awesomeness is important. Learning from the greats, the ones who have consistently shown growth and profitability, the ability to create a strong culture, etc. Having an in-depth knowledge of those who have successfully gone before you, yes, all of that is awesome and important.
However, when we are comparing our business to the one “down the street”, this is where I have issues…
Do you know their business model?
Do you know their strategy & target market?
Do you know their plan?
Do you know their sales?
Do you know their profitability?
Do you know their cost of sales?
Do you know how they are funded?
Do you know how long they will be in business?
Do you know if their clients are happy?
Do you know if their team is happy?
My guess is NO. You do not know. Therefore, how can we even begin to compare our business to theirs? What if we decided to follow a pricing strategy of a competitor that was headed down a road of putting them out of business? Or a promotional program that depleted all cash flow and pissed off clients and team members? OMG, can you imagine?
Before you look around one more time to see what others are doing, take that time to look within. Your own objectives, your plan, your strategy, your P & L, your business model. Start there.
Focus on creating your own kind of awesome. And connect with and learn from people who not only own businesses but grow businesses, for reals.
The essence of strategy is choosing what not to do. -Michael E. Porter
Here is the audio version of this post. Thanks so much for listening. Enjoy.
What is YOUR strategy? Sound like a loaded question? It’s not. It’s a question I believe we all need to take time to answer as brand and small biz owners if we are going to be awesomeness creators.
Here is one definition of strategy, and it includes the word ART which I love…
(noun) the art of devising or employing plans toward a goal
One of the important things we do as brand and biz owners is make decisions. And the best way to make good decisions is if we have a clear strategy. When we have clarity, the decisions become easier to make. We know our plan and are clear on the steps we need to take to get closer to our goals.
And strategy can be and needs to be very fluid. Things change, people change, markets change, opportunities change, and thus our strategy will continue to change over time.
So what does all this have to do with the topic, “One Size Does Not Fit All”?
In today’s hyper connected world, we have opportunities to engage and help our community in so many ways. If someone has a question, we all seem to have answers. Yet, there is a very big flaw. And that flaw is how can we really answer a persons question without knowing more about them, their biz and their strategy? You see, one size does not fit all.
Promotional Strategy
Someone asks a question in a Facebook group about Daily Deal platforms and if they are good…
Several people jump into the comments with their “personal” opinion, knowing nothing about the person or business asking the question. How could anyone really answer that question without understanding the goals or promotional strategy of the person asking the question?
Pricing Strategy
A healthy discussion begins about pricing of products and services…
Several people jump into the conversation adamant about what someone’s pricing strategy should be. Really? How can we be so sure without knowing more about the marketing strategy?
Online Marketing Strategy
An expert is at a hair show talking business and a several people ask the “expert” which social platforms they should be on. And the expert actually answers them, very specifically, knowing nothing about their marketing strategy. Really? How in the world does this expert know?
Referral Strategy
A group of small businesses get really mad at YELP and tells all their biz owner friends to avoid it. What an incredible disservice that is. YELP may or may not be important depending on the businesses strategy. And how in the world would that small group of businesses know that? SMH.
You see, one size does not fit all. We must begin to craft our own strategy, not just absorb other people’s.
Can we all learn from each other? OMG yes! One of the most awesome things about the social + digital web is that is has brought us so close together, to be able to help empower and support each other. But at the end of the day, awesome businesses have strategies unique to them. And strategy is an art, just like cutting and coloring hair.
When we have a strategy, making decisions becomes easier. We are clear on what to say yes to, and even more importantly, what to say no to. And that my friends, is where awesomeness creating and real marketing begins.
