Imagine two stores sitting side-by-side in a popular shopping complex. One is your go-to shop for just about everything. They sell garden tools, chocolate bars, T-shirts, car parts and baby bottles.
The other is more exclusive. In fact, the only thing they sell is chocolate. Belgian chocolate, Swiss chocolate, dark and milk chocolate, chocolate covered peanuts and chocolate truffles, luxurious chocolate gift boxes. If it’s chocolate, they stock it. And if it’s not chocolate, you won’t find it on their shelves.
At first glance, you might think that the chocolate store is limiting itself. After all, there are lots of other things they could sell, right? The world is full of sweet treats that aren’t chocolate, and what about other items that complement sweets, such as greeting cards and teddy bears?
The truth is, though, if you’re thinking the first store—the one that sells a little bit of everything—is the more business savvy of the two, you might be mistaken. Here’s why.
When you are very specific and target your unique offerings to match your business purpose, mission, values and goals, you will be in a better position to attract ideal clients. They will line up to get your exclusive service and pay a premium for it.
It might appear at first glance that the store with everything has more traffic. That’s because they do. Remember, no matter what you want, you can almost always buy it there. But because they stock so much and have to appeal to such a wide market, by necessity their prices are lower.
The specialised service is different. You may have the impression of having fewer customers at first, but you will soon realise that they are all well targeted and relevant to your offerings, they will likely spend more money per visit, and rave to their friends about your unique facility. What about the average customer at the jack-of-all-trades store? Well, a single rumor of another bargain sell-everything-store across town, and he or she is gone without a backward glance.
What does this have to do with your business and service offerings? Everything.
As a coach, service provider, or product seller, it’s critical for you to know exactly what you want to provide, and to whom. If you are a jack-of-all-trades and a master-of-none with no clear direction and without a cohesive brand, you may make a few sales, but you won’t gain a loyal following. You will always chase after new customers, because the old ones have no particular loyalty to you, they keep searching for a better bargain somewhere else.
Take a look at your virtual storefront. Are your products or services all in keeping with your brand? Do they instantly tell a new visitor exactly what you do? Are they priced in line with your market?
Change is not easy, but often necessary. Make an inventory of your current offerings and get rid of that which does not serve you, fringe products or services that are diluting your brand. Focus on the core products and services, and strive to improve them and make them more valuable and unique, and before you know it, your brand will have a loyal following, too.
What do you think?
I see you…
About The Author:
My name is Lungisa Sonqishe, I am Personal Brand & Business Strategy Coach
My mission is to activate the spark within others and remind them of their greatness, and to act as the way-shower to their true passion.