Most businesses suffer from an identity crisis. They have no idea who they are, what problem they can solve, who their competition is, or who their best customers are. In normal times, businesses with no self-awareness can limp along- not quite going broke but not quite successful either. We all know these businesses. They are the ones who make everything harder than it needs to be.
Why do they make everything harder? Because an identity crisis is the beginning of a vicious, vicious circle. If you don’t know who you are, you don’t know how to help others. If you don’t know how to help others, somebody else absolutely will. And the worse part of the circle, if you don’t know who you are you don’t even know who you want to or are capable of being a help to.
If you don’t know exactly who you are, you have zero chance of success. Read that again. Zero chance of success. The current economic climate will showcase that more than ever before.
Here is why:
- You will spend all your money chasing after prospects who will never, ever use your product or service. If your marketing cannot be a laser, you will be forced to use a shotgun. Shotguns cause collateral damage. You will be the collateral damage.
- The best possible outcome with a less than ideal customer is that the customer will be satisfied. Many businesses have actually convinced themselves that a satisfied customer is the best possible outcome. Untrue. A satisfied customer goes home, sits on their couch, sips a glass of red wine and never thinks about your business again. However, when you interact with your best possible customer, you will know how to thrill them. You will know how to wow them. A thrilled customer (Ken Blanchard calls them Raving Fans) will go home, sit on their couch, sip some red wine and call, text, email or blog about how amazing your service or product is. They will become your marketing.
- If you don’t know who you are, you will forget why you exist. Many businesses believe they need to sell their product. Untrue. They need to solve their customers problems. Problem solvers, not sales people. Your customers problems are your best opportunity. When people invest with you instead of buy from you, when you have a cure instead of a product, or when you provide solutions instead of adding expenses you will become successful.
Here are a few local companies that know exactly who the heck they are:
Great post – There is power in knowing who you are not in addition to who you are. I recently interviewed Spoke, http://www.wearespoke.com, a new ad agency in St. Louis. They made sure to emphasize the importance of understanding and serving a niche of the market rather than being all things to all customers. For many businesses that I know, it can be a scary proposition…they feel like they are telling some people “no.” But, in reality, if they can stomach doing the niche model, they better sustain business. Good businesses at the end.