…Now there’s an interesting quip if I’ve ever heard one. As one who embraces innovation and growth, that’s downright scary when I think about it from the perspective of a business.
When running a small business, it is vital for you to remain aware of your business, how it is positioned in the marketplace, and what other players exist in the market. This about it, if you are selling mugs for $3.25 as a specialty item, and someone down the street from you sells a nearly identical mug for $2.99, what do you think will happen? Well, if you’re Macy’s, maybe nothing – you offer brand recognition, people come to you because they want the latest and greatest of everything in the world and great service. The mugs are an impulse buy item, like the apple pies at McDonalds.
What if you are a corner retailer…how does that change your thinking? What will drive people to your store to buy the mugs at $3.24, regardless of paying more? What other items might the store offer that are competitive with what you are selling? Can you possibly purchase a larger quantity of the same mug, at a lower price and match their price?
What it comes down to is that you only know what you know. If you never survey your environment, and continue blindly selling your widgets, despite changing market condition, you won’t know what you might want to consider changing. If you don’t know what to consider changing, you may suddenly find yourself in a leaky boat. So, despite the old saying, you might want to periodically check your old boat for weak spots and stay afloat.
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