What customer segment has enough purchasing power to make your business profitable?
Here’s a secret for you.
If you have an extremely specific “who”, you can keep the “what” slightly loose — or vice versa.
Example?
A management consultancy firm in a small city can offer a variety of services.
Because the target “who” is already small —businesses in that small city— and competition is limited.
But if the same consultancy firm wants to stand out online, now the customer base and competition are worldwide.
So you have to limit the “who” (e.g. private equity firms that acquire SaaS startups) and the “what” (e.g. restructure companies following an acquisition) to get specific and reduce competition.
3. Being unaware of what makes their brand different
It’s surprising to see how many B2B executives don’t know what makes their brand different.
If you ask them, they usually mumble something about quality and customer focus.
But in this era, these are no longer differentiators.
They are expected.
And when they don’t know what makes them different, they are unable to set a clear direction for the business.
They can’t tell employees how they are going to win.
So everybody lacks clarity.
The business becomes a headless chicken.
Everybody tries to pull it in different directions.
Everybody comes up with a new big idea every month.
But you know what happens when there is no coherent action within an army.
A guaranteed defeat.
How can you avoid it?
Knowing your difference is about making a decision.
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