Thursday, November 25, 2021

Can you fight for survival?

If you are a small brand or a small business, there are a few crucial things you must do.

One, define your ultimate customer. You have heard of the term – your target market. Do not be afraid to make this a well-defined small market. You can worry about the mass later. For now, you need the right footing, and a well-defined market means you can focus on delivering value to them wholeheartedly.

Two, create a differentiation. That differentiation should not be on low pricing of your service or product because it’s a differentiation that is easily copied and it eats into your profitability.

Three, look to price higher so you can make a decent profit. Think about the value you are delivering and price it from there. Don’t just look at direct competitors but look at similar products that delivers the same benefits. How do they price?

Does it scare you?

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