Why don’t you want fewer customers?

You will probably do better if you have fewer customers if your profitability is low but you have a lot of customers. That’s because these customers are in love with your price and not you. If low price is your differentiation, you are getting people who don’t care about other things. It’s the wrong crowd to pull in. Someone is going to figure out a way to make a cheaper version and they will start going there.

Start raising your prices and start losing some customers; you will increase your profits and have more time. It will force you to think of key differentiators that are difficult for competitors to duplicate and in the long term do better business that makes business sense.

Do you have too many customers?

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What are you good at?

It’s very easy for entrepreneurs to go all over the place with their products or service offerings. It’s understandable. You have a lot of ideas and you are excited. Couple that with the way you are programmed - more means better; it’s no wonder you will soon have a toilet roll list of offerings. Something for everyone, you tell yourself. Now, you are never ever going to miss any business.

But good business sense means you need to choose your battles and focus. You may have infinite enthusiasm even a puppy would lose to; but you do have finite dollars and human resources. It’s best to ultra focus. Really choose to be really good at one thing to a select group of people.

Let’s go murder some ideas now. It will make your business live longer.

How good are you?

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How old are you?

What to focus at which stage of your business is vastly different from an operations and financial point of view. Most people accept this. If you are at ideation stage, what you focus on is very different from when you are at start-up stage. Your key priority at growth stage versus when you are at mature stage will also become different. The same applies to your branding and marketing efforts. There are key milestones to look at from a branding and marketing standpoint as well at each stage. Map this against the product and brand life cycle and consumer segments and the category your brand plays in, it can get complicated. A minute wrong trajectory now will mean miles of difference at the end of the journey costing you unnecessary pain and agony.

What should be your focus now?

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How do you get there?

The challenging thing about educating entrepreneurs about branding and marketing is that; one, they think they are consumers themselves hence they know marketing and branding. Two, they think it’s a campaign here and there and it’s done. Results are instantaneous, sales will come flooding in. Three, they don’t have a system to approach marketing and branding.

It really takes a good two to four years to put a good plan and system in place. A system in place, it's that important that I need to stress it again. Getting your brand’s physical availability right (distribution) and your brand’s mental availability (top of mind awareness) into the consumer’s consciousness will take that long if you are a start-up with reasonable cash flow. Even then, I am simplifying this into one sentence.

You really need to take the long term view that if you are going to be successful; taking 3-4 years to implement the plan and put in a system is merely 10% of time of a business that you would build for the next 30-40 years (assuming that is your long term view).

Where are we going with this?

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What is the first thing you should solve?

How many brands can a consumer remember from each category? Assuming a typical consumer uses 15 categories actively in a month. That’s 20 brands to remember, the top two from each category.

Now let’s look at your brand. Is your category actively used? No? Are you top of mind in the category? No? Then let’s focus there. Start where you need to start.

Getting the awareness is the beginning of every brand trial that leads to sales that leads to repeat purchase.

What sexy terms did you expect to hear?

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