How you define your business has large impacts

Let me frame this with an real life example.

My partner and I own two small businesses, configure express woman’s gyms. Like all small traders, we often have to put a lot of trust in our staff. Occasionally this doesn’t work out, the classic case being when someone doesn’t turn up to open up for business (gyms start early!)

Now, if they are the only person on shift (which happens), we currently have no way of knowing that the business isn’t open which is absurd because we pay a company to monitor it for break in’s etc. But, THEY WON’T OFFER US A SERVICE TO TELL US WHEN THE PLACE INSN’T OPEN despite us asking.

Why not? Well they answer thus, “we’re a security company, that isn’t what we do”.  Which is true, but they have a system on premise already that can tell when people are in the building, their system will alert them when the alarm hasn’t been set at the right time of night, their system will even tell them to call the premise if the alarm is unarmed at an odd hour.

If they simply redefined their service offering as “we’re a monitoring and alerting company” then bingo, whole new market proposition, market differentiation and even more important, more money for virtually no extra work.

To me there is a strong lesson here for all businesses, even our gyms. Think about how your collective definition of what you do shows up. Is this still relevant? Can, with a small tweak you create even more value.

Some examples for you,

We’re in the weightloss industry  OR  we’re in the beauty industry or the health industry

We’re a CRM company  OR we’re in the PaaS industry, or we are a hub for SaaS applications (salesforce.com)

We’re a search company OR we’re in the  business of ordering the worlds information (Google)

 

Which is more powerful, relevant and commercially sound?

So what industry are you in?

Leave a Reply