What are some of the things you should consider when changing something major in your business? Here are some things to consider if you’re planning on changing your business direction.
Sometimes, you may want to change the direction of your business – for example, changing the types of clients you work with, moving into commercial or residential, or focusing on a niche.
Business consultant Beau Ushay says, “From a marketing perspective, changing direction is a good opportunity to refocus on what you do best and establish your competitive advantage.
“Too often, businesses try to be everything to everyone, which will never work.
“The key to being remembered at that critical moment when the customer is looking for a solution is to find your niche – and own it.”
“To find your niche, think about your best customers. The ones who pay on time, don’t quibble over costs, and have reasonable expectations. What do they look like? Experienced renovators, first home buyers, retirees, and sustainably conscious inner city couples with no kids. Be specific, because you can’t be everything to everyone.
“Then think about what is driving these decisions. Are they adopting solar to save the environment, or save money? If you want the former, make sure you double down on your environmental creds. If it’s the latter, compete on price.
“This doesn’t mean you neglect loyal customers or won’t attract other business, but it will give you the hook to get caught in the memories of the people who’ll grow your business the way you want, which is the most important thing.
“Finally, once you know what they want and who you’re doing it for, make sure you can deliver on that promise. Trust is built by setting expectations and delivering on them consistently. So only promise what you can deliver.”
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