Good, better, best
Never let it rest
“Til the good is better
And better is the best
I don’t know where I learned this little ditty, but it has stuck with me for over 50 years
It has the right cadence to be a jump-rope chant, but it could also be a mantra for how to run a business. It’s a philosophy of sorts that says you will never rest until each and every customer receives the best you have to offer.
But is that smart business?
What if your customer only wants good and can only afford to pay for good. Is it wise to invest the time and resources required to make it the best?
Every business has a niche whether they know it or not. Our niche at Raven Machine was machining low quantity, large, complex, close-tolerance, cast iron parts. This kind of work required expensive equipment and highly skilled machinists. It wasn’t cheap. We looked for customers who wanted—and were willing to pay for—better or best.
When you look at your niche, be brutally honest with yourself. You want to provide the best product or service money can buy, but do you have the resources to do it? Does what you offer match the needs of your customers? If they don’t match, is it time to:
•Identify new market segments?
•Raise prices and find new ways to add value?
•Find customers that more closely match the products or services you offer?
Spend the time necessary to identify the market(s) you serve and to describe your ideal customer demographics. If you need help, bring in a professional. You are crafting the future of your organization. It needs to be done right.
When you’ve identified your forte, find potential customers and grab their attention.
•Plan a promotional campaign
•Develop a message that resonates with your target market
•Design consistent marketing materials (websites, brochures, personal communication, packaging, public image, etc.) touting who you are and what you offer.
The more perfectly what you offer meshes with what your customer expects, the more profitable, enduring and enjoyable your relationship will be.