Questions and suggestions from chapter 5 of Making Money Is Not Illegal, Immoral or Fattening:
“What specifically do you do in your business that’s going to boost your success and maximize the chances your business will still be operating a few years from now? You’ve got to be absolutely world-class at something. Otherwise, some competitor will come in to rip market share away from you. Before you know it, your business is gone from the face of the earth.
“Think of it in terms of what’s called an elevator speech. Let’s say that as you’re waiting for an elevator, the person you’re standing with asks, ‘Why should I shop at your store?’ And then the elevator doors open, you and the other person get in, and you’ve got about thirty seconds, while the elevator is moving, to answer the question. What do you say? Keep it focused because you don’t have much time.
“Okay, now I’ll give you more time than thirty seconds, but in exchange, I’ll make the question a little more complicated: What are the top ten reasons for somebody to shop at your store? See, you really need to have multiple differentiators. The more competition that comes into your market area and tougher the competition gets, the better it is to have multiple differentiators.
“You must be the biggest, the least expensive, the most distinctive, or the best at customer service. Being the biggest deals with ranging or assortment. When you aim to be the least expensive, it is all about price. Do you want to be the most distinctive? That means having a niche, stocking items or product lines that the competition does not carry, at least as completely as your store carries it. Or do you want to be the very best at customer service?”
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