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Wednesday, December 28, 2005

Correctly Identifying your Business is Key to Lasting Success

What business are you in? This may seem like a simple question with an obvious answer but the answer to this question can have a life changing impact on the success a business. Many businesses have failed to answer this question correctly and now are no more.

In his book, Marketing Outrageously, Jon Spoelstra gives some wonderful examples of how correctly identifying your business can impact the future of your business. Consider Smith-Corona. Smith-Corona was a major player in the typewriter industry. Although you can still buy typewriters it is not exactly a booming industry. What if Smith-Corona had not considered themselves to be in the typewriter business but instead in the word processing business? Instead of fading away they could have been pioneers in the personal computer or word processing software industry.

Insurance giant, Prudential, was once known for the slogan, “Get a piece of the rock.” This slogan is proof that Prudential knew what business they were in. There were not in the insurance business. They were in the business of providing a foundation of security to policyholders.

Anyone in business has heard the concept of selling benefits not feature. This is closely tied to the concept of correctly identifying what business you are in. Businesses that are successful in establishing worldwide brand recognition and lasting success understand this concept. Consider Stone Evans of Even though Stone offers a wide range of free information on how to start an Internet home based business, search engine optimization, affiliate marketing programs, Internet marketing and more, he understands what business he is in. Stone Evans is not in the business of helping people start an Internet home based business. Stone, also known as the Home Biz Guy, is in the business of making dreams come true for entrepreneurs all over the world who want to be free of the corporate rat race to be home with their families.

The key to correctly identifying a business has everything to do with determining why people buy your products or services. The answer to this question can mean the difference between folding under change or adapting and growing in the future.

Reference: Marketing Outrageously by Jon Spoelstra

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