No doubt you’ve heard the term ‘core competency.’ It refers to that which a company or person does best.
The best way to build a business is to start out offering only what you do best.
Why? For a couple of reasons:
- It gives you one thing to focus on; to build a marketing message around.
- It helps you define your target market – those people who need that thing.
- It helps others land on who you are and what you offer.
In short, it provides clarity. It keeps you and your prospects from getting confused.
Too often small business owners try to offer everything under the sun. They think there’s value in being a one-stop shop and they’re afraid that if they don’t offer more things they’ll miss out on business.
The irony is that with too many things offered, they lose out on business because there’s no clarity. When people can’t land on what it is you do, they walk away. So, these owners end up creating the situation they were trying to avoid.
If your message is too big, it will be overwhelming. Think about how you react to feeling overwhelmed. It’s not a good feeling, is it? Don’t create that sensation for your prospective clients.
Set yourself up for success by starting out simply. Focus on the thing you do best and market that product or service to that target market. Build your business from the foundation of your core competency.
Once you’ve established your company as a solid entity, you can add products or services and develop a menu of offerings. Be sure to add things that make sense – things that go along with your core product or service.
For example, if you are offering accounting services, don’t add printing services. You may think printing is something you can do, but that doesn’t mean it’s something you should do. Now, you may think I’m being ridiculous, but I’ve seen this happen. Sometimes as oddly as my example and other times more subtly. They are equally inappropriate.
Know what you do well. Understand what you offer. As you determine what additional items to add to your product line make sure they go along with your main line. Maintain continuity with your products or services. This will help you reinforce your position in the market.
When you add the following items gradually you enhance your business in a couple of ways:
- Complementary services or products increases the value of your core offering.
- Adding items gradually provides you with additional opportunities to put your business in front of prospective clients.
- With more quality products or services you can expand your prospect base.
When you create a plan for growing your business include a process for developing your menu of product offerings. Take advantage of the benefits of starting with one core item and building gradually from there. When the plan makes sense to you, you can be sure it will make sense to your prospects. That wisdom will result in solid growth for your business.