What business you’re really in?

This is a million-dollar question. Seriously, I'm not kidding. Answering this question in the wrong can waste all your years of effort in your breakthrough business. Plus, if you yourself are not crystal clear about the answer to this question, how can you expect your customer to understand your offering entirely? Indeed this question is very real, very relevant and very difficult especially today where every other day a new business is being born into this world. A classic example of what business you’re in...is the railroad industry. In the late ’70s and ’80s when the railroad was an all-time high until in the 20th century they lost out of business. Reason? Because railroad services were assuming that they were in the railroad business. In improving new railway lines, making better locomotives etc. So, they were competing with other railroad companies to capture maximum market share. And they failed to understand what their customer need/want. If you look from a broader perspective, railroad services were not in the railway business but in the transportation business. And as market changes, people need/want changes. People don't want new railroad companies. Instead, People were buying convenient means to get themselves or their goods from one place to another. Unfortunately, railroad companies did not see the opportunity to use technology and innovation for satisfying people's transportation needs. Hence, we know the rest. The biggest mistake they’ve made: they failed to understand what business they were really in. Nike is not in the shoe business. They are in the business of inspiring the athlete within all of us. Red bull is not just an energy drink. Red Bull is in the business of helping us live our lives to the absolute extreme. Asking this hard question, and coming up with a better answer can unlock massive growth opportunities for you and your business. So, What business are you really in? Over to you!

P: +91-9971747773 | harkiratsingh3777@gmail.com

© 2020 by Harkirat Singh