I hear this cry for help all the time. You want to make a difference in your industry with the hope to increase your reach and revenue, but it seems you just cannot get through the thick fog of competitors.
Here is a good example for you?
Do you know Branston Baked Beans? Do you know that in 2005, Premier food, which produces the Branston beans, took on the Baked Bean giant Heinz who has been in existence since 1901 in a baked beans war?
How do you compete with a brand that packs over 500 million cans of beans every year with a two-third market share in the £222m Baked Beans industry?
Here is what you do – You find the gap in their offering and exceed what they offer. That is what Premier Baked Beans did, and they managed to snatch about 10% of the market share from Heinz.
Branston’s market presence forced Heinz to review and improve its recipe, which has been in existence for many years.
Branston Baked Beans overhauled its image after discovering that baked beans are losing favour among one of its core consumer groups. Branston made the design changes after market data revealed that consumption is in decline among 18 – 30-year-olds, traditionally the keenest bean eaters of all. So they made their design more appealing to this age group (students) and voila! (Source: Premier Foods)
So what is the secret of their success?
Boldness, tenacity and a commitment to consistent improvement.
You may think you cannot compete with the market leaders, but I want you to remember that consumers change and the needs of customers evolve with time. Your product that did not work last year may be just what the people need now. Alternatively, a different or improved way of offering your product or service may be just what your customers want.
Business development needs consistent tendering and questioning. You need to make time for brainstorming so you can anticipate your customers’ needs and create new ways of meeting those needs.
I have booked an unprecedented number of Exploration Sessions this month with so many talented men and women who want to leave their legacy in the sands of time. It has been an enjoyable experience spending time with them and helping them create an action plan to help them extend their reach and revenue.
If you need to explore how to amplify your business, why not get in touch with me by replying to this message. You can also read more about what I can offer you through the Amplify Your Business in 90 Days Program. Click here to find out more.
I wish you business success