As a universal and business law, you have to give up something in other to get something. Most times, a narrowed focus means success. Focusing on what really matters makes you produce the results that really count.
Often, a focus on the focus is the key to unlocking the next level of business gain and opportunities. A change in focus equals a change in result, and whatever you focus on grows.
By giving attention to a segment of the market, you achieve a very high market share in that category. You have no business appealing to everybody. At this stage, people are drawn to you with ease. And you are viewed as the preferred choice even as your product or service is designed to solve their peculiar problems.
Direct your focus where it matters. Focus on that move that would generate exponential results. Focus on your reason for being in business, and that reason are your customers!
Focus on the customer
Amid every perceived competition, your primary duty is to make the customers see your true advantage over others, in what they seem to value, want, and care about. The people you must focus on are your customers and not your competitors. The competition is not your business, the customer is.
So, mind your business by ignoring the competition, and focusing on the customers. Focusing on the customer means that you are not focusing on what the competition is doing or is not doing. The competition doesn’t matter as much as the people you came to the business to serve.
Identify a realistic target audience, big enough to be profitable, yet small enough for you to service it thoroughly. ‘People who make it big in business don’t tend to be very well rounded, but they do have one quality that’s lacking in others: they are single-minded.’ Those were the words of Harvey Mackay.
The competition will find it difficult to compete with a customer that is not considering an alternative outside of you. I can attest to that completely. When you confront the market (your customers) and serve them well like no other, there will be no room for any competition or what to worry about.
You have to keep getting better at serving and satisfying your customers so much so that it would discourage anybody from anywhere to try to compete with you. At this point, you can boldly declare that there is no competition!
There’s nothing wrong with establishing a monopoly in a niche market that both you and your market enjoy. That’s a win-win situation after all. This could be why Peter Thiel of Paypal said, ‘Don’t try to beat competitors at their own game. You have to invent a new game — and master it’.
When you mind your business, competition becomes nothing. Focus on what you can do that you would love to be associated with, and don’t be distracted by what your business is not. Give up whatsoever that doesn’t represent you and the thing you struggle at, and uphold whatsoever that makes you tick.
In the word of Lewis Carroll, ‘If everybody minded their own business, the Duchess said, in a hoarse growl, the world will go round a great deal faster than it does.’ Forget the competition and mind your business.
About the Author:
Tony Ajah is a Business Growth Strategist, and the author of BUSINESS SENSE, and ON BECOMING AN ENTREPRENEUR.
He maintains a personal blog, www.tonyajah.com where he shares proven business ideas and principles for SMEs.