In an earlier blog post, I talked about the first Smart Strategy of Business Scaling and how it involves people and the value of relationships.
Continuing with that thought, let’s take it a step further and move on to your prospects, customers and competition.
The second strategy to scaling your business is actually about Strategies. How are you going to stand out from the rest?
For starters, you have to know your demographics – who you’re going to serve, who you want to work with, who you want to attract and who you want to repel.
Some of those things will happen organically, but I actually did some things that were rather blueprinted and intentional. For example, I cursed. Nobody in the industry really did that and I got a lot of flak for it. What that did though was weed out the people I didn’t want to work with and keep the ones who were like me… people I did want to work with.
Another strategy worth noting is to do a competitive analysis. Know what’s going on in your area. Know the price points of your competitors. What do they charge? How many classes do they offer? What programs do they have? What do they teach? What does their facility look like? What does their market look like? You have to be in the know 24/7/365.
Your business will always change and evolve and that’s important for you to know. In fact, it’s vital for the success of your business. Henry Ford said it best when he said, “If you always do what you’ve always done, you’ll always get what you’ve always got.” So, don’t be afraid of change… and don’t be afraid to change.
Create your points of differentiation. What’s different about you? If you don’t know, then figure it out. You can’t be afraid to do things differently. I created a website company, a paid trial model, something no one else did, and I got crazy results. I did the franchise thing and sold 800 franchises in 4-1/2 years.
What’s your unique point of differentiation? Are you competing on price or are you competing on value? Too many school owners try to undercut each other and that’s a mistake. Find out what your competition is doing and be better, do better. It’s not that hard to do.
Here’s a good example…
This whole bully movement… in my experience, it’s the wrong direction. It’s like selling insurance. No one really wants it until they need it. No one wants to pre-bullyproof their kids for the inevitable thing that may or may not happen. It’s a scare tactic and that’s not the best way to go. If you’re going to use the bullyproof concept to promote your school, do it to establish credibility or do a seminar about it. That’s the better way to go when it comes to that.
You want to create short- and long-term strategies for success. You have to think like a marathoner, not a sprinter. Yes, there will be times when you’ll have to take it up a notch and accelerate some things, but you’re in it for the long run and you have to keep that in the forefront of your mind at all times.
Find that sweet spot of making short- and long-term decisions based on being in it for the long haul while you adapt, change and evolve as often as your business requires.
Ultimately, your success and the level you achieve depend on it.