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How to Turnaround Your Business by Josiah Go
Josiah Go is chairman
and chief marketing
strategist of Mansmith
and Fielders, Inc.,
the leading training
company in marketing,
sales, strategy and
innovation.
In my previous article (Why Businesses Fail), I explained that businesses fail when lacking in at least one of these four factors: Product-Market, People, Peso, and Prayers. This article will focus on some of the possible remedies.
A Product-Market deficiency arises when there is a lack of brand relevance. To be relevant is to have a clear target market that is large enough with a corresponding value proposition that is formulated precisely for the needs of this market. Citing a restaurant example, T.G.I. Fridays, recently took over a spot left by a pirate-themed restaurant in Eastwood City. While both restaurants on paper might seem to cater to fun-seeking youths, T.G.I. Fridays took it up a notch with its bright red-white patterns and flaring baristas. Positioned right in the middle of Eastwood, they would even host dances performed by waiters matched with loud party music and live stunts by the baristas, the whole mix contributing to the idea that Fridays is a fun place to be in. The pirate-themed restaurant and its dark exteriors, on the other hand, simply assumed that pirate hats and a large boat-shaped restaurant would do the trick. Naturally there were more yuppies than pirates in Quezon City.
What's New?
Bestselling book with 25,000 books sold in one year!
This book is written in Taglish (Tagalog-English) and is intended for owners of sari-sari stores, groceries, bakeries, market stalls among others. Learn the 7 Principles of Effective Small Store Marketing and gain new insights and ideas in building your small store business, in ways you never thought of before!
- Stand out and be different
- Grow without cannibalizing existing sales
- Increase transaction size
- Add service to product
- Convert from functional to emotional
- Have the discipline to expand
- Dream!
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