I discovered today that a local business is about to close down. The owner told me it was due to a lack of trade. This is happening, even though their service is better than many of their competitors.
So, why does it happen? Why does an above average business fail, when their lower quality competitors in the same area are thriving?
It happens because there’s a massive difference between being the best quality service and the best selling service. This holds true in every industry. Think about it, the best selling book is seldom the best written book.
Strategic marketing
In order for a business to thrive, an essential balance is needed. The build it and they will come mantra is a dangerous trap. You need to build it, then market it correctly. That’s because being great at what you do, doesn’t mean people will magically notice you, trust you or want to spend their money with you.
You need a strategy in order to capture their attention, earn their trust and motivate them to hire you.
The business owner I referred to at the start of this post, used the strap-line, “the best kept secret in [his profession]” in the signature of his company emails. He clearly knew they had a problem. He probably didn’t know it was their marketing that was the culprit. The right people didn’t know his business existed, how good his business was or why they should hire them.
Because the business owner’s balance was wrong, they carried on working hard, wondering why things were not improving. And as a result, a small team of people will be facing Christmas this year, without a job.
Once a business is delivering a great service, there’s no reason for it not to thrive. Just be sure to get the balance right: Do great work. But remember to capture attention. Earn trust. And motivate people to hire you or buy from you.