August 2020

The fourth of the six questions that I believe every business needs to answer is “Why do your customers choose you?” 

Perhaps the most important question to start with is “who are my competitors?” You have to understand who or what you are truly competing against and what that competition’s strengths and weaknesses are. One of the questions that many businesses fail to ask is simply, “what category do I belong in?” Understanding your category and your specific competitors sets the stage for developing your unique competitive strategy. Finally, you need to clearly capture your value proposition.

And you thought I was asking a simple question! 

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One of the six questions that every business needs to answer is “Whom do you serve?”. As I mentioned on Monday, answering that question involves understanding both your target market and the typical buyer of your product or service.

So, what does it mean to understand your customer — your typical buyer? 

One popular approach is to create one or more customer personas to bring what you know about your customers to life. Another popular approach, especially among startups, is to create a customer profile through the Customer Discovery process.

This article describes both.

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A Framework For Marketing Management is a comprehensive overview of all significant aspects of marketing. Marketing is a rich and complex function that has become one of the most essential functions for business success. Although relatively small, this text does an excellent job of covering the landscape. Although its brevity sometimes leaves me wanting (and searching elsewhere for) more detail, for the most part I appreciate the book’s direct and efficient approach. It makes for a handy reference for anyone in business and a strong introduction to those new to marketing.

Read the full review here.

Very few product or service categories enjoy a homogenous market — one where almost everyone can be served with a single market approach (product, promotion, channels, price). 

Instead, it is critical for companies to properly segment the market, select which segments they will target, and develop appropriate market approaches for each segment. 

Failing to do so will result in a market approach that is very expensive (trying to reach and serve everyone) but that actually meets the needs of very few.

This article covers market segmentation, targeting strategies, and market sizing.

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As a consultant, one of the most common problems I encounter is a business trying to be “all things to all people.” 

The third of the six questions that I believe every business needs to answer is “Whom do you serve?” You need to understand your target market — the broad grouping of customers on whom you’re going to focus your marketing efforts. But you also need to profile your target customer — the typical buyer of your product or service. 
It’s easy for a consultant to say “focus” but its much harder to do. I work with many startups, and when you’re first starting, every dollar of potential revenue looks good. 

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From the back cover: “Business by the Book is a step-by-step presentation of how businesses should be run according to the Creator of all management rules: God.” 

This  is a classic book for Christians in business. It deals with many aspects of managing a business from a very practical and biblical perspective. Although some of the examples in the book (and there are plenty) are somewhat dated, the concepts and principles are timeless and precious.

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Chick-fil-A is an organization led by flawed humans in a fallen world, so we cannot expect it to operate in perfect alignment with Biblical principles, but it is helpful, at least to me, to have an example to study of a company that is at least trying.

Chick-fil-A’s purpose is: “To glorify God by being a faithful steward of all that is entrusted to us. To have a positive influence on all who come in contact with Chick-fil-A.”

According to the company’s website, “From the beginning, Truett based his business on Biblical principles that he believed were also good business principles, and since 1982, our Corporate Purpose has guided all that we do.”

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As a Christian in business, I look first to the Bible for the non-negotiable principles that should guide my business. At least a couple of times in the gospel narratives, Jesus identified a simple two-part framework for being obedient to God’s commands: You shall love the Lord your God with all your heart, with all your soul, with all your strength, and with all your mind, and your neighbor as yourself.

If you too are a Christian in business, I strongly encourage you to prayerfully consider how God’s revealed will should translate into non-negotiable principles for your business.

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The second of the six questions that I believe every business needs to answer is “What principles will the leaders never compromise?” Many businesses develop a list of Core Values to try to reflect what is important to them. Core Values can shape company culture and influence decision making at all levels of the organization. 

Rather than the generic term Core Values, I prefer the term Non-Negotiable Principles. What is needed is not a warm and fuzzy sense that the company has some desire to operate virtuously, but rather an unyielding commitment to principles that, when rightly understood, will help define what is unique about your business and will make many hard decisions easier.

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