I failed….well, maybe I’m too hard on myself, but I was recently reminded of an important lesson when starting or running a successful business. That lesson: If you focus on creating (and executing) the best product or service, your odds of creating a successful business will skyrocket.
The mistake I made with my client was trying to do too much for his business. He recently opened a restaurant, and wanted me to help him drive traffic to the new place. I told him he would need nightly specials to entice new customers; he would need an extensive menu to please the diverse crowd he wanted to attract; and he would need to create social marketing campaigns to generate buzz about the new restaurant.
His response to me was simple: “I’m going to make the best hamburger in town and price it between McDonald’s and Five Guys. Customers will understand the value of a superior burger and word of mouth will drive traffic.” The restaurant opened two weeks ago– every table is packed for lunch and dinner. While he’s going through the growing pains of hiring and training staff to keep up, he has a wildly-successful restaurant on his hands.
I was reminded that focusing, first and foremost, on creating a superior product is the first step to a successful business. If you have a superior product, or you can create a service that is superior to your competition, people WILL find you. Sometimes I get caught up in the buzz about the new marketing channels, and I forget success ultimately depends on creating a product or service that people love.
What can you do to create a memorable product or service? Is your company known for being the best at something?
Good luck!