General Motors is reinventing itself.
Why is it that when businesses get into trouble they look seriously at consolidation and brand identification? Because its the right thing to do.
Hum? Interesting. So what can we learn from this. Momma said, "It is best to learn from other peoples mistakes. Why learn the hard way." Good advice Momma.
So what have we learned from GM and other companies that have over diversified and then, when tough times came about, they had to scale back?
Great companies are very slow to diversify. Instead they focus on building product or service dominance and a powerfully recognizably brand.
Here is a strategy to help you build a great brand and strengthen your business model.
- Find a niche that has a need or interest in your service. Make sure the market is large enough to serve your company financial goals.
- Decide to be the best in that market or niche.
- Build an incredible product and put your time and resources into it.
- Begin promoting in a targeted, laser focused manner to your market.
- Continually ask yourself the question, "How do we become more effective and efficient doing what we do?"