Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
🚀 New Story, New Audience
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Hi Reader, Starbucks started as a neighborhood coffee shop. Their story was about the café experience – a place to gather, connect, and enjoy the art of coffee (mmm, coffee ☕). Then, in the late ’90s, seeking additional growth, the brand leapt into the grocery aisle, selling coffee beans, bottled Frappuccinos, and eventually K-Cups. Starbucks wasn’t just serving regular café visitors anymore. They were reaching whole new groups of customers who might never walk into one of their stores – using a totally different product and capability set. This is Diversification – an example of when it works well, I might add. That strategy worked, in part, because the story still made sense. Starbucks didn’t stop being about coffee; they just found new ways to share it. But it doesn’t always play out this way. Diversification can quickly unravel if the new move doesn’t fit the bigger story:
👎🏻 Nope. Customers weren’t into it. ➡️ Where’s the synergy? What’s the brand story? If the thread back to your core brand isn’t clear, the new idea just confuses people. Before you leap, test carefully. Talk to potential customers. Try a prototype or two. And think ahead about whether a new market might complement your existing narrative – or stretch it beyond recognition. Until next time, Michael
Michael Schefman | 321 Liftoff Copyright © 2024 by 321 Liftoff LLC |
Michel Schefman, 321 Liftoff
Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
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