Know your sweet spot
Every business has a sweet spot. That area of the market, type of customer, product range that contributes more to the success of the business than anywhere else.
The old 80:20 is proven true again and again. It may be 70:30 or 90:10, but invariably it seems to be so.
When I started my business close to 15 years ago – when I had more hair – I focussed on being an outsourced marketing manager for my clients. I researched their markets and wrote marketing plans, and we had a lot of success.
In recent years, I’d felt something wasn’t quite right with the business – not that times were tough – we have always had a good business – but it had ceased being great for me. I was spending more and more time on admin, working out super payments for part time employees, and fixing trouble spots. In short I had moved away from my first love of business – the challenge of gaining insight into a market, and then writing and executing a successful strategic marketing plan.
And so in the middle of last year, I started analysing the business from top to bottom. I assessed every hour of time spent by myself and the entire team of 20 part time and full time team members. I wrote lists of things I liked doing, and what I hated. And importantly I assessed where our sweet spot was in the business – and rediscovered it was exactly where it had always been.
After several weeks of sleepless nights, and examining it in detail I took the tough decision to re-organise – which meant telling a fine team of employees that we were taking Blue Frog back to our DNA – of strategic marketing only. I helped a couple of them start their own businesses. But it was still tough saying goodbye to the office, and the staff.
But one year on, I realised it was the best decision I’ve made in a long time – finding the sweetspot and focussing on that. We’ve reduced our turnover by 80% but increased our profit by 4-fold.
And I’m doing what I love – listening to clients, helping them listen to their customers, developing strategic marketing systems, and growing businesses.
What’s your sweetspot?
Have a good weekend.