Businesses are only efficient when they have a singular focus. This could have several facets, such as providing the highest quality service while hiring local people or providing employment for a specific population. A more common variation is providing high service at a low cost or the best service as quickly as possible.
What are some mistakes businesses make when they lose their focus?
- Trying to serve a broader market while losing focus on their core market, often with lower ROI
- Trying to dominate broad key search terms that come at a higher price instead of narrower search terms that cost less and are easier to dominate
- Attempting to implement local SEO based on a large geographic area, such as referencing all cities around you, instead of keeping the local search as focused as possible
- Adding more tools, features and reports to your product instead of focusing on the most valuable feature improvements to your user base or more thorough product testing
- Seeking to earn industry certifications like sustainable or ISO standards that have little value to the customer base, because they are the “in” certifications to have, and then investing time and effort to then maintain certification instead of value added activities
- Adding and subtracting features based on what rival products have regardless of what your customers want or the quality of the product after these features are added
- Trying to expand your customer base while neglecting those who buy most of your products, often ignoring the niche uses you could market to without hurting the main market or changing the product; a classic failure is dumping a profitable customer market because they aren’t the young adults many companies think they have to cater to
- Trying to increase sales through the addition of new products regardless of their suitability to your customer base, instead of entering complimentary marketing agreements
- Collecting as much data as possible in the hope of it being useful instead of determining what information is needed to make good decisions and collecting only what is necessary