In order to have a widely successful business it’s not necessary to be great at everything, but it is necessary that your business be superior in at least two of the following six areas.
Once in a while you will see a superior product take the world by storm or a restaurant opens in the perfect location, but for the most part you need to be good in at least two of the following areas.
In order of importance:
1. Superior pricing or offer—Walmart
2. Superior location—Hotel de Paris, Monaco
3. Superior sales—IBM
4. Superior marketing—Nike
5. Superior product—iPhone
6. Superior service—The Ritz-Carlton
Before you start a business, make sure you know how your business will be superior on at least two of the above dimensions.
In the karate business, I did two things better than any of my competitors. My marketing was superior and I realized I wasn’t in the karate business but the business of SELLING karate lessons. In the golf business, I did two things better than my competition. I provided an easy-to-use “superior” product at a good price.
You must be superior in at least two key areas to succeed and more is better.