Of Top 4 Business Elements Which Should Be No. 1
Here’s a challenge I heard recently that really made me think. If as a business leader you could be “the best in your industry” but had to choose just one of four categories, which would you choose from these four:
- Best Product
- Best Management
- Best Margins
- Best Marketing
Granted all of these are important elements to your business success, but only one factor really matters most. Let’s do a quick analysis of each.
First, let’s look at Product. It is often assumed that the highest quality and best product wins. Right? Not always true. For example … if you chose to go to the No. 1 restaurant then you’d be going to McDonald’s, which is the No. 1 restaurant in the world. And if you want the No. 1 wine for your dining party or celebration, your wine would be Franzia … yes, wine-in-a-box … because it is the No. 1 wine.
Next, let’s look at Management/People. How about the 2004 Olympic basketball team … made up of all NBA stars … lost to Lithuania … came in third. How about the management of Enron, AIG, etc.
Third was Margins. The financial sectors always push for highest margins … what CFO or accountant doesn’t wish for highest margins. Well I hate to deliver bad news, but the margins don’t matter at all if the product doesn’t sell.
Finally … like it or not … the one thing that matters most in determining if your business is a success or fails is Marketing.
Next blog I’ll share with you several reasons why Marketing is No. 1. So check back.
© Phil Hoffman 2012. All rights reserved
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