I was taught that there are three types of businesses.
Knowing which type you are—can help you make better decisions about your business.
Now it is entirely possible that there are more than three types of businesses.
But I was taught that there are three and so here we go.
The three types of businesses are as follows…
Low Price Leader
This type of business obviously leads on price.
Their image and brand is based on being known as the cheapest option.
Now doesn’t mean that the low-cost leader does not provide value.
It just means that from a marketing perspective your price will in most cases be among the lowest.
This type of company is known for their incredible service.
This could also be known as customer experience.
A service excellence company will go out of the way to make sure that you have the best possible experience when using their service.
Typically these companies focus on operations and process and how to to best effectively deliver their service.
Service excellence typically comes at premium.
You get what you pay for.
A Technology Leader is a company that focuses on its product or service.
They push boundaries and aim to be the best solution in the marketplace.
Typically the technology leaders will be the companies that are introducing the latest and greatest tech.
Constantly developing and improving what they do is key to their brand.
I’m sure you can think of a business that’s a technology leader.
Like I said, knowing what type of business your company is well help you to know where to focus your attention, and guide you in decision-making.
It will help you focus your brand.
It is interesting how many companies do not consider who they are or what they are.
Even less consider what they stand for.
Most business owners are happy with just being an idea that came to fruition.
But for those who want a little more…
Knowing what type of business you have can give you the direction you need.
Do you know what type of business you are?