This is a rather obvious kind of statement. But as I got ready to get to work this morning. I was more aware of it than ever before.
I run a social media agency. And I also have a digital media company. Now, in the first – granted I am not doing what other people are not already doing. I maybe offering the service at better quality, but then that’s an opinion. In the second company, I intend to offer what others cannot. And in the combination of the two, I intend to further strike home that advantage.
What is being done
Here’s the first question ou should ask yourself when starting up. Is there someone already facing the problem that I see. Is there a Solution already to the problem. How effective is the solution. You need to be quite sure of these two. Also, a third question you may or may not want to ask yourself is – what would it take for a large player in another related space to enter into your solution.
What are you about to do
Are you out to offer the same solution at a cheaper price or a better quality? Or both. If your answer is affirmative, then you must be always prepared for stiff competition. If your answer is in the negative then you should continually seek to: firstly, do more things that no one else is doing; and secondly, add in what people call a “Network effect” where you lock your customers in.
The final word
Build a Castle. And then build a Moat around that castle. Fill that moat with water, and then stuff it with crocodiles. But a fence around teh moat, and add in barbed, electric wires on top of the fence. If you can, get full surveillance set up. You don’t want to make it hard for people to compete with you, you want to make it impossible.
Of c ourse, impossible is only a word in the dictionary of fools.
This post first appeared on Sociall.in:Social Media Marketing Agency India (Bangalore & Chennai), please read the originial post: here