Four pieces of advice for a tight economy

Quick post here:

1. Narrow your focus. Classic branding strategy and business strategy is to ensure you are narrowly focused on doing "one thing" and doing it right. Hey - big car companies - take note! Don't blow your brains out (and budget) by trying to be everything to everyone. Figure out one thing and do it right. E.g. GMC = Trucks (focus only on trucks ... get out of SUVs), Chevy = Cheap family cars (focus on Cavalier, Malibu, and Impala ... get out of Corvette and Camaro), Pontiac = Sporty cars (focus on Grand Am ... ah heck ... kill the brand entirely), Cadillac = Luxury (focus on real luxury ... get rid of the low end models).
   
2. Focus on your brand. Be sure you know what you are all about in the eyes of your customers, and how you deliver that to your customers.
   
3. Become low cost. Look to Wal-Mart, Southwest Airlines, and others. Figure out how they deliver great service and great customer experiences at low cost. How do they keep their customers happy, their employees happy, and earn a profit at the same time (even in this ugly economy). Adapt those lessons to your business model.
   
4. Innovate by providing an alternative at a lower price. If you are looking at your business and thinking "How do I innovate?" Look simply at your product or your competitor's products and figure out a cheaper alternative that will fundamentally change the market. Then figure out how to create that product and go after the market. Eventually work your way up the food chain through the higher end models. A good example of that is virtually all of the competition to the North American Auto Industry. Volkswagon introduced the bug in the 50s at the low end of the market, and scared the North American Auto industry out of that space, then came back and ate their lunch at the mid-end (even at a premium price). Honda did it back in the 70s starting with the Civic. Then ate the high end with the Acura line. Hyundai did it in the 80s starting with the Pony. This year they won top quality honors for a luxury car. Watch out ... here comes Kia.

There are four things you can start doing tomorrow!