Find Your Bread & Butter

I believe it’s pretty widely believed that you can’t be everything to everyone, unless you’re Google, and those that try seem to end up with branding confusion, struggle with identifying a target audience, and could easily sacrifice quality customer service because of having too broad a product range and not enough subject matter experts on hand. I also believe that there are enough consumers out there to satisfy the bottom line but it’s a matter of identifying what product you have that best meets consumer needs.

Nordic Tugs recently reintroduced their venerable 26-foot trawler that sold 33 hulls in 10 days when it was first introduced at the Lake Union Boats Afloat Show in 1980. The little tug was an instant hit and since then the builder has gone with the ebb and flow of the market building bigger boats to meet client demands. But when consumer needs changed again, drifting toward smaller boats that are more economical to purchase and operate, Nordic Tugs had the perfect reason to bring back a model that had hit the bull’s eye once before. Perhaps reintroducing what had once been the bread and butter of their company will give them a leg up in keeping boaters on the water during tough times.

When it comes to product, think about what has worked the best, had the most success, and produced the most revenue. Is it something that is still a part of your product line or was it retired to make way for new innovations? Enough new generations of boaters have come onto the scene that chances are what was once your best will be brand new again to a fresh audience, so introduce it again with the excitement and pride you did the first time your best product came on the market. What are the characteristics of the clients who purchased your best product? By finding consumers in other market categories and presenting to them your best product, you may be able to appeal to new clients simply because you know your product meets their needs, interests, budget, location.

Identifying the bread and butter in your company is a way to refocus your sales and marketing strategies on something you know already made a positive impact in the industry. In financially volatile times, change can be scary so give people something they are familiar with, that has a history, and a proven track record.