Sorry that I have not posted in such a long time. I have been super busy and this blog fell by the wayside. I feel like this is an important place for me to write down stuff throughout my experience and through reading books on economic psychology that are awesome to share and pass around. I will try to write in this once a week from now on.
Before I begin today's post, I am reading a book called Uncommon Sense, Common Nonsense Jules Goddard and Tony Eccles. The book is broken down into very small chapters (3-5 pages each) about many different topics. The first important one that I want to talk about winners make markets.
The books says that success rests on intellectual courage to resist the most obvious strategy. What it means by this is that conformity does not make you a winner. You have to be different and stand out from the crowd.
Establishing your own niche in business is hard to do. Most business try to conform to the "winning strategy". They see certain places and think man that is a winning strategy and we should follow suit. But what happens is this: everyone new places that only tries to replicate old success is either going to find it really hard to steal the old retailer's customers, or find that they are serving the same population of people as the established retailer.
Beach N' Boba was meant to be different. I wanted it to be more of a sit down place so that you can actually take time and enjoy your drinks, so with that we paired an awesome snack menu that would go well with boba drinks. I wanted to provide quality customer service and quality drinks in order for our customers to become so loyal that returning to BnB becomes engrained in them. I don't imagine that many other places receive "love notes" from their customers or has a crowd that makes such a strong connection with the staff.
It is hard sometimes to think about how to differentiate yourself. I think the long term goals of a place are really important to look at. This leads on to what I am going to talk about next post but basically, places that are in it for purely financial goals are destined to fail because in the end, it is the customer centered objectives that keep people coming back.
Feel free to leave your comments below.
-Wilson
