Finding the right spot

where I am likely to get a large concentration of bass.
On a bad day you can unlucky and fail to fail to locate the right spot.
With the exception of few dams, where a person who assists you to launch boats has some information about the dam, you have to mostly resort to guessing.
Even if the people who know the dam are there at times our egos prevent us from asking for such information.
Sometimes we do not ask the right questions.
And at times we feel too important to fellowship with dam attendants in a constructive way.
Most dams have various species of fish for varied fishermen.
The dam has something for every one.
Everybody has a chance to occupy certain portions of the dam provided all fishing conditions are met.
Therefore, how do you find your space in the sea of opportunities?
How do you find your niche in a sea full of opportunities?
Most fishermen start with an idea. The idea of where attractive spots are likely to be found.
In most cases the attractive spots are near weeds or in the middle of the weeds (in shallow waters) provided it is summer time.
They might base their choice of spots using historical data. Most fishermen are tempted to first hunt where they used to catch.
They might start hunting in places that their friends have referred them to.
Other fishermen use the trial and error method.
Going round the dam making some hypothesis until finally they get the right spot.
This can be very time consuming and laborious but most fishermen prefer this method. It requires less human intellect application but is more physical. Most human beings are quite willing to substitute intellect with physical power.
Regardless of how labour intensive this method is, there are still some fewer proven success stories of this method.
The right spot in business implies the right marketing mix (the right products, the correct price, the good location and the appropriate promotional strategy).
At individual level hitting the right spot is synonymous with personal breakthrough.
The big corporations usually employ market research companies to carry market surveys for them.
Market research is used to determine the demographics of the population, distribution of the population and income levels.
In addition they use empirical data. Market research gives raw data. Management’s function is to analyse the data and chart the way forward for the company.
The data determines whether the managers should treat the market as a single unit or whether they should segment it.
Market research reveals the gap in offerings in the market place. Gap analysis enables your company to move deterministically.
This is expensive in the short term. Many small companies cannot afford to employ a market research consultancy firm.
Small firms normally resort to the trial and error method. They toil to develop their own sweet spot.
Their customer data is derived from the feedback from the market through either good sales or no sales.
The other form of feedback could be from the competition taking away the business.
The difference between the two approaches lies in the fact that the other incurs less cost at the beginning but incurs huge costs at the end.
The other player is forearmed and the other one is not. The big corporations are forewarned through market research and this enables them to be plan ahead hence their failure rate is lower than that of small businesses.
The small business approach requires high luck factor. The big business approach seeks to create luck.
The Bible urges us to continually seek deep knowledge when it says: “Apply thy heart unto instruction, and thine ears to the words of knowledge” (Proverbs 23v12).
This is also supported by Sun Tzu, who believes in winning by strategy, which is derived from intelligence.
He says: “He will win who knows when not to fight. He will win who knows how to handle both superior and inferior forces.
“He will win whose army is animated by the same spirit throughout all its ranks.
“He will win who, prepared himself, waits to take the enemy unprepared. He will win who has military capacity and is not interfered with by the sovereign.”
Market intelligence is indispensable in any business arena. The right marketing mix is only possible if you know your market.
I have seen small players who went for price wars and disappeared as fast as they had appeared.
Under-cutting prices succeeds if your company has deep pockets and the competitors with shallow ones.
Many companies opt for price relief and fail to deliver the service when it is due. Many insurance companies charge sub-economic premiums and fail to finance claims.
How many managers (either in small or big corporations) know the size of their markets?
How many managers understand the potential of their markets?
Most managers desire to navigate through the right terrain.
However, most of them do not know whether they are sailing to the East or West. They hope to muddle through somehow.
My experience as a bass hunter is that you create luck by 95 percent research and 5 percent when going by your hunch (luck factor).
Over-reliance on luck does not guarantee success. Basing your business on luck is not a solid foundation for success.
l The writer is a managing consultant at CLC Training International. E-mail [email protected]