Market Timing Counts!
05/18/04
Michael Dell, founder, chairman and CEO of Dell, talks about when to move into adjacent markets: "When we attack a new business, we first understand how the customer is being served, how can we add something unique, and how we can eliminate costs. We look also for large adjacent markets that are standardizing. These are often characterized by prices that are too high. Our business model is applicable across a broad cross section of the IT industry, where technologies are standardizing, products cost too much, and Dell's distribution advantages can be brought over. Also there is a complementary nature to these businesses. The same person who buys desktops buy printers, storage, projectors, services, and network equipment. ... We can't do everything at once. We have to prioritize which opportunities are best for us and for our customers. But it's a good day for customers when we enter a new market."
Is it a good day for your customers when you enter into a new market? Picking the right time to move is critical in answering that question. The people at Dell "attack a new business" when something new, yet standardized, will serve a client they already have a track record of serving and can be delivered at a lower cost than competitors. Instead of being on the bleeding edge of innovative change, they wait to be on the growing edge of a product wave. When you are prioritizing your focus on new products for those you serve, you might want to use some of the same guidelines for action. If you act before a product is on your clients' radar, you can be adding something no one knows they need. If you sell them before standards are established, they can buy a product or service that turns out to be an innovative but expensive dead end. Instead of breaking into new markets, find a way to sell something new to people who already know and trust you. No one can do everything at once; take this week to begin prioritizing your opportunities. Then you too may be ready to "attack" a new market with some expectation of success.
A PAULSON QUOTE OF THE WEEK
"No one can do everything at once; take this week to begin prioritizing your opportunities. Then you too may be ready to "attack" a new market with some expectation of success." --Terry Paulson, Ph.D.
MONDAY'S MIRTHFUL MOMENT
This week's fun comes from Joan Neidig--Sometimes the best humor comes from real life comments! Enjoy:
One Easter Sunday morning the minister was preaching a children's sermon. He reached into his bag of props and pulled out an egg. He pointed at the egg and asked the children, "What's in here?" "I know," a little boy exclaimed. "Pantyhose!"
The prospective father-in-law asked, "Young man, can you support a family?" The surprised groom-to-be replied. "Well, no. I was just planning to support your daughter. The rest of you will have to fend for yourselves."
Little Johnny asked his grandma how old she was. Grandma answered, "39 and holding." Johnny thought for a moment and said, "And how old would you be if you let go?"
When my three-year-old son opened his birthday gift from his grandmother, he discovered a water pistol. He squealed with delight and headed for the nearest sink. I was not so pleased. I turned to mom and said, "I'm surprised at you. Don't you remember how we used to drive you crazy with water guns?" Mom smiled and then replied, "I remember."
When you keep your eyes open for mirth, you just may find it! Hope this kicks off your morning and helps get your mood adjusted for the week. Now, get busy MAKING CHANGE WORK and have some fun along the way!...