Have You Met Everyone in the Neighborhood?
My friends and I were recently reminiscing about the days of measuring margins by percentages, not basis points. Were the best times really behind us?
Were the glory days of boxing up a television and component home theater system with 50-percent-plus margins really a distant memory? The reality is yes. It’s very hard to make those kinds of margins these days, but that doesn’t mean we all have to go out of business.
It’s important that you meet your neighbors and get to know them. Metaphorically, I’m speaking about adjacent industry categories. You don’t have to give up on your core competencies, but you can offer your customers new and exciting (and profitable) product categories. It’s as easy as connecting the dots.