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Advice for the Entrepreneur: Lee’s Tip #36

14 May 2013 Uncategorized

Another interesting episode of Mr. Selfridge on Masterpiece Theater: F.W Woolworth moved into London with his 5-and-10 concept. Selfridge, the founder of the high-class department store, reacted by mixing in some low-cost items amongst his ritzy stuff and had a big sale, which was unheard of. Only the carriage trade normally shopped there. Did he hurt his branding? Maybe a little, but he filled his coffers and said, “Selfridge’s should be for everyone, not just the rich.” That’s fine; however, he probably could have survived being a “rich niche”, too. Both Mr. Selfridge (until he took a lifestyle tumble) and Mr. Woolworth managed to make lots of money, one in the ritzy niche and one in the dime store. You must decide where you want to fit in amongst your competitors, and go there. Do you want to be a Chevy or a Ferrari? You can make a success out of either. Just make sure you position yourself and brand your business accordingly.