{"id":62153,"date":"2024-06-19T08:00:46","date_gmt":"2024-06-19T12:00:46","guid":{"rendered":"https:\/\/businessesgrow.com\/?p=62153"},"modified":"2024-06-19T08:00:46","modified_gmt":"2024-06-19T12:00:46","slug":"what-business-are-you-in-really","status":"publish","type":"post","link":"https:\/\/businessesgrow.com\/2024\/06\/19\/what-business-are-you-in-really\/","title":{"rendered":"What business are you in &#8230; Really?"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-62158\" src=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-1024x1024.png\" alt=\"what business are you in\" width=\"800\" height=\"800\" srcset=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-1024x1024.png 1024w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-300x300.png 300w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-150x150.png 150w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-768x768.png 768w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in-1536x1536.png 1536w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/what-business-are-you-in.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>What business are you in? That is one of the most deceptively difficult questions you&#8217;ll face.<\/p>\n<p>Here&#8217;s an example from my personal experience.<\/p>\n<p>One of my first consulting customers was a regional telecom company. This was a company run by engineers who were proud of their ability to offer the very latest technology. But when I asked customers why they valued this company, they cared nothing for the technology. They valued reliability and the fact that this company would respond to issues even in the middle of the night.<\/p>\n<p>My customer thought they were selling technology. However, the customer was buying a security blanket for their critical communication systems.<\/p>\n<p>In the latest episode of The Marketing Companion, Keith Jennings and I explore the multidimensional question, &#8220;What business are you in?&#8221;<\/p>\n<figure id=\"attachment_62160\" aria-describedby=\"caption-attachment-62160\" style=\"width: 215px\" class=\"wp-caption alignright\"><img decoding=\"async\" class=\"wp-image-62160 size-medium\" src=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/levitt-215x300.jpeg\" alt=\"Theodore Levitt\" width=\"215\" height=\"300\" srcset=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/levitt-215x300.jpeg 215w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/levitt-735x1024.jpeg 735w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/levitt-768x1070.jpeg 768w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2024\/06\/levitt.jpeg 900w\" sizes=\"(max-width: 215px) 100vw, 215px\" \/><figcaption id=\"caption-attachment-62160\" class=\"wp-caption-text\"><em>Theodore Levitt<\/em><\/figcaption><\/figure>\n<p>We begin by discussing Theodore Levitt&#8217;s seminal article &#8220;<a href=\"https:\/\/hbr.org\/2004\/07\/marketing-myopia\" target=\"_blank\" rel=\"noopener\">Marketing Myopia<\/a>,&#8221; published in the Harvard Business Review in 1960. One of the key questions Levitt posed in this article is, &#8220;What business are you in?&#8221; Levitt suggests that this question has profound implications for how companies understand their purpose, define their markets, and, ultimately, achieve long-term success.<\/p>\n<p>Levitt argued that businesses often fail because they are too focused on their products rather than on their customers&#8217; needs and desires. He used the term &#8220;marketing myopia&#8221; to describe this shortsightedness. Companies should not define themselves by the products they make but by the value they deliver to their customers. This shift in perspective can lead to a broader and more sustainable understanding of their market and competitive landscape.<\/p>\n<p>Levitt\u2019s question, &#8220;What business are you in?&#8221; forces companies to look beyond the immediate scope of their operations and products. It encourages them to think about the underlying needs they fulfill for their customers. This customer-centric approach is essential for innovation and growth. When businesses understand their core purpose, they are better equipped to adapt to changes in technology, consumer behavior, and market conditions.<\/p>\n<p>A modern example of Levitt&#8217;s principle can be seen in companies like Apple. While Apple started as a computer manufacturer, it recognized early on that it was in the business of creating innovative technology solutions that enhance people&#8217;s lives. This broader vision has allowed Apple to expand into various markets, including music, smartphones, tablets, and wearables, continually redefining its business in response to technological advances and consumer demands.<\/p>\n<p>The Marketing Companion episodes are short\u201430 minutes\u2014but the conversation is expansive. Listen and learn how you might answer the question, &#8220;What business are you in?&#8221;<\/p>\n<h3><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/traffic.libsyn.com\/marketingcompanion\/Mark_June17-FINAL.mp3\" target=\"_blank\" rel=\"noopener\">Click here to enjoy Marketing Companion episode 292<\/a><\/span><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27324 size-full\" src=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line.png\" sizes=\"(max-width: 591px) 100vw, 591px\" srcset=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line.png 591w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line-300x12.png 300w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line-200x8.png 200w\" alt=\"Gen Z exposed sponnsors\" width=\"591\" height=\"24\" data-attachment-id=\"27324\" data-permalink=\"https:\/\/businessesgrow.com\/2014\/01\/06\/content-shock\/border-line\/\" data-orig-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line.png\" data-orig-size=\"591,24\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"border line\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line-300x12.png\" data-large-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2014\/01\/border-line.png\" \/><\/p>\n<p>Please support our sponsor, who brings you this amazing episode.<\/p>\n<h2>Bravo for Brevo!<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-59869\" style=\"vertical-align: baseline; border: 0px; outline: 0px; padding: 0px; margin: 0px 15px 5px 0px; max-width: 100%; height: auto; text-decoration: none; float: left;\" src=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM-300x152.png\" sizes=\"(max-width: 241px) 100vw, 241px\" srcset=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM-300x152.png 300w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM-100x51.png 100w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM-99x50.png 99w, https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM.png 418w\" alt=\"Brevo coupon code\" width=\"241\" height=\"122\" data-attachment-id=\"59869\" data-permalink=\"https:\/\/businessesgrow.com\/2023\/07\/20\/business-narrative\/screen-shot-2023-07-13-at-3-18-03-pm\/\" data-orig-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM.png\" data-orig-size=\"418,212\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Brevo coupon code\" data-image-description=\"&lt;p&gt;Brevo coupon code&lt;\/p&gt;\n\" data-image-caption=\"\" data-medium-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM-300x152.png\" data-large-file=\"https:\/\/businessesgrow.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-3.18.03-PM.png\" \/>This episode is brought to you by Brevo (formerly Sendinblue). Brevo gives you the tools to attract, engage, and nurture customer relationships.<\/p>\n<p>Now any business can build automated customer experiences, email marketing workflows, and landing pages that guide your customer to your main message. We are here to support businesses successfully navigating their digital presence in order to strengthen their customer relationships.<\/p>\n<p>Go to\u00a0<a href=\"https:\/\/www.brevo.com\/marketingcompanion\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"0\">https:\/\/www.brevo.com\/marketingcompanion<\/a>\u00a0to sign up for Brevo for free and use the code COMPANION to save 50% on your first three months of Brevo\u2019s Starter &amp; Business plan!<\/p>\n<p><em>Illustration courtesy MidJourney<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;What business are you in&#8221; is one of the most important questions to consider in a marketing strategy. It&#8217;s not as simple as it seems! <\/p>\n","protected":false},"author":3,"featured_media":62158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[117,65,134,38,14],"tags":[2290,36,189,242,17,2421],"class_list":["post-62153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-strategy","category-leadership","category-podcasts","category-social-media","category-the-marketing-companion","tag-keith-jennings","tag-mark-schaefer","tag-marketing-companion","tag-peter-drucker","tag-podcast","tag-theodore-levitt"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What business are you in ... 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