Are your competitors who are focused on your market positioning themselves to challenge your business?
To develop a profitable service business, Harvard Business School‘s Frances Frei recommends a four-element approach involving designing the offering, managing employees and customers, and finding a funding mechanism.
The article argues that management tools and techniques designed for product companies are not enough for success in service businesses. Successful service businesses successfully integrate these elements and can defend against upstart competition by optimizing service models across multiple niches.
“The important difference in successful multifocused firms is that they formalize the process, designing very explicit ways of leveraging experience across service models.”