When I walk through many of the city malls here, it is common to see white boarded walls in what used to be vibrant retail shops. There seems more and more white walled up spaces than there are active retail shops these days, and it is worrying. It reminds me of many years ago when I was in Melbourne, and there are streets of vacant shops, and plenty of “for lease” signs everywhere. We are now facing that here.
The mass market business model is a compelling model to many. Whether you are selling physical products, or software and services, many seem to gravitate towards the mass market model with the singular hope of becoming the next billionaire. However, not everyone will reach that goal, and there is another equally viable business model. What are some things to remember in a sustainable business?
Every customer has free will and is increasingly able and willing to determine what his needs and wants are, and to speak loudly for them.