Sports Chalet recently announced they were going out of business after 57 years. All 47 stores are closing. The end.
Now I’ve never been to a Sports Chalet, never even seen one (maybe that was one of their problems?). What perplexed me was this…
…how can they be dying when their market is growing????
As we’ve become more health conscious, the market for sports products has grown steadily. It’s a great place to be.
We’re willing to drop $100 buckets for stylin’ yoga pants from Lululemon. We’ll head to Performance Footwear and pull out a cool $195 for running shoes. And heaven only know how much we spend at REI for camping equipment.
See what’s going on in the sports market…and most markets.
Markets have specialized.
And Sports Chalet was not. They tried, for years, to be everything to everybody. And they got clobbered by the specialists.
Then, probably too late, they billed themselves as the specialists in winter sports, diving, marathon running and hiking, but it wasn’t enough.
Go search on the term “the long-tail.” That’s what’s going on in this market, and frankly yours, too.
Growth markets today can be found on the tail ends of the bell-shaped curve. The businesses in the middle—the generalist trying to sell everything to everyone—are in jeopardy.
Specialists rule.
I share all of this because the same truth applies to you and me—our businesses must be specialist in something.
You must have a Super Power.
Otherwise, we don’t really need another chiropractor, or network marketing company, or branding companies, financial planner, coach, consultant, restaurant, book writer, tutor, real estate agent, caterer…or whatever your business might be.
You’ve got to be compellingly, usefully different from your competition. You MUST HAVE A SUPER POWER.
Your customer is smart. They know how to look around for someone who can and will take them to their aspiration.
That’s the challenge for every one of us.
Figure out your Super Power or face the fate of Sports Chalet.