Recently, the historic Saratoga Race Course hosted many of the premier thoroughbreds in the country and abroad. Each year, this course attracts tens of thousands of visitors and tens of millions of dollars. So how has this great institution remained at the pinnacle of its industry for a century and a half?
They have applied the boutique model of business. Best articulated in the compelling book Small Giants by Bo Burlingham, this model focuses on becoming great rather than huge. Saratoga limits it’s racing to 40 days, thereby avoiding a dilution of their “product.” With this approach, they have continued to offer the premier racing meet in North America.
And this business model can be replicated in nearly any business or industry. If you’re a small operation, focus on delivering an exceptional product or service to a limited group of clients. By becoming the best alternative available, you will ensure your clients keep coming back. And, as you already know, repeat sales are much easier than finding new customers.