Just like humans, businesses possess unique DNAs – the core essence that differentiates a business from the business next door.
Just as no two human beings are the same, no two businesses should be the same, even in the same industry. Ability to recognise the unique selling proposition or what is now increasingly being called a niche makes the difference between and successful brands and struggling brands.
The word is ‘Differentiation’.
When I consult for businesses, start-ups especially, my points all usually funnel down to differentiation – finding uncharted causes and unclogged niches.
Most times new businesses, with low capital base and under pressure to make profit, usually wants to sell everything. And the reason is simple.
“I want my customers to get everything they need here. I don’t want them visiting my competitors. And if we make small profit from each of these products or services, we will end up with a good sum.”
Quite a strong argument; that was a successful model in the 20th century and may earlier in the 21st. Today, examples abound that brands that would succeed are those that are known for something, not necessary a particular product or service, but a unique culture – a way of doing things that is different.
The Apple example stands head and shoulder above all others. Steve Jobs and his team started experimenting with smart mobile devices, when the word ‘smart’ had nothing to do with technology. From iPods to iPhone to iPads, they progressed, while other makers of mobile devices took over the market worldwide with varieties of products, with Nokia leading the pack.
Today, as the world ushers in the smart communication era, Apple now leads the mobile devices market, while some courageous brands are playing catch-up.
Apple became known for their smartness, which includes the stylish designs and out-of-the-world technological innovations. That is how they won the market.
So try to build your business into a master at something.