The Week's Big Idea: Going to Market

There's nobody else here, No one like me

When you tell people about your business, do they say, “Oh, is that like [gigantic competitor]?”

Annoying, right? The good news is, that question means you have competitors. Competitors signal that there’s money to be spent and people who want the product. Competitors also mean that you don’t have to create a market.

But the bad news is, now you have to differentiate. In other words, you have to tell people why your product is different from your competitors' product in a way that matters to the customer. If the only difference is that yours is cheaper or smells like rosemary, you’re different but not special.

So how can you be different AND special?

Think different.

A few ideas.

Brand You. No other company has you. 

Visual Identity. Visual brand matters a lot in a crowded marketplace.

Innovation or Exclusivity. Remember when only AT&T had the iPhone? 

Transparency. Be open about everything your company does.  

Corporate Values. Lead by example and show people that you do it.

Process or Delivery. Why we order from Amazon when we could get the same thing at the same price from Target. 

Operations. Streamlined, efficient operations are a productivity game changer.

Experience. Make every interaction frictionless, full of joy, or memorable. 

A word of caution: price is a lousy differentiator. Price shoppers are loyal to the lowest price, not to you. Being different on price does not make you special.

Successful differentiation starts to create what you really want: loyalty. Loyalty is virtuous circle — the more loyal your customer, the more willing they are to share information with and about you. They tell their friends with crazy enthusiasm why they prefer your brand and your product. You might be different, but loyal fans will make your product special.

Today's Assignment: online shopping!

Pick something you buy regularly online. Try to buy it from a different site. What was better? What was worse? Was the experience significantly different? How do you feel about this brand?

Coming up: When to consider a pivot