Being one of not many is a concept that I focus on with Inegma Consulting. It is the cornerstone for strategy and sustainable growth for a small business. One of not many implies being different. In order to survive, your business must be different.
Don't just take that from me. Michael Porter, the father of modern business strategy famously stated that "strategy is about deliberately choosing to be different". The highly regarded business author, Tom Peters, echoed this sentiment when he said "distinct or extinct." Finally, the marketing guru Seth Godin once explained that "in a crowded marketplace, fitting in is failure. In a busy marketplace, not standing out is the same as being invisible".
The term differentiation is the business term that mirrors the concept one of not many. Differentiation is the process of identifying and emphasizing unique qualities, products, services, or experiences that set a business apart from its competitors. It involves creating a distinct value proposition that appeals to a specific target audience, addressing their needs, preferences, or values in a way that competitors cannot easily replicate.
When your small business becomes one of not many, you can overcome many common challenges related to competition, profitability, growth and customer retention.
I can personally attest to the importance of differentiation because it played a critical role during my tenure as president of a company in the financial services industry. Every day I asked the question "how can we be different?". Meaningfully separating my company from the competition was the key to increasing shareholder returns by 300% over the 7 years that I lead the organization.
Whether you're a one person business or you have 30 employees, you will benefit by aiming to become one of not many.
I would love to hear your story if you're looking for an innovative way to reach your goals and overcome your challenges.
Email me ken@inegmaconsulting.com or call me directly at 587.574.9521
