….you’ll always get what you’ve always got. The status quo.
But in reality, there is no such thing as the status Quo in business. Your revenue/profits/costs will not continue at the same level if you continue to do what you have always done. You know:
- The same old marketing
- The same old prices
- The same old competition
- The same old… you get the picture don’t you?
Why? Because your competition has moved on. They’re looking for new ways to attract your customers. They’re under-cutting your prices, offering tempting bonuses and creating new products or services. And there could be new competitors too.
Your customers will have moved on too. They could be looking for something new, something different. Even if you’ve kept you prices the same, your costs will have changed so your profits will have changed too. It’s a bit like a tug of war – you trying to pull revenue and profits one way and your suppliers and the market pulling against you.
It feels like a huge arm wrestle just to stand still, just to achieve that status quo.
I want growth
If you want to grow your business, to really take it to the next level then the ‘same old, same old’ just isn’t going to hack it.
You need to make a step change. You need to think different, think ‘outside the box’ (I normally hate clichés and business speak, but this one is on the money), because the same old marketing will bring the same old results – declining revenue and declining profits.
These five key numbers apply in any market, segment or area:
- 1% are super successful. They are the Richard Bransons or Apples for that business/area.
- 4% are doing really well and aspiring to join the 1%.
- 15% doing OK. There’s room for improvement, but they are winning more than they are losing.
- 60% are getting by. They are the businesses I described above. The one’s struggling to achieve the status quo in business.
- 20% are really struggling or even failing.
Most of your competitors are wrong
That means at least 80% of the businesses in your market are GETTING IT WRONG! They are stagnating or declining. They are trying to maintain the status quo in business and it just isn’t working. Do yourself a favour – don’t copy them.
What should you do?
If you look at your market you’ll realise that most of your competitors are doing the same sorts of things. Similar marketing, similar prices, similar offers, similar services. But the standout leaders – the 1%, 4% or 15% will be different.
That difference may not be immediately obvious, but they will be different. They probably charge higher prices and you’ve never quite worked out how they get away with it. They have hugely loyal customers loyalty but you can’t work out why.
How do they do it?
Start with Why?
The best businesses position themselves as just that – the best at what they do. They have a beilief in what thety do and what they stand for. They understand their Why?
They then communicate that Why? through a combination of innovative marketing, excellent service and being well, just different.
Look at Apple. Their core markets are computers and phones – two very crowed markets. Yet Apple created the Mac and split the market into two. The Mac market that it owns and the PC market where every other company fights it out.
Likewise with smartphones. They created the iPhone – a market they own, and everyone else fights it out on android/Windows etc.
So how can you make your business the best at what it does in your area or segment? How can you position your business in the eyes of your market?
Start with your Why? It’s your key differentiator and the reason people want to do business with you.
The Guildford Hub
At the Guildford Hub we challenge our members to think differently, to learn new techniques to develop and grow themselves and their businesses. We recently ran a session exploring the Why?s of our members, helping them to understand just how different they are from the 80% of other business in their markets.
For members that couldn’t make the live session I’ve offered them a 1:2:1 with me to explore their Why? You could get that session too if you join the Hub. Why not come along one Monday morning and give the Hub a try – your first visit is free. Click on the button below and pick which Hub session you want to come to.