If you have the old mindset of doing business, you may think that doing a good job gets you customers. You had this luxury in the old economy because there was a hassle in accessing someone like you, your company or your product.
With increased access, to anything we want, anytime, anywhere, the rules of engagement completely change between buyer and seller. Good enough in your product or service category are not enough. I can simply Google what you offer to find it somewhere else quickly. There are plenty of social networks and opinion sites to drive me to the best price and best offering. You may just be part of the education chain of the buyer rather than the fulfillment piece.
So if infinite access has made what you offer more commoditized, how do you win? You have to become the best and redefine the category you are in. Same category with lots of options leaves the buyer with a simple choice – pick the cheapest and best of the lot. Unique category with no competition spotlights you as the indispensable choice.
The correction in our economy is eradicating mediocre mindsets. The ones who get it are getting the opportunity. The ones who protest and are clueless to what is happening face an uphill struggle of their own doing.
The new production requires increased leverage in your approach. Here are the three prongs to attack:
- Procurement: The design of your business process flow to the way your product is made need to be streamlined. This is your ability to buy services and materials to drive your value proposition.
- Product: Not only what you deliver but how you present it. Boring will not cut it anymore. Your competition extends beyond your territory, location or special design.
- Customers: Everyone is not your buyer. The category has to be narrowed. The relationship goes beyond utility. It is now about connection and trust with so many options at our fingertips. These need to be defined concretely and specifically.
The new production not only has to be architected, but it needs to be dismantled, rebuilt, refined and pushed on continuously. The speed of change and ferocity of competition demands this in the new economy. Be bold to ensure you are around to be one who reaps the rewards rather than laments the wake the leaders are leaving for those who opt for stagnation.
