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Thursday, January 08, 2009

Entrepreneurial Tip #2 - Pursue differentiation and pay attention to Tip #1

Differentiation. It is the manna of the entrepreneur. There is nothing more abhorrent to an entrepreneur than status quo and "same old, same old" or worse yet - commoditization.

Creating differentiation sets us into motion and is what electrifies us down to our toes.

You have to step back and read some of the great tomes on this if this doesn't resonate with you.

Blue Ocean Strategy is one of my favorites. It is about creating uncontested market space and making the competition irrelevant. Oh yeah. That is what gets us jazzed.

Another is Becoming a Category of One. Enough said.

If we sit back and continue to do what we've always done (e.g. matching the competition, lowering prices or creating incentives), we'll get what we've always gotten, or worse, our market will decline.

Another of my favorite reads is The Disciplines of Market Leaders. The tag line on the book is "choose your customers, narrow your focus, dominate your market". I have used the framework from this book in many consulting engagements to help companies achieve a true "customer centric" focus, which is at the heart of differentiation.

More tomorrow on customer centricity. See you then.

Chicke Fitzgerald
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