Markets are becoming more and more competitive. Trying to communicate a USP is difficult – our research shows that most companies actually don’t have one and when they do, articulation is very difficult – a bit hit and miss and not really inspiring. The high growth companies and successful organisations I have dealt with tend to occupy space not crowded out by other players – positioning is vital. Companies with the edge I believe invent new markets – they do this by immersing themselves in their customers world – as a result they:
1. Gain an intimate understanding of needs, desires and key drivers
2. Can predict customer needs
3. Understand the problems customers experience
4. Build new propositions that solve identified problems
Great companies invent new markets they avoid following the masses both searching and creating new space. They fuse different ideas together to give an engaging experience for consumers and build new business models, they create a clear point of differentiation that delivers the wow factor.
Sony Walkman, Yo Sushi, Apple, Innocent Drinks, Cirque du Soleil are household examples of companies that invented new markets – the book, Blue Ocean Strategy provides some great inspiration to those wanting to invent new markets!