4. Isolate, Develop and Profit From Your Strengths
In Module 3 we examined the first of two really important tenets of successful strategy – creative insight and competence? Well it’s time to look at the second of these: what is it that you and your business are good at doing?
People tend to think that profit is purely to do with market opportunity. But this is to miss the truth. Great strategies are built on a clear appreciation of “what we’re good at doing” and converting this into competitive advantage. This core strength or competence is the driver for market penetration and development.
The importance of the question: ‘what are we good at doing?’ can not be overestimated. For what you – and your business – can do that’s of real value for your customers will help you differentiate your business. It then follows that if you concentrate on activities that leverage your strengths so that you can get the best output you are capable of, you can continually improve the strength until it becomes a world beater.
Producing ‘hearts and minds’ loyalty
You can also build on your business’ strength by turning it into a compelling vision that can often be more seductive than the product or service you offer. Most people in life haven’t really worked out their real purpose in life. This means that they’ll attach themselves to someone that has if given half the chance.
This is much bigger than finding a niche because if you want to win over the ‘hearts and minds’ of your prospects you’ve got to go beyond the product to a cause – your business strength lends itself to being that cause. And this applies to the people that work for you too. After all they are your ‘internal customers’.
The issue then is to be absolutely clear about the one thing that you are really good at doing or put another way; what distinctive competence makes your business special. It might be something to do with safety, or durability, or size.
Points To Remember
• So remember don’t underestimate the value of having a strategy.
• Creative insight and key strengths should be the true focus of business success and achievement.
• Concentrating on what you’re good at can win the ‘hearts and minds’ of your most important stakeholders.
