Pretty much anyone can set up a business and make a living out of it. If you offer people something valuable, they will pay for it.
But not all companies have that “x-factor” that customers want. One hairdresser is pretty much the same as another – despite protestations from the salon.
There are multiple ways you can conceptualize your x-factor. You can think of it as something that your business offers that nobody else has. Or it can be the way you do business – your business model. For some companies, it’s their customer service. For others, it can be the charisma and creativity of key people.
Whatever it is, you need to make sure that you have it. It’s the thing that helps you rise above your rivals and gets customers to open their wallets. It’s what earns you that premium you so desperately want for all your hard work.
Apple managed to create an x-factor for itself at the turn of the millennium with the introduction of the iPod. Now, just twenty years later, it is the most valuable company globally – and perhaps the most celebrated. Even the mighty Google, which virtually controls the internet, can’t compete with Apple valuations.
Here are some routes through which you can develop an x-factor.
Leverage Technology
Practically all of the most valuable companies on the stock exchange are tech giants. There’s a good reason for this: technology is ultimately what creates wealth. The firms at the forefront of it generally tend to perfect the best.
We’ve already seen dozens of innovations from mobile communications to cloud computing. In the future, we’re likely to see many more – most of which are currently untapped. Many firms, for instance, are using Rapid PSI for large 3D printing services. Instead of creating complex tooling and machinery to cut material away from inputs to make products, companies now see that they can build them from the ground up. And what’s more, they can add pretty much near-infinite details in the design without additional costs.
We’re also likely to see more companies forming “on the blockchain.” This technology promises to facilitate trustless interactions, making the process of buying and selling so much easier than it is today.
Find Out What Your Company Does Well
As we grow up, our parents and teachers tell us that we need to iron out our weaknesses. But that’s not how the market works. Nobody wants to go to an okay cosmetic surgeon – they want the best.
Instead of looking at your points of weakness, double-down on your strengths. Find out where your enterprise excels and then market yourself as the best in the business. You’ll do much better than attempting to be a jack of all trades.
Find Out What Your Customers Value
Apple won in the personal computer space because it figured out what customers wanted most. It wasn’t the fastest chips or the biggest memory. It was just something that worked. Apple’s R&D went into that instead of components, allowing it to save money.
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