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Stop competing in overcrowded businesses

Is your business trying to outperform rivals in an already overcrowded industry? Are each of you trying to get a bigger slice of the pie, and, as more and more competition comes in, the result is that both prospects and profits shrink.

The solution is to create an uncontested market space, a space where competition is irrelevant.

You may think that such a “space” exists only in a dream, yet hundreds of businesses have defined their own space and have achieved tremendous success. To reach your “uncontested market place” does not require you to invent new technology or a new product or service; the components may already be in place. Your challenge is to package these components in a “new package” with greater value to the consumer.

As an example, the Cirque du Soleil  is now performing in the Phoenix area. It was founded in 1984 by a group of street performers. Its CEO was a stilt walker and fire eater and now heads up a production that has been seen by some 40 million people in 90 cities around the world. In 20 years Cirque has achieved revenues that Ringling Bros. and Barnum and Baily took more than a century to reach. All the elements were in place, they were just packaged in a different way and the public valued the performances. The traditional circus is still in a decline while the Cirque is growing.

Is there a magic formula that one can follow to create this “magic space”? The answer is a loud NO! There are, however, a few similarities among the businesses that have achieved this goal:

  • Offer a product/service that is unique to the marketplace
  • Create and capture new demand
  • Pursue differentiation and low cost simultaneously.

There is a thought process involved which needs time to mature. It seldom works in a vacuum; but combined with a support system which allows for discussion and “out of the box” thinking and the addition of an open mind and heart, the “magic space” can be found.

In the realm of ideas everything depends on enthusiasm; in the real world all rests on perseverance.

Johann Wolfgang von Goethe

Nick J. Petra CFP      let us work with you in defining your “magic space”  www.strategicduck.com

Make it a Successful Today!

 

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