King Solomon, the third King of the Nation of Israel, said that “there is nothing new under the sun.” It’s all been done before. Everything is just a reiteration of something that has been done in the past.
Just as it was true at the time of Solomon, looking around, you will find that it is just as true, if not truer? Think about it:
- How many iterations of the restaurant are there?
- How many iterations of the fast food restaurant are there?
- How many iterations of the fast food restaurant focusing on hamburgers are there?
- How many iterations of the fast food restaurant focusing on hamburgers and fries are there?
- …and on and on.
That goes to show you that
- Someone has probably done what you are doing before
- Whether they’ve succeeded or failed, there is an opportunity to learn.
Given the challenge of overcoming adoption, meaning the ability for the market to accept and purchase a new product or service, when you see other players in a marketplace that is underserved means that there are people who do understand the value of your product or service, are willing to pay for it.
While very few people would say that they are “keeping up with the Jones,” these days, the first thing that many people look for are testimonials. When purchasing a book at Amazon, most people stay away from the 1-star books and look for the three, four and five star books. The books that are “yet to be rated” might get picked up by people who like to be the first to review a book, but most likely won’t get picked up by the bulk of the reading population.
Case in point, look at the movie industry. Many times, movies will live and die by the reviews of screeners and reviewers. Movies that get rave reviews become blockbusters…the crowd is influenced by the initial purchasers. Movies that get few reviews often leave the movie theatres after a few weeks.
So when you bring your product or service to market, or as you operate, and look around to see what others in the marketplace, realizing, the others are, to some level, substantiating your existence. What will make the difference? It could be your target market, your delivery, your type of branding, your marketing budget, and on and on. Nike isn’t the only sneaker (tennis shoe) company in the world. There are others that do as well as them, or better. Still, there are new products coming to market every day.
Your goal should be to stand out in your industry, with your products and services. You might carry the mantra, “while it’s been done before, six ways until Sunday, it hasn’t been done my way!” Because essentially, people do business with people. I don’t care how you slice it, they do.
Stand out. be extraordinary. Run an Extraordinary Business.
Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses. We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services. As always, we welcome your comments, thoughts, questions and suggestions. If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].