The value of being ordinary is exactly zero. Here’s what Tom Fishburne has to say about it:
“Blending into the herd” feels like one of the most common responses to the recession. 2009 is full of so much risk on its own, businesses are becoming even more risk adverse than usual to compensate. The first projects to get cut are the speculative ones. Many companies are pulling back on innovation as a way to batten the hatches.
This defense is illusory though. If anything, retailers are facing even greater pressure to rationalize their shelves. Redundant products are in danger of getting cut. Consumers are shifting to cheaper private label if there’s no compelling reason to buy branded products. Differentiation is more important than ever.
I think this climate creates a lot of opportunity for brands that are willing to try something new. The ones that can adapt the quickest and offer something truly unique have the potential to not only survive, but thrive.
Not that there isn’t value in commodity products. (Check out the crowds at Wal-Mart and Costco.) But not every brand is a commodity brand. Not every company’s model meshes with the 99-cent value meal. And for those millions of companies – big and small – for whom being in business is about more than offering the cheapest product on the market, differentiation matters. If grabbing wallet-share was a struggle before, it has now become a knuckle fight to the death. Being better, smarter, faster has now become a matter of survival.
And kids, being better, faster, smarter takes a lot of work. And deliberate focus. It doesn’t happen by accident. Likewise, it sure doesn’t happen by “blending in” or “Playing it safe.” In this economy, value isn’t just your competitive edge, it’s your lifeline. The more unique you are, the more outstanding your value, the greater your opportunity to thrive in any economy – perhaps particularly a distressed one, when clients and customers are particularly careful when it comes to how they choose to spend their money.
Standing out has its advantages: When you stand out, you stand for something. When you don’t, you stand for nothing – and there isn’t much value in that.
Think of innovation and differentiation as your double-sided ticket out of this economic mess. Companies that will create unique value, unique products and unique experiences will lurch ahead, while companies that focus on trying to survive by contracting and blending in with the masses will be lucky to last the year.
After all, then the going gets tough, the tough don’t wuss out and blend with the herd.
Have a great Monday, everyone.