Ravioli, Pierogi and Kreplach
Similarities Generate Success
It seems that every culture or tribe has its own form of poverty food. Whether it’s called ravioli, pierogi, kreplach, wonton or any of a million other names, the concept is the same. Take meat, which is expensive, and wrap it in a pile of dough, which is cheap. Whatever the cuisine, the model works to provide a more filling meal while rationing the most rare or costly components.
What does this have to do with business focus? Quite a bit, actually.
Whatever business we’re in, differentiators provide competitive advantage and productive brand value. Simply matching a competitor’s offerings or price might be table stakes, but it doesn’t move the needle in terms of market share. Every business must find a way to complete the critical positioning statement, “Customers are loyal to us because…..”
While differentiators drive success—or failure—it’s important to identify and capitalize on the similarities that create enlightening patterns across industries. What lessons can UPS learn from Domino’s, and vice versa? Both are focused on predictable package delivery from a central processing facility to a customer location. It’s easy to dismiss the connections because one delivers pizza and the other delivers pretty much everything else. From the customer’s perspective, the connections might be crystal clear: on-time, predictable, no-frills.
Similarities offer a way to transplant (steal) a good idea from a different industry and apply it in a way no competitor has considered. Sources of insight multiply quickly when we recognize that banks are like pharmaceutical companies; insurance agents are like firemen, artists are like R&D teams, and so on. Competitors watch each other, but innovators look outside their circle of frienemies.
Finding the similarities among businesses, especially in terms of customer perspectives, can reduce planning time and increase the opportunity for success. Even better, the process helps owners avoid reinventing the wheel in one area, freeing up time and resources to focus on truly valuable differentiators someplace else.
Of course, that’s just my opinion. What do you think?
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