I’ve spoken and written a lot about “The Differentiation Gap” this year and the need for you and your organization to be constantly thinking about it.
As I look at the American economy and the global economy in most parts of the Western world, I see greater and greater consolidation of businesses.
On the surface, this might seem like, “Sure…but what does that have to do with me?”
Because as there is more consolidation of large businesses, several things happen that we should all be paying attention to.
First, large businesses may create tons of jobs, but those are likely more and more insecure due to the advances in automation and outsourcing. With only a few key jobs that are secure.
Second, as businesses are getting consolidated, this has had a dampening effect on innovation in many parts of the world.
For many years, we’ve seen many articles about the closing innovation gap between America and China and the way that inequality and lack of economic security are causing a lessening of the American spirit of invention and innovation.
Finally, there is a huge opportunity for smaller businesses and start-ups.
Because as anyone that has been involved with businesses knows, the bigger a business gets the tougher it is for the business to do things quickly.
This brings me back to “The Differentiation Gap” and why closing the gap has to be a part of your marketing strategy.
In today’s world, advantages are fleeting.
Any technical advantage can be here today and gone in a quarter.
Look at the iPhone, it isn’t ever the most advanced phone on the market from having the most cutting or bleeding edge technology.
Where the iPhone wins is that it combines all of these technologies into a product that fits people’s needs at a time when they are willing to accept them.
The difference is in the curation.
On the other hand, look at Tesla.
Tesla has technology that has been estimated to be 3-5 years ahead of anyone else while also redefining what is possible for an electric car.
Why does this matter?
Because having technology that is years ahead of anyone in a market that you define means that you have absolutely closed “The Differentiation Gap.”
No matter what industry you are operating in, you have the opportunity to close your business’s differentiation gap.
It begins by understanding what the value you offer is.
You also need to ensure that you are focusing on the correct people and that you aren’t wasting good efforts on people that are never going to buy into what you are selling.
Finally, you are going to have to become comfortable sharing your story wherever it makes sense.
This is the core of your strategy and your marketing strategy, but as the need to differentiate you and your business grows…keeping a focus on these things will become even more important.