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There is a lot in this video, but Seth talks about the three questions (around 14:16) that entrepreneurs should address when defining their strategy. If you are trying to gain an edge or differentiate yourself, your answers to these questions are very important. Here we go:
Who Are You Upsetting?
If you are not upsetting the way things are done now then you probably are not differentiating yourself in any way. So when you are outlining your strategy think about how your competition will be affected by your approach. Now “sticking it” to your competition should not be the focal point of your strategy, but it is safe to say that in most industries when you focus on what the customer really wants and providing great service you are going to upset your competition, chances are they are trying to gouge customers.
Who Are You Connecting?
You can focus on connecting customers to others who are passionate about your product, about your industry. Think about the energy at a Star Wars convention, that sort of passion and energy is what you should look to inspire and facilitate. As Seth says you don’t need everyone, just the passionate people.
Who Are You Leading?
As Seth so accurately points out, the primary differentiated model today is not necessarily about efficiencies – cheaper labor and faster machines , or mass marketing – where money controls the messages we receive and the products that we are exposed to, the model today is leadership. Once you are able to connect those folks on a platform, lead them, facilitate conversations, introduce them to new products that they may have an interest in, and protect them from outsiders. If you are able to lead well, you become the default “go-to” person in that industry and outsiders who may have a tangential or one-off interest in what your industry has to offer will come to you to get what they need.
The answers to these questions are different for everybody and may not apply in every industry but the principles are worth exploring. Have you asked yourself or your team these questions when outlining your strategy?
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