Everything we do in business is extrapolated from laws of nature.
Very often you will hear or read about picking your niche.
This is fundamental function of any organism, not just people.
Soviet genius Gause showed us that there are only three possible outcomes when two one-cellular organisms are left in limited space with limited resources. In each situation, organisms were part of the same family of species.
1. Coexistence:
It starts with the battle; both organisms invade each other for the same resources and end up existing together. In the real world, you can see this in highly regulated industries like airflight. There are many players with little differentiation. Innovations are quickly copied, and we all buy tickets based on only one criteria: price.
2. Dominance:
One cell would go to war! The result is obvious: attacked cells would be decimated like Brits in 1970 by Honda. The Brits had powerful, large, and costlier machines that were hard to scale down. Honda had cheap, simple machines that were sold to the working class in Japan. After they invaded, their bikes were easily upgraded and sold to other markets.
3. Bi-stability:
Two cells wanted different resources, and as a consequence, they both thrived. This can be seen in high-end consulting; I would say there are more of them than the market they work in. But here is the catch: they seem like competitors, but their ICPs, channels, and strategies tell a different story. They offer something uniquely tailored.
The question is simple: how do you create your natural habitat?
Diversify your product or service.
Claim your geographical territory.
Specialise in a stage of value addition
Cater to a unique customer type.
How are you ensuring your business is not surviving but thriving?
Transformative Sales Leader I Expert in IT Managed Services, Insurance and Sports I Driving Growth through Innovation and Client Centric Strategies
1moWill be a great event with a great company. Looking forward to it!