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Digital First but physically enhanced

Redefining Your Industry For Growth

A New Approach to Competitive Landscapes

Introduction

In the ever-evolving world of business, staying ahead of the competition means constantly rethinking how we define our industries. This process forms part of your strategic thinking which we teach in our “KnowThyself and Your Competitors“workshop.

For instance if you operated a cinema you would compete for the same entertainment Dollar as Netflix or Amazon but also with restaurants, casinos and nightclubs.

Define Your Industry Differently

The concept of expanding the definition of your industry is often referred to as redefining the competitive landscape. Here are a few additional ways to think about redefining the industry you are in:

1. Problem-Solving Approach: Instead of defining your industry by the product or service you offer, define it by the problem you solve for customers. For example, if you’re a movie theatre, you’re not just in the movie business, you’re in the business of providing entertainment, escapism, and social experiences.

2. Value Proposition: Consider the unique value you offer to customers. This could be convenience, quality, price, or something else entirely. For example, a high-end restaurant might consider its industry to be “luxury experiences” rather than just “food services.”

3. Customer Segmentation: Look at who your customers are and what other products or services they use. This can help you identify new competitors and potential opportunities. For example, a movie theatre might find that its customers also frequent gaming arcades, suggesting a potential new area to explore.

4. Technological Disruption: Technology is constantly changing the way industries operate. By staying ahead of tech trends, you can redefine your industry before your competitors do. For example, movie theatres now compete with streaming services like Netflix and Amazon Prime.

5. Emotional Connection: Consider the emotional connection you have with your customers. Businesses that can create a strong emotional bond with their customers often transcend traditional industry boundaries. For example, Apple is not just a technology company; it’s a lifestyle brand.

Remember, the goal of redefining your industry is to identify new opportunities and threats, differentiate yourself from competitors, and ultimately deliver more value to your customers.

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Case Studies

Examples of Redefining the Competitive Landscape

Netflix: Netflix started as a DVD rental service, competing with Blockbuster. However, they saw the potential of online streaming early on and shifted their business model, effectively redefining their competitive landscape. Today, they compete with cable TV, other streaming services, and even social media platforms for viewers’ attention.

Amazon: Amazon began as an online bookstore, competing with other booksellers. However, they expanded their vision to become “the world’s most customer-centric company,” selling everything from electronics to groceries. They now compete with retailers in virtually every industry.

Warby Parker: Warby Parker, a startup that began with a simple idea – to offer affordable, stylish eyeglasses online – effectively redefined their competitive landscape.

Traditionally, the eyewear industry was dominated by a few large companies that kept prices high. Warby Parker challenged this model by designing glasses in-house and providing a unique online shopping experience, which included a home try-on program. They also adopted a “Buy a Pair, Give a Pair” program, appealing to socially conscious consumers. Today, they compete not only with traditional eyewear manufacturers but also with fashion brands and online retailers.

Cubitts: Based in London, Cubitts is a small business that handcrafts bespoke eyewear. They offer a unique, personalized experience where customers can have glasses tailor-made to their specifications. This includes a consultation to discuss style preferences, measurements for a perfect fit, and even the option to choose unique materials and colors.

This bespoke service contrasts with Warby Parker’s model, which focuses on stylish, ready-to-wear frames at affordable prices. While Warby Parker uses technology and scale to keep costs down, Cubitts focuses on craftsmanship and personalization, appealing to customers who value unique, custom-made products.

Know Thyself Workshop

What if the key to outpacing your competition was to redefine the very industry you're competing in? Join us as we delve into the benefits of broadening your industry definition and how it can propel your business to new heights."
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Digitally First but Physically Enhanced

In today’s rapidly evolving digital landscape, businesses must constantly adapt and innovate to stay ahead of the competition. Embracing a “digital first” approach is no longer optional; it is a necessity for survival.
 
However, simply having a digital presence is not enough. To truly thrive in the digital realm, businesses must also enhance their physical presence in a way that complements and amplifies their digital efforts.
 

Redefining Your Industry Read More »

Know thyself and your target market
Know Thyself

Transform Your Business by Creating New Uncontested Niches

Niche Marketing

Knowing thyself

In the ancient world, the phrase ‘Know Thyself’ was inscribed above the entrance to the temple of Apollo at Delphi, serving as a timeless reminder of the importance of self-awareness.

This wisdom, echoed by the philosopher Socrates, holds that constant self-examination shapes our interactions and fosters deeper, more meaningful relationships. It liberates us from the constraints of external expectations, empowering us to embody our authentic selves. In the realm of business, this principle takes on a new dimension.

Knowing oneself and understanding one’s target market becomes a strategic tool for carving out new niches, creating uncontested markets, and driving innovation. This article explores the transformative power of self-knowledge in the business landscape, and how it can be harnessed to unlock unprecedented opportunities.

What makes you unique?

In the business world, ‘knowing thyself’ is not just about introspection, but also about understanding your unique value proposition.

What sets your business apart? What unique solutions can you offer to your customers? These are the questions that help define your business identity.

Just as Socrates urged individuals to examine their lives, businesses too must engage in constant self-evaluation. This involves scrutinizing your business practices, reassessing your goals, and staying attuned to the changing needs of your customers. It’s about being honest about your strengths and weaknesses, and being willing to make necessary changes.

Knowing your target market is equally crucial. It’s about understanding who your customers are, what they want, and how they perceive your brand. This knowledge allows you to tailor your products, services, and marketing efforts to meet their specific needs and preferences. It enables you to communicate with your customers in a way that resonates with them, fostering a deeper connection.

But ‘knowing thyself’ goes beyond understanding your business and your customers. It’s also about recognizing the broader context in which your business operates. It’s about being aware of the market trends, the competitive landscape, and the societal shifts that could impact your business. This level of awareness allows you to anticipate changes, seize new opportunities, and stay ahead of the curve.

In the end, ‘knowing thyself’ is about embracing a mindset of continuous learning and adaptation. It’s about being proactive, not reactive. It’s about forging your own path, rather than following the crowd. And most importantly, it’s about staying true to your values and your vision, even as you adapt and evolve.

So, as we navigate the complex and ever-changing business landscape, let’s take to heart the wisdom of the ancients. Let’s strive to ‘know thyself’ – to understand our businesses, our customers, and the world around us. For it is through this knowledge that we can create meaningful value, build strong relationships, and achieve lasting success

Your future success starts here!

Ready to unlock your business's full potential? Join our "Know Thyself (and Your Target Market)" workshop today! Discover your company's true purpose, understand your target audience, and learn how to create effective marketing strategies. Don't just survive in the business landscape, thrive in it! Sign up now and take the first step towards transforming your business
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Digitally First but Physically Enhanced

The Online Business Model has usurped the Physical Business Presence as the primary business presence. Physical businesses now support the online versions.

This transitioning has been fraught with difficulty but has been terribly exciting. Successful transients are alive with possibilities…

Niche marketing Read More »

Know thyself and your target market
Digital First - Physically Enhanced

The Future is Digital First, Physically Enhanced

Embracing a digital first approach

In today’s rapidly evolving digital landscape, businesses must constantly adapt and innovate to stay ahead of the competition. Embracing a “digital first” approach is no longer optional; it is a necessity for survival. But simply having a digital presence is not enough. To truly thrive, businesses must enhance their physical presence in a way that complements and amplifies their digital efforts. This is what we call a digital-first, physically enhanced business model.

A Personal Touch

I’ve experienced this shift firsthand. I used to frequent bookshops like Exclusive Books, browsing the shelves for my next read. But more often than not, I found myself weighing up the benefits of purchasing the book on the Kindle store instead. The convenience of instant access and the ability to carry my entire library in my pocket often won out.

More recently, I was in the market for a Chesterfield-style couch. I visited local furniture stores, but in the end, I made my purchase from Takealot, an online South African store. The retail trade faces digital competition all the time, and as a consumer, the convenience and variety offered by online shopping often tip the scales.

Case in Point: Amazon

Take Amazon, for example. What started as an online bookstore has now become the world’s largest online marketplace. But Amazon didn’t stop at digital. They acquired Whole Foods and launched Amazon Go stores, integrating their digital platform with a physical point of sale presence. This allows all sorts of interactions with clients both on the net and in store, creating a seamless shopping experience that is both digital and physical.

The Tesla Revolution

Another great example is Tesla. They’ve revolutionized the car buying experience with their digital showrooms. Customers can customize and order their car online, and then pick it up at a local delivery center. The showrooms also have a few models on display so customers can see and feel the cars in person. Tesla’s approach eliminates the need for a traditional car lot, reduces overhead costs, and provides a unique, customer-centric experience.

Small to Medium-Sized Businesses Can Do It Too

But this model isn’t just for the big players. Small to medium-sized businesses can also successfully adopt a digital-first, physically enhanced model.

Bonobos, a men’s clothing brand, started as an online-only store but later opened “guideshops” where customers can try on clothes and then have them shipped directly to their homes. This allows Bonobos to provide a personalized shopping experience without the need for large inventory spaces.

Birchbox, a beauty subscription service, also started online but later opened a physical store in New York. The store uses data from their online sales to stock their most popular items and offers services like beauty consultations and classes.

Rapha, a high-end cycling brand, operates “clubhouses” in addition to their online store. These clubhouses serve as both retail stores and community hubs, offering coffee, screening cycling races, and hosting group rides.

The Future is Here

These examples illustrate the power of a digital-first, physically enhanced business model. It’s not just about moving your business online. It’s about reimagining your physical presence to complement and amplify your digital strategy. It’s about creating a cohesive and immersive experience that delights customers and sets you apart from the competition.

As we move forward, businesses that embrace this model will be the ones that thrive. The future is digital first, physically enhanced.

Are you ready?

Ready to Embrace the Future?

The digital-first, physically enhanced business model isn't just a trend, it's the future. And the future is already here. But navigating this new landscape can be challenging without the right guidance. That's why we've created the "Know Thyself" workshop. In this workshop, we'll explore these strategic options in depth, helping you understand how to leverage the power of a digital-first, physically enhanced model for your business. Don't get left behind. Join us at the "Know Thyself" workshop and equip yourself with the knowledge and tools to thrive in the digital age.
Know Thyself

Digitally First but Physically Enhanced

The Online Business Model has usurped the Physical Business Presence as the primary business presence. Physical businesses now support the online versions.

This transitioning has been fraught with difficulty but has been terribly exciting. Successful transients are alive with possibilities…

The Future is Digital First, Physically Enhanced Read More »

Connect with your target market, Know thyself and your target market
Digital First - Physically Enhanced

What is the Real Driver of Business Motivation?

Unlocking the Power of Understanding Your Driving Force: A Workshop for Business Motivation

Forget the motivational quotes

The true driver of business motivation lies in understanding one’s driving force. To unlock this understanding, sign up for our workshop “Know Thyself (and Your Target Market)” at www.theonlinemarketer.co.
 
The key to grasping your driving force comes through a process of strategic thinking. In the “Know Thyself (and Your Target Market)” workshop, you’ll learn how to identify your vision, mission, and values, which are essential for guiding your decisions and actions. You”ll also develop a picture of what your future business should look like.
 

By understanding your driving force, you'll be able to:

  1. Drive long-term success when you understand your future products, customers, market segments, geographical markets.
  2. Align your business strategy with your unique capabilities and strengths.
  3. Differentiate yourself in the market by focusing on what truly sets you apart from competitors.
  4. Foster authenticity, trust, and loyalty among your customer base by staying true to your values and purpose.
  5. Embrace a learning mindset, allowing you to adapt and refine your vision and strategy based on new insights and market trends.
  6. Attract customers, employees, and partners who share your beliefs and values, creating a passionate and committed community that can propel your business to new heights.
 
Don’t rely on motivational quotes to fuel your business motivation. Instead, sign up for our “Know Thyself (and Your Target Market)” workshop and discover the power of understanding your driving force.
 
It’s time to take control of your own motivation and unleash your full potential.
 
Know Thyself Workshop Info

Digitally First but Physically Enhanced

In today’s rapidly evolving digital landscape, businesses must constantly adapt and innovate to stay ahead of the competition. Embracing a “digital first” approach is no longer optional; it is a necessity for survival.
 
However, simply having a digital presence is not enough. To truly thrive in the digital realm, businesses must also enhance their physical presence in a way that complements and amplifies their digital efforts.

Driver of Business Motivation? Read More »

Know thyself and your target market
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