Seems a simple enough question to answer. But after asking that question in countless boardrooms over the past 16 years, I assure you it is not. And it shouldn’t be. Here’s why: THE core element of defining a brand is defining a business. In that regard, brand and business are inseparable. Okay, let’s take that thought a step further to the undeniable reality that the world has become an incredibly competitive and commoditized place to conduct business. This gives rise to customers who have much higher expectations of you, mandating that you find ways to deliver increased value. Moreover, that difference-making value is increasingly found in the margins. A twist of a phrase on a website or a service that provides minute-saving convenience are no longer periphery, they’re make-or-break propositions. Need proof? We’re accustomed to hearing stories of companies confronting issues with competitors offering services for free that nine months ago were at a premium or who have lost $500,000 deals over $6 monthly fees.
We’re strongly suggesting part of the answer to near and long-term business success resides in a closer examination of business definition. So, please take a moment to answer this:
“We’re in the___________business.”
By definition, you are in the business of meeting customer wants and needs.
If you filled the blank with something like “information technology,” “selling flowers” or “manufacturing medical devices” you may well need to push your definition closer to these: “enabling access to the new frontier,” “cultivating green households” or “growing medical practices.” Remember, by definition, you are in the business of meeting customer wants and needs. So what do your customers want and need? Defining your business on their terms opens up opportunities to create the additional value you need to differentiate your offering. If this causes you to add a few customer care nuances, deliver all-new products, divest in non-core offerings or remodel your organization — fantastic —but please ask the question.