“The essence of strategy is choosing what not to do.” – Michael Porter
In a competitive marketplace, how do you make your business stand out? The answer is simple: by having a clear, focused, and divergent strategy, accompanied by a compelling tagline. Let me explain.
A great strategy is focused. It identifies the unique strengths of your business and leverages them to deliver superior value to your customers. It’s about knowing what you can do better than anyone else and focusing all your resources and efforts on that.
A successful strategy also diverges from the competition. It’s not about doing the same thing better, but doing things differently. It’s about carving your own path, rather than following the footsteps of others. It’s about setting your own standards, rather than living up to someone else’s.
Consider the case of Southwest Airlines. They diverged from the conventional airline model by focusing on short-haul, point-to-point flights with no assigned seats or meals. This allowed them to keep costs low and offer lower fares to their customers, making air travel accessible to many who could not afford it before.
Lastly, a compelling tagline can encapsulate your strategy and communicate it effectively to your customers. Southwest’s tagline “Just Plane Smart” brilliantly communicates their no-frills, cost-effective approach. A powerful tagline acts as a bridge between your business strategy and your customers, conveying your unique value proposition in a way that resonates with them.
So remember, focus on what you do best, diverge from the competition, and encapsulate your strategy in a compelling tagline. Because when you do, you’ll find that you’re not just surviving in the marketplace, but thriving.
If you’re interested in learning more about creating focused, divergent strategies with a compelling tagline, I highly recommend you check out my business book of the week “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne.