What does it take to succeed in business?
A great product? A great service? An untapped, niche market? If you have any of these, there’s a high likelihood of business success, right?
What if you don’t have any of these? Is your business doomed to fail? Conventional logic says, yes?
However, I believe that’s not necessarily true. If you have an ordinary product/service offering, you can still create a successful business. You could create unique ways of reaching out to your target group, you could figure out new and unique collaborative platforms which can be monetized.
One can create value for the consumer by creating value for everyone in the ecosystem. For someone to benefit, another doesn’t have to lose. Learn to create win-win situations in business. To reinforce this point, I am going to cite some examples from the recent past (the last decade) of how some companies built their businesses by creating win-win situations.
Mantras for creating Win-Win situations in Business
Yes, there are. I am going to share some findings from my research spanning the last few years.
About eight years ago, I began to look for businesses (small and large) which DID NOT HAVE ANY BREAKTHROUGH TECHNOLOGIES OR PRODUCTS, yet commanded good customer traction. As I came across more and more such businesses, I started seeing some typical traits that these businesses displayed. The quest spanned ninety companies functioning across all continents. The focus, as mentioned earlier, was not on companies with blockbuster technologies or products, but on companies that went around doing their business differently, i.e. companies offering regular products or services but doing so in unique ways. The companies analysed were from multiple sectors ranging from RETAIL, HOSPITALITY, FMCG, MOBILITY, EDUCATION, FASHION, RECRUTING, ENTERTAINMENT to NGOs.
I will share some traits that I picked up from these business models. Let me add a disclaimer here.
The founders of these companies may not have started with these traits in mind. They may have had different intentions for starting their ventures. However, my analysis tells me that these are the basic traits or building blocks which define the entire business model. According to me, these building blocks are the learning points from this chapter and are replicable in any domain.
So, dear readers, please look at these from the angle of how you could adopt them in your business domains.
Here’s the first one:
1. Double Whammy: Milking both ends of the value chain, i.e., making money from the consumers as well as the backend service vendors
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