Summary: There’s an old saying that goes “don’t try to reinvent the wheel” meaning once you know what it is you want to do/sell/produce, find a company already doing it successfully, and try to improve upon it. Well, that can work for some. Look at companies like AirBNB who took on the hotel industry. Or Uber who took on the cab industry. In some cases, you can disrupt or improve on a product. But in worse case scenario, you end up with a company that’s a copycat “me too” in the eyes of customers. Your company ends up so commoditized that you’re seen as an option instead of the prize pick. Because so many playing fields have been mowed, raised and leveled thanks to technology and globalization, business owners have to constantly ponder how to make themselves stand out as the go to in their industry. Ask yourself 2 questions: - What are you doing better than your competitors? - Why should customers choose your company over others that offer the same thing? In this episode of Mogul Chix Chat I share my top tips on differentiating your company and keeping from becoming irrelevant.
