Identify Your Competitive Advantage
Believe it or not, you do have a superpower. Do you know what it is? That may seem like a silly question, but looking within yourself to identify your core strength is actually very empowering. Most people can put their fingers on their superpowers fairly quickly, with just a little introspection and perhaps a touch of feedback from their peers.
However, while the same is true for companies – that each organization has a core strength or purpose that sets it apart – many company leaders struggle to identify their organizations’ unique competitive advantages (a.k.a. superpowers). Those who can articulate their company’s superpower often do so in overly simple or extremely complex ways. If you think your superpower is nothing more than your company’s product or service, you’re oversimplifying. On the other hand, if you need several sentences to describe your superpower, you’re making it too complicated. The key is distilling your superpower down to ONE THING your company does differently from and/or better than anyone else in the industry.
In his book, The One Thing, author Gary Keller explains how there is “one thing” behind every successful person that helps him or her reach set objectives. “No matter how success is measured, personal or professional, only the ability to dismiss distractions and concentrate on your ‘one thing’ stands between you and your goals,” Keller writes. This statement can easily apply to the corporate environment in terms of focusing on an organization’s core business strength and purpose in the world.
For example, what do you think the “superpower” is behind brands like Coca-Cola, Nike and Dove? Here are my speculations:
- Coke: We make people smile.
- Nike: We inspire people.
- Dove: We empower beauty.
With those examples in mind, what would you say is your company’s superpower? Do you save lives? Do you expand knowledge? Do you improve health? Do you empower people to make better decisions? A word of advice: Avoid the temptation to say “all of the above” – you can’t be better than the rest at everything you do. In other words, before you can do everything well, you have to do someTHING exceptionally well – what’s that one thing?
In our work with companies across the healthcare industry, we have found one of the biggest barriers to identifying an organization’s superpower is a lack of a data-driven processes. Data often reveal the true story, offering factual, unbiased insights that help define the unique point of competitive differentiation. When companies know and understand their unique competitive advantages, it gives focus and meaning to how they move forward, ensuring their actions support their core missions and live up to the full potential of their superpowers.
As healthcare branding experts, we cannot overemphasize that brand differentiation and market positioning require a firm grasp on your competitive advantages and customer expectations. Conduct research and look closely at your health organization’s data to discover exactly who and where your customers are, what they want, and how to reach them in meaningful ways. To do that, you must think beyond what your product or service IS, and focus instead on what it DOES for your customers.