Why do some companies make it to the top in a highly competitive industry and others don't?
That was the question Ben Gandy and Ken Thomas of Envisor Consulting answered during their LANDSCAPES presentation: "The 4 P's of Differentiation: How to rise to the top in a highly competitive industry."
In order to achieve success, Gandy and Thomas highlighted the 4 P's of differentiation, which are:
- a consistently great product
-a process driven organization
- purpose driven teams
- level 3 partnerships
When offering a consistently great product, it's important to focus on a minimized "menu." Restaurants that offer everything for everybody is not a strategy. Chik-fil-A doesn't offer pizza. Offering services consistent with your vision and strategy is more important than trying to please everyone.
"There's not a company that's out there and successful that doesn't have a system for delivering their product,” Thomas said. "As an industry, we kind of suck at building process. We get out there and just sort of wing it every day."
If you want to be successful, working harder is not the answer. At some point, it doesn't help anymore and just makes it worse. The only way to get past this is to build a process. Your main outcome should be extremely satisfied clients. You also want happy employees and profitable jobs.
When it comes to partnerships, there are three levels: show me, win-win and trusted advisor. In order to differentiate yourself from the competition, you want to have that Level 3, trusted advisor partnership.
The show me level (Level 1) is when the relationship is professional. The focus is "I need to win."
The win-win level (Level 2) is when you trust the person as a vendor and a friend. The focus is "WE need to win."
The trusted advisor level (Level 3) is when there is complete trust in the relationship. The focus is "YOU need to win."