"We are living in a world where average is not an option. In an era of hyper-competition...the only way to stand out from the crowd is to do something different."
The importance of differentiating yourself and your organization from competitors was the theme of a keynote presentation by Bill Taylor, founding editor of Fast Company and best selling author of "Radical: Not-So-Crazy Ways to Transform Your Company, Share Up Your Industry, and Challenge Yourself," at the Becker's ASC 21st Annual Meeting in Chicago on October 24th.
The key to a successful organization has changed dramatically in the last two decades. "For so long, the strong took from the weak," said Mr. Taylor, explaining how previously, the biggest, most established brands almost always beat out competitors. "That world is over; the new logic of success is 'the smart take from the strong.'"
Smart companies don't try to do the same thing as everyone else but better. Instead, the smartest companies "want to be the only one who does what [they] do," said Mr. Taylor.
If we take this idea to heart, the key to organizational success today is coming up with new, creative ways of delivering products and services.
How will your organization identify these? Perhaps you can take a few cues from the revolutionary Cirque du Soleil, which has reinvented the circus and has been rewarded with hundreds of millions of dollars in annual revenue because of its daring to think differently.
Aim for reinvention
Embrace big change. Circuses, since their invention, have been associated with animals and ringmasters. Cirque du Soleil reinvented the experience and the economics of the circus, explained Mr. Taylor.
Forty percent of the costs associated with a circus are tied to acquiring, feeding, caring for and transporting animals. The second largest line item is for "celebrity" performers, such as the ring master and lion tamer.
Cirque du Soleil completely did away with these previously required elements. No animals, and no celebrity performers. "The show is the star, and the cast is interchangeable," said Mr. Taylor, referring to Cirque's approach as "a way of being in that business that is different than anything before."
Often, outsiders are the first to see creative solutions that those within the industry or within an organization miss. This is referred to as the paradox of expertise. "Don't let what you know, limit what you imagine," warned Mr. Taylor.
"What's your version of live animals at the circus?" he asked.