I remember back around 1990 when a film producer client told me about a great script of a kid who foiled robbers. I responded that it sounded like Home Alone. His eyes lit up and he said, ” That’s why it will be a hit because the Home Alone concept is so big now.”This meeting came back to me when I read Shira Levine’s article, What it will take to become the internet’s next big thing. It reminds me of so many copy cat product and services.
So many business persons set their strategy in the direction to replicate what a successful business person has already accomplished. That is not American Ingenuity. These businesses just ride on the coattails of the creativity of others.
The article lays out some hints. Here are a few:
- Solve a problem: Shira’s article correctly warns against the business strategy that produces a product or service for solutions to problems that don’t exist. I’ve written about how to prevent that problem using the Blue Ocean Strategy.
- Personalize your idea: Catering to the needs of the user is similar. Business strategies don’t usually look deep enough at the emotional buying triggers of a client.
- Make big promises and deliver a big product: Jim Collin’s book Good to Great speaks about being the world’s best at something. It is one of his three intersecting circles.
- Focus on what you want vs. what you think others will pay for: This is another intersecting circle from Jim Collins. Search for your passion.
There were other points, but the main point is to exercise these ideals with a good view of where you are going, and with metrics along the way to measure how far you have come.
Business strategy does not have to be fancy. However, it must be well thought out and executed properly.