In an ever-evolving business landscape, businesses need to understand their customers' needs and how they shift and evolve to continue fulfilling them and providing them with the best brand, product, and service experiences.
Now, doing something different for something different's sake, just like throwing in new tech for new tech's sake, is not often the best course of action. Still, the unparalleled power of doing something different in business when the timing is optimum (or even a bit before) can open the doors to more significant opportunities, especially if that something different fulfills customers' needs better and more accessible while setting you apart from the competition.
Far from being a high-risk gamble, stepping outside the norm can be a company's most strategic move. Venturing off the beaten track can be hugely beneficial, particularly when competing against long-standing category leaders and conventions.
Beware of the comfy sweater.
Comfort is the silent, sneaky killer of innovation. In the business world, the comfort zone often manifests as a 'this is how we've always done it' way of thinking. While familiar routines and established methods provide a sense of security (like that sweater), they also breed complacency. This complacency blindsides companies, making them vulnerable to disruptive competitors and changing market dynamics. The danger isn't in falling behind; it's in becoming irrelevant. Businesses stuck in their comfort zones miss out on opportunities for growth and improvement and often fail to see emerging threats. Breaking free from this zone requires courage and a conscious effort to seek out and embrace change.
Say goodbye to and break free from the norm.
Business innovation often involves rewriting the rulebook or adding a new chapter to what was there before. This is usually the case when companies utilise new technologies to fulfill category users' needs in new and better ways. We're all familiar with Netflix, Spotify, Airbnb, and Uber. Likewise, Tesla disrupted the automotive industry, bringing electric vehicles into the mainstream, and then put that know-how into disrupting energy storage solutions. The jury is still determining whether batteries and EVs will deliver a long-term sustainable solution. However, doing something different with technologies to reshape industries is usually a winning strategy.
Initially, Dyson, a vacuum cleaner manufacturer, stood out by reinventing the product design with their bagless system, setting new standards. Being good with efficient and effective air movement and sound design allowed them not to rest but successfully enter many well-established categories, bringing the fruits of their innovative solutions to bear.
Warby Parker, the eyewear company, disrupted the optical industry by selling prescription glasses online, cutting out the middlemen, and offering an online "try before you buy" program, allowing customers to try glasses on at home. It is worth noting that to deliver continued business growth, leadership added brick-and-mortar stores to their channel mix (bringing in the go-betweens) so they could reach more shoppers in retail environments.
Dollar Shave Club stole massive market share from established, expensive, multi-blade brands by offering high-quality, single-blade razors directly to consumers online at much lower prices, with humorous marketing that stood out. They sold for billions to Unilever, and again, it's worth noting that in the quest for continued growth, they had to sell their wares in brick-and-mortar retailers and supermarkets.
Monzo disrupted the banking industry by offering a mobile-first, user-friendly banking experience with real-time transaction notifications, budgeting tools, and fee-free foreign currency transactions. By prioritising transparency, simplicity, and customer empowerment, Monzo challenged traditional banks and attracted a younger demographic of digital-savvy customers.
Sticking with money and commerce, Tokopedia in Indonesia understood the limitations on internet access and allowed transactions through local convenience stores and bank transfers, catering to the massive unbanked population and driving e-commerce growth. M-Pesa in Kenya created a mobile money transfer and payment service using basic mobile phones to send, receive, and store money. This brought banking services to those who couldn't access traditional banks, boosting financial inclusion in the process.
GoPro disrupted the action camera market by creating rugged, wearable cameras designed for capturing high-quality footage in extreme environments. By targeting action sports enthusiasts and adventurers, GoPro became synonymous with adventure and outdoor exploration, distinguishing itself from the traditional camera manufacturers.
Patagonia demonstrated that there are other ways to go than just focusing solely on profit in outdoor apparel. They prioritise environmental activism, using recycled materials, advocating for land conservation, and protecting the great outdoors, where their products thrive. All of this resonated with eco-conscious consumers who value their commitment alongside high-quality gear for which they'll happily pay a premium.
Liquid Death, the latest poster child for doing something different, is a beautiful example, and they sell water. They say it takes around seven years to build an overnight success, and only 2% of new product launches in FMCG break $1M in sales year one. Liquid Death has been available to shoppers for around five years, and its most recent valuation is $1.4 billion. It has been one of the past decade's most successful soft drink innovations. Combating massive plastic waste in their category, the idea of putting spring water in a can for a more sustainable approach to hydration paired with a great story, wonderfully executed, with humour and irreverence, great packaging, and adoption of creativity and smarts across the board and you have something different.
These are just some examples that underscore the immense potential of stepping away from the conventional. By daring to be different, these companies have achieved commercial success and profoundly influenced consumer behavior and industry standards.
Doing something different can pose some challenges.
Venturing into uncharted business territory is not without its risks and challenges. The path to innovation and difference is often awash with uncertainty and potential setbacks. One is a failure, which can be financially costly and harm the brand and personal reputation. Diverging from established practices can also meet resistance from stakeholders, employees, and even customers accustomed to traditional ways.
However, whether you are an established player or just getting started, these risks can be mitigated with the right strategic approach. This approach involves market and customer research, incremental implementation, and well-thought-out feedback loops. A company culture that embraces failure as a learning opportunity rather than a setback, with a mindset for encouraging innovation and resilience, is also important.
Rather than 'that's not how we do it,' 'how can we do it better' is what you're after. Embrace 'yes and' instead of 'yes but.'
Effective communications with all stakeholders about the new approach's vision and potential benefits (as well as the risks) can also help gain support and reduce resistance. Even though the path to innovation and doing something different is risky, the potential rewards make it an extremely worthwhile endeavour for businesses aiming to stay ahead.
Here are some valuable things to do.
Foster and champion, a culture of innovation. You must encourage people to break or challenge conventions and reward creativity in thought and ideas, even if they aren't always successful. Innovation thrives in such environments.
Be informed and adaptive. You must keep abreast of industry trends and technological advancements, anticipate changes, and adapt your business model accordingly.
Engage with your customers: understand their evolving needs, desires, and preferences. Their feedback and insights can be valuable in guiding innovation.
Experiment and iterate: experimentation is excellent. Use small-scale tests (with enough data points) to evaluate new ideas and iterate based on feedback and results to reduce risks while helping with refinement.
Champion collaboration: encourage collaboration both within and outside your company. Partnerships can bring fresh perspectives and expertise that fuel innovation and creativity.
Lead the change: as a leader, your attitude towards creativity, change, and innovation sets the tone and example for the entire company. Be open, willing, and excited to break free from the norm to something different and better.
The business landscape in most categories is dynamic and can be unforgiving to those who choose complacency and the comfy sweater over innovation and progress.
Doing something different isn't just about taking risks; it's about strategic thinking, understanding market and customer needs, and having the courage to break from the norm and category conventions.
For business and marketing leaders, my message is clear: embrace the power of differentiation, of distinctiveness, of doing something different. Encourage creativity and use it to its fullest potential. Be willing to venture into the unknown, for it's in this space that (brand) fame and fortune can be created.
