(Time to read this Blog article is about 60 seconds)
‘Benchmarking & best practices’ is a hot subject in business today. You can pay $1,500 to attend a 2-day workshop on this subject. I’ll save you the time and the money. “Benchmarking and best practices” means finding out who does it best…and copying them. That’s it! How do they stretch that out for two days?
The easiest way to improve your business is to learn from the best. Do you know who does it better than you, anywhere in the world? Better design, better service, a more amazing customer experience, better packaging, more effective processes, policies, marketing or promotion? What are they famous for and how do they do it? Have you been there; have you even checked out their website?
Who in your industry, in the entire world, has the lowest price? Are they making money? How do they do it? What can you learn from them about efficiency, logistics and process?
Who in your industry charges the highest price? What do they do to get that high price? Are they making money? What can you learn from them about creating extraordinary customer experiences, adding value, marketing and brand positioning?
Who are the ‘disruptors’ in your industry…those innovative upstarts who may change ‘the game’ completely and make your business model obsolete? Don’t dismiss them or write them off. They may be the future.
Who are the legends, the ‘celebrities’ in your field? What are they famous for and how did they get there? In every industry there are ‘commodity’ suppliers who are undifferentiated and, usually, struggling. Then, there are the ‘experts’ who are known, respected and sought out for their knowledge and ability to deliver. They get more than their fair share of the business and often command a premium price for their products or services. And then there are the ‘celebrities’. Those few brilliant operators and tireless marketers who have mastered the art of becoming famous. Customers rave about them, the media talks about them and make them even more famous.
So, what will you do to learn from the best…then do it even better…and become the new best? Could you take it to a whole new level and become a ‘celebrity’ in your industry? Now is a good time to start.