The Customer Rules by Lee Cockerell

Author:Lee Cockerell
Language: eng
Format: epub
Publisher: Profile
Published: 2013-03-25T16:00:00+00:00

Rule #19

Fish Where the Fishermen Ain’t

Warren Buffett, America’s most admired investor, once said that one simple rule dictates his approach to investing: “Be fearful when others are greedy, and be greedy when others are fearful.” This is the flip side of the copycat rule: Look at what others are not doing, and seize that opportunity to do it yourself. It’s kind of like how in fishing it’s sometimes best to cast your line where no one else thinks there are fish.

It’s not a question of being different just for the sake of being different. That can get you nowhere quickly. Great businesses stand out by being different from the rest in the right way: by finding customer needs that are going unmet and figuring out a way to meet them. One example of a company that has done this successfully is Chick-fil-A. When S. Truett Cathy founded Chick-fil-A, it didn’t take him long to figure out that every other fast-food chain was serving hamburgers but very few were serving chicken. That’s why today, Chick-fil-A serves chicken, chicken, and nothing but chicken. How is that a good business proposition? Think of it this way. If you have a hankering for a burger, you could go to any of a number of fast-food chains competing for your business. But if you are in the mood for chicken, you have fewer choices, and if there’s a Chick-fil-A nearby, that’s where you’re likely to go.

Doing what others don’t do has also paid off for Southwest Airlines. For instance, they are one of the few airlines that let customers change flights with no charge—a huge plus for someone who travels a lot and often has to adjust departure dates or times. If you cancel a flight, they give you full credit for up to twelve months. And unlike most other airlines, they don’t charge for checking baggage (up to two pieces). But you don’t have to be a giant corporation or a national chain to stand out by offering a service no one else does. For example, consider Mollie Stone’s Markets in the San Francisco Bay Area. Two of the local chain’s nine stores—both located in areas where hills are steep and parking is impossible—offer something called the Mollie Bus, a drop-off service that transports customers and their packages from the store to their homes. It runs regularly, according to demand, and it’s free with a purchase of $30 or more. You can imagine how welcome that is to area residents, especially those with physical limitations. It no doubt gives Mollie Stone’s a huge advantage in a highly competitive business.

When you’re out and about, every time you have a thought such as “Wouldn’t it be great if they . . .” or “If only they offered . . . ,” write it down, because you might be able to convert that idea into a unique service innovation. And while you’re checking out what your competitors are doing, ask yourself not only what you can imitate, but what you can do that’s radically different.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.