The founders of Cirque Du Soleil asked themselves, “What if we could deliver a circus without any animals?” That took them to a whole new market where they could charge hundreds of dollars for a ticket versus the tens of dollars that the traditional circuses charged*.

Differentiation

What do you do that is different than your competition? This is the question we must ask ourselves if we want to separate from our competitors. Whether you are in insurance, education, recruiting, or in the hospitality industry, we can all create a new space to operate in which could unlock enormous value for us and our shareholders.

Asking the right question is key, it is the catalyst to differentiation. Ron Clark is an example of this:

The Ron Clark Academy in Atlanta, GA has disrupted the educational system. Ron Clark is singing, dancing, and engaging his students throughout the school day and is known for standing on desks as he teaches. While, his competition has their students sitting in desks, in neatly organized rows, with the teacher in the front of the room lecturing.

New Market

Once you differentiate yourself from the competition you open up a new market. Cirque Du Soleil and The Ron Clark Academy have a different clientele than the “Traditional” schools and circuses.

New Demand

Cirque Du Soleil sells out high-priced tickets show after show and year after year. The Ron Clark Academy has a waiting list and a lottery system for students trying to join.

What are you and your business doing that is different than your competition?

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*”Coloring Outside the Lines”- By Jeff Tobe
** Photo by Becky Phan on Unsplash