This week I met a business owner who arguably has one of the best food ordering, payment, and delivery platforms I’m yet to come across. It is a marvelous piece of engineering and centers its value on empowering the restauranter to interpret customer behavior into innovations on service, menus, value, and therefore business growth. Brilliant…. but nobody knows about it.
With a bunch of clients onboard, it makes good money for the founders. This compounds the problem.
If you have a product or service that is well-designed, reliable and offers great value to your customers, how much market share should you own 10 years, 20 years, or 30 years into the game?
Surely, if your offering is that good, you should be dominating segments in your industry. Industries are not small. There are macro-economic reports on the value of industries across all countries freely available on the internet. Find one relevant to you and calculate your market share. If, after 20 years in the game, you believe that you have the best product out there, surely you should have…10% or even 20% of the industry market value?
If you do, well done. If you don’t, what then is the missing ingredient?
Listen to this week’s podcast from The Money Show where Pavlo Phitidis compares a business to a winning F1 team to explain the missing link!
To win the F1 championship, you need three elements.
It’s a great analogy for high-performing businesses.
Every successful business has three primary elements of excellence, interlinked and dependent on each other.
If you have the best product in the world, and if you aren’t dominating segments of the market in your industry, then it’s the commercial system set or gears that aren’t in play and optimized. If you have them in play and growth generates chaos, then they aren’t optimized and interlinked effectively. No tinkering with the features of your service or product design improvements will fix that and without it, your brilliant product will remain the world’s best-kept secret.
And then time runs out.