When it comes to Mergers and Acquisitions, one major contributor to the valuation process often gets overlooked: company culture.
How to create a remarkable company through differentiation
Your Remarkable Selling Point — or RSP — is a focal point that defines your company's unique position in the marketplace. It's a competitive stake in the ground that allows you to avoid the trap of trying to please everyone and - instead - bring delight to your ideal customers.
Your RSP is not about being the best in your industry. Instead, it’s about being the best at something else no one is doing.
It's that secret ingredient that keeps you from being a “me too” company in your industry
Let’s pretend for a moment you are opening a new place to eat in the town where you live. Now because of intense competition, it is going to be almost impossible to be the Best Eatery in town.
You probably will fail if that’s your goal. Only one place can win in this space and they probably already exist.
However, you will start to have a line down the block if you can become the place you must go for X. With X being the unique "thing" that you offer that is remarkable, different, and memorable.
That’s the approach Voodoo Doughnuts took in Portland, Oregon. Most people would agree that they don’t serve gourmet donuts. And, given that you often have to wait more than an hour to get your doughnuts, they don’t provide the quickest service. And they certainly aren’t known for being the best restaurant in town.
But they do promise that “good things come in pink boxes” and they completely embrace their hometown city’s slogan: Keep Portland Weird.
As a result, you can count on Voodoo Doughnuts to sell you the most unusual doughnuts. You can get doughnuts covered with cereal, bubble gum, Oreos, bacon, or lemonade dust. You can also get one shaped like a Voodoo doll or – ahem – genitals. They are also open 24 hours so that you can pop in after parties. And, of course, all of their confections are served in their hallmark pink boxes.
Like Voodoo Doughnuts, the most beloved brands over-deliver on their RSP.
Remarkability comes in many flavors. What's yours?
Image Credit: Voodoo Doughnut