Excellence used to be the Holy Grail. Develop extreme competence in cost position or product innovation–or some other key element of the so-called value chain–and you were rewarded with strong market share and a high earnings multiple.
Today, not so much.
In an increasingly digitally driven world, advantages that used to endure for years, or even decades, can be supplanted in weeks or months.
In the sharing economy, capabilities that once created insurmountable barriers are suddenly the price of entry.
At a time when the long tail is the norm, and consumers can easily be overwhelmed by choice, share of attention becomes the scarce commodity. Your ability to break through the noise, to earn permission, to be seen and truly appreciated because of the consistent, deeply relevant consumer value you deliver, is now the essence of competitive advantage.
When you accept that most of what the consumer encounters everyday is, at worst totally irrelevant and at best mildly entertaining or a source of mindless distraction, than you embrace the quest for the remarkable and the intensely relevant.
And, by the way, you’re going to need a bigger boat.