There is a lot to be said about originality in modern business. While going down a well-trodden path has its merits, companies that have the courage and vision to blaze their own way usually become market leaders and inspiration to others. An original, well-thought-out approach can do wonders for the company’s success and bottom line if executed correctly. It does inherently carry a bigger risk, but the other way isn’t always safe, either. Here are some things to consider on how making a strategic decision to pursue originality can benefit your company. 

Achieving Originality through Encouraging Innovation 

Creating an original approach can be a tall order these days, and it won’t come overnight. To help speed it up, a company must encourage innovation and stay current on the market events. For instance, attending relevant events is a must if you plan on staying in the loop on industry news. It also helps to gauge competition and see what they are doing.

Companies that encourage originality tend to be among the most innovative players on the market. Their constant search for new and original ways of solving problems gives them an edge over their competition and usually results in excellent customer service. This way, not only do they stay ahead of the curve, but they also create a loyal following among their customers. Companies like Patagonia, who make environmental issues a priority, have a customer base that buys their products not just for their quality, but also because they support their values.

Differentiation from Competitors

One of the most significant benefits of an original and unique business strategy is differentiation. Modern markets are often saturated, and companies that manage to differentiate themselves from the competition stand a much better chance of being noticed by customers. The exact nature of differentiation depends on the company itself. It can be in terms of product features, pricing models, or even customer experience, as long as it offers something no one else on the market does.  Companies like Coca-Cola, Apple, Tesla, and Airbnb have successfully proven that differentiation can be a devastating tool if deployed the right way.

Greater Profit Margins

One of the key effects of the original approach is the company’s ability to charge premium prices. By offering exclusivity, their products can command a higher price compared to the competition and thus increase their profit margin. In turn, this allows them to spend more on other key segments, like marketing and production expertise, further increasing the gap. This is a key to the success of many luxury brands like Rolex and Louis Vuitton. 

Improved Market Positioning

A unique strategy allows companies to create almost a niche market, setting them up to become industry leaders and operate with virtually no competition. Niche markets are among some of the most lucrative fields a company can access, with high customer loyalty and much higher prices. 

However, carving a niche market can be a tall order, and requires not only an original and unique approach but investing a lot of effort and time. Then again, if it were easy, everyone would do it. One look at companies like Beyond Meat and Impossible Foods can tell you how rewarding it can be.

Stronger Brand Identity

Unique strategies can do wonders for businesses trying to develop a strong and recognizable brand identity. With the original approach, companies have a much easier job marketing their products and brands. Their marketing efforts can be more effective and have an easier time reaching their customers. Memorable brands will have a much longer-lasting impression on customers, greatly expanding marketing efforts and offering a much bigger bang for your buck. It is a perfect synergy that can drive a company to incredible heights. 

Conclusion

Adopting a unique business strategy is not just about being different for the difference’s sake. It is about offering one’s customer a unique value that can’t be found anywhere else. It takes a lot of time and effort to create an original approach, not to mention having an idea worth pursuing. In return, the company can reap many benefits that come from such a market position, including charging a premium for its products or services. In the end, businesses that successfully challenge industry standards and create new approaches can almost certainly achieve success in their respective fields.