Business Value and the Monopoly of Control

Two women at counter with tablets

The relationship between business value and the monopoly of control is a powerful one. A potential buyer will not want to buy your bait shop if it’s nestled in between two other bait shops. This situation does not create the kind of revenue stream that turns a business purchase into a long term investment. 

So, what can you do to create a monopoly of control? It all comes down to standing out from the crowd. 

Create A Unique Product

The first entryway to creating a monopoly of control is to have a product unlike anything else on the market. Going into the plain white socks business against Hanes and Fruit of the Loom isn’t going to give you a lot of power on the market because the other businesses have already claimed the top-of-mind awareness that you’re looking for. 

However, if you come up with a totally new product, you’re much more likely to be noticed. This is especially true if your product solves a problem that people didn’t even know they had. If you’ve ever watched a late night infomercial for products like Snuggie or George Foreman Grills, you already know the huge impact that these creative (and sometimes ridiculous) products can have on consumer buying trends. Snuggies are really just glorified backwards robes, but they were presented as “blankets with sleeves,” sold millions of units, and made someone very, very rich. 

Create A Unique Experience

If you sell a service, finding ways to be unique in your approach can be a challenge. Obviously, offering great customer service is the first selling point. If you and the guy down the road sell the exact same brands of clothing, but he likes to yell at people, those customers are going to come to you. 

Beyond that, though, there are many ways that you can create a unique experience for your customers. Offer discounts based on silly things once a month, like coming in with a pink shirt or being over 6’0” tall. Have a full service coffee bar that visitors can help themselves to while they wait. Even your decor can be the difference between you and the shop down the road. People want to experience things that make them look forward to working with you. Creating that experience is going to shift the selling power, and your business value, way up.

Cater To A Unique Customer Base

Finally, selling to a particular demographic in an underrepresented area gives you the chance to develop a monopoly of power. For example, many rural areas lack exciting things for younger people to do. Opening a recreation center or skatepark that charges admission is going to create huge business value. Finding a niche and catering to their needs is going to help you build up a loyal fanbase. In turn, a business buyer will be excited to continue finding new ways to delight this particular demographic, creating a rich vein of opportunity for revenue. 

When it comes down to it, customers just want something that adds value to their lives. Whether it’s a new product or customer service that makes them feel special, adding customer value is going to boost business value.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *