The richness of an ecosystem is not how dominant a singular species is (aka, Monopoly), but in how many interdependent connections exist between many types of life (Plurality). So too, a market and your company’s business model is stronger when you account for diversity in your offering, marketing, and logistics.
The market for a monoculture driven business model is dangerously tenuous. In this situation, your company is too often wrecking havoc on the customers you serve by limiting choice and thereby being lured into price gouging. Beyond this, you create an easy David and Goliath complacency where innovation upstarts come into your blind spots. It wasn’t that David was invincible, it’s that he targeted the one area Goliath couldn’t control with his ego unchecked…blindness.
There are ways to compensate for this, but a series of shell companies hiding niche brands you buy or build isn’t sufficient in the long term. This strategy simply asks consultancies to create a product that is styled for Gen__. Even if you know the difference between iOS only native apps and cross-platform progressive web apps, throwing a piece of tech at it isn’t always the answer to creating diversity in your product offering and delivery.
True business model diversity sustains you through market dynamic shifts and stylistic changes in your aging market (15 or 50, we’re all getting older). Dial in on what makes your company different at a substantive level. Think whether are you serving unmet human need, not whether your brand colors are on trend. If the latter, make your logo font simpler (again) and hope your resume is up to date. If the former, you can authentically deliver an offering that meets this need as long as it exists.
- Blind spots thrive in monocultures (read: culture fit)
- Technology without humanity isn’t the solve we need
- Substantive diversity sustains you through change