Nowadays, it’s too easy for businesses to drown amid growing competition. The advent of user-friendly web-building software and straightforward marketing techniques have brought about a surge of startups and entrepreneurs, making some companies with the most flawless of reputations fizzle out like a dead light bulb. The most important way for a business to sustain their presence amongst the noise and form a loyal customer base is to have a clearly defined X-Factor.
So what is an X-Factor? Each business in the world likely has more than a few characteristics in common with another company, such as a great location, a professional team, or a few dream products. A business’s X-Factor is not about these common positive attributes, but instead the unique characteristic that sets them apart from the rest. It’s about what makes them an intriguing and special company for customers.
For Amazon, their X-Factor is likely their Prime service with speedy shipping. Netflix’s revolutionary methods gave customers an out from cable with ad-free shows that they can watch at their leisure. And Coolbleu? Their everlasting smile… Near me, there’s a bakery that sells buttery muffins as big as softballs. A solid X-Factor can give businesses a 2 X to 10 X advantage over their competing counterparts, so it will ultimately be the most important and most powerful factor for growth.
Finding Your X-Factor
An X-Factor is not something that can or should be copied. Each company is its own island with its intrinsic flora, fauna, and all else that gives it its individual characteristics. If you take a tree or other elements from an island in the South Pacific and plant it in harsh conditions near the Arctic, it will die. Rather, you have to find what makes your own island special and nourish it so that it blossoms and makes your island the best of them all.
If you don’t yet have a defined X-Factor, don’t worry. An X-Factor isn’t something to be pulled out of a hat; it’s something to take your time developing. There is a spaghetti bar in my city, claiming the best spaghetti in town (spaghetti is 85% of their turnover). It was founded 30 years ago and still has the same unique recipes, huge portions, and free cheese gruyère. It has operated on powerful word-of-mouth exposure since the beginning. One of the major bookstores located in the centre of my birth-city has a very wide range of books in all categories from novels to management to art books. The venue serves delicious espresso with great sweets. Cozy corners are abound where you can quietly ‘taste’ some books, and they have a free study room upstairs.
Targeting what will make you stand out in your specific area is how you can narrow down your company’s best X-Factor. Everyone has one; you just need to find it.
While you’re thinking about what makes your business special, ask yourself the following questions:
- What’s the most valuable thing you offer to your customers?
- What makes your company shine?
- What are you and your company amazing at?
- How you delight your customer?
- When do you customer take you in the era of worth – of-mouth?
After You’ve Found it
Finding your X-Factor is the most difficult part. Now, you have to strategise how to mold it to reach its best potential. Using mindful marketing and unique communication techniques helps bring attention to your business where customers will find your unique X-Factor. Don’t be afraid to show off what makes your business so special. And remember, your X-Factor defines your business, so make sure that it continually embodies the spirit of what your company embodies.
Details are what gives all things form, and it is in these details that we find the path to success. If you’d like a helping hand to better your current business’s positioning, consider contacting me for a free 15-minute consultation. I know a more than a thing or two about nailing down a company’s unique qualities and reinforcing their X-Factors. Book your free 15-minute call now.