Baby carrot farmers are attempting to transform their vegetable into a daring, naughty snack food. The tiny orange roots are now branded Baby Carrots Rock. New packaging, bold ads and social media are part of a $25M marketing campaign.
Two young entrepreneurs start College Hunks Hauling Junk, differentiating the experience they offer from what you’d except when the typical crew of a local mover shows up on your doorstep.
Second Harvest Food Bank of Southern Wisconsin, which supplies food pantries with food donated by grocers and others, faces an insufficient number of food pantries to serve a growing number of needy families. Driven by its mission to eliminate hunger, it transforms itself into a mobile food pantry business after purchasing and outfitting large trucks.
Harley Davidson changes the concept of its business from motorcycles to motorcycle experiences and the rest is history.
Sweden’s Electrolux grows its market share when it stops thinking of itself as a manufacturer of appliances and redefines itself as a consumer-driven company offering customers appliances “designed for you.”
Dowco stops serving any company needing commercial sewing and focuses narrowly on the power-sports vehicle and marine markets, dramatically improving its growth prospects.
Change your view of your past and, with a new set of assumptions about life, you positively change your future, according to psychologists. As a strategist, I’d argue, rethink the definition of your business and you positively shape your future growth.
All too often, leaders leave the definition of the business they are in to historical precedent, industry practices or serendipity. The definition of their business becomes a wall. It either closes off the view to the world beyond or defines such a large space, the business lacks the focus needed to carve out a winning position.
“What business are we in?” and related to this, “Who are we competing against?” are two of the most vital strategic questions a leadership team must address. The answers are replete with great opportunities to build a unique market position.
The carrot farmers must do more than beat broccoli and tomatoes to dramatically grow revenue. They need consumers to see baby carrots as a viable and attractive alternative to chips, crackers, pretzels and other less-healthy snack alternatives. The farmers’ bold media and packaging campaign reflects a thoughtful strategic decision to define their business on new terms.
What business are you in? What business should you be in?
For insight on business model strategy, read my recently released book, Beyond Price.