The term hybridize typically is associated with the world of biology or chemistry. When you hybridize in biology, you combine bits of DNA of two or more species to create a different outcome.
Mother Nature is a testimonial to niche plant species which become resistant to pests and drought through cross-pollination and hybridization of their gene pools.
When you hybridize your strategy, you offer a competitive advantage for your species.
Let’s fast forward to the world of business. We’ll cross-pollinate your business and sales brains with the principles of hybridization and see where we end up!
You have read Einstein’s definition of insanity: doing the same thing over and over again and expecting different results.
When you continue to execute nonproductive business development strategies and expect a different outcome, you have lost your perspective. Chances are your head is buried in the sand of your own status quo.
Instead of creating a competitive advantage, you are heading straight to business extinction. How do you develop the ability to “see” and “do” things differently so you move forward productively, instead of stagnating?
Here are 3 tips to help you hybridize your business strategy. Create more robust outcomes, in the process, which you and your customers can enjoy.
- Observe best in class companies outside of your own industry vertical. Best in class companies are not necessarily your competitors. What can you learn about customer experience and customer service from Disney® and Apple®, for example, which can be incorporated into how well you serve your own manufacturing or consulting customer base? Incorporate various elements from diverse industries to create your own hybridized customer experience strategy. Become more competitive in the process and valued by your customers.
- Identify companies within your industry vertical which complement what’s missing from your own menu of core competencies. Let’s say you are a prototype manufacturing integrator, for example. How might you partner with a company specializing in high quality, low volume machining of cast parts? How can this hybridized partnership allow you both to win more lucrative contracts which are differentiated based on single-source quality outcomes instead of price-point? This strategy is your key not only to survival, but sustainability.
- Determine the types of business models required to grow your business before you diversify into new markets and verticals. What worked in one industry vertical or marketplace may not be viable in another marketplace. To create cross-pollinated business development opportunities, incorporate elements of successful business models from diverse industries.
Incorporating successful strategies from other industry verticals allows you to develop a diverse, hybridized menu of responses to business challenges. One size doesn’t fit all situations.
Maybe that’s why I find the idea of a strategic Apple-IBM partnership so intriguing.
When you hybridize your approach, even a little, it goes a long way to confer competitive advantage, high quality business outcomes and sustainability.
Babette N. Ten Haken catalyzes business transition, startup growth, and professional development. She works with non-traditional sellers like engineers, manufacturers, and technical startups to create sustainable business models and revenue strategies. To read more about collaboration strategies that help you address what you don’t know, check out my book, Do YOU Mean Business.