1. The hallmarks of a premium product are flexibility, options, customisation and on-demand service.
2. If you’re tired of coming second place, change the game. PepsiCo played second fiddle to Coca-Cola in the beverage industry but then they ventured into food. Today, according to Fortune, PepsiCo is the world’s 2nd most admired food company while-Coca Cola is the world’s third most admired beverage company. Sometimes, the skillset you have as a business can be parlayed into a completely new industry. Google began life in search. Today, they are Alphabet – an Internet services, advertising and retail company (via the Play Store).
3. Keep a sharp eye on your competitors. Avoid product gaps. You either match what your competitors are doing (like Facebook is doing with Snapchat) or you buy your competitor (like Facebook did with Whatsapp). Who would have thought that Whatsapp would become bigger (by engagement) than Facebook in Africa?
4. When you are fantastic at what you do, you will build up goodwill credits against the time you mess up. Despite its quality snafu, Toyota is back to being the world’s most admired automobile brand. I fully expect Samsung to also make a comeback despite its battery saga.