Wayne Berger is the CEO of IWG North America and Latin America. IWG, short for International Workforce Group, boasts thousands of coworking spaces internationally. And on this episode of the podcast, he explains how IWG blew past those big names in coworking spaces to build a business that can last. What did IWG do differently? What were the gaps in the market IWG spotted that others ignored? And how was data put to use to help IWG identify what no one else could see? All that and more on this episode of Business X factors.
Main Takeaways:
- Don’t Jump on the Bandwagon: While there may be short-term benefits in following trends or the sexiness of the latest fad, this approach may not lead to significant growth. Seeking novelty can also kill off true innovation and could lead companies to develop products that are inconsistent with their culture and values. Great brands know how to distinguish the latest fad from powerful ideas that they have spotted on the horizon. Find ways of advancing ideas that resonate with core values. Find out with data where society is heading and explore ways in which your brand can align with that direction.
- Be a Differentiator: In the words of Theodore Levitt, a professor at Harvard Business School, “Differentiation is one of the most important strategic and tactical activities in which companies must constantly engage.” To communicate your company’s distinct capabilities means highlighting how both your unique selling proposition and the customer value proposition differ from competitors. To determine what your core differentiators are: Evaluate your competitors to understand their strengths and weaknesses, analyze customer experience and focus on the characteristics that set you apart.
- Find the Gaps: In a competitive or changing market, it is important to determine whether there are gaps that you can exploit. To identify gaps, you need to play to your strengths as you need to have existing skills and knowledge. Step into the mind of the customer to identify where their attention is shifting to. Research market trends. Take a global view using technology not found in your area. Adapt a business current idea for a new market. Find an innovative solution to a problem. Stay on top of legislation changes that could open a new market. Communicate the gap that you found to take customers along on the journey.
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