The Only-One Differentiation Strategy for Building Overwhelming Strength

The book we're covering this time, "The Only-One Differentiation Strategy for Building Overwhelming Strength" (Diamond Inc.), is a new release from April 2017.

Author William C. Taylor is co-founder of the American business magazine Fast Company. The magazine annually publishes its "World's50 MostInnovativeCompanies" ranking, and being included is an international honor. Taylor is also a former editor of Harvard Business Review and currently writes for its website and The New York Times.

In this book, Taylor traveled the world to interview 15 companies that symbolize success in the new era, documenting the reasons behind their success and the common characteristics they share.

Building the World's Best Bank?

The first company profiled is Metro Bank in the UK. It's a retail bank that entered the market in 2010, the first new entrant in 100 years. Its slogan, "Finally, a bank you can love! Kids go wild. Pets welcome. No silly rules," is reportedly displayed in its lobby and on screens.

It has only 3 days off per year, with operating hours of 12 hours on weekdays, 10 hours on Saturdays, and 6 hours on holidays.

Opening a new account takes less than 15 minutes, and as the slogan promises, customers are welcome to bring their pets.

A web search reveals several Japanese-language news articles from its 2010 opening.

Currently operating 48 branches, it announced reaching one million accounts in May 2017, demonstrating steady growth.

The Metro Bank concept mentioned above isn't actually new. It's a replication in the UK of the business model used by Commerce Bank, founded by Vernon Hill in the US. Yet competitors don't even attempt to copy this concept.

Without the purpose of "becoming the world's best bank," an extraordinary customer-centric approach, meticulous attention to detail for that purpose, and the hiring of passionate staff, reaching that goal is impossible.

Metrobank embodies the four strategic pillars common to challenger brands: "Perspective," "Dedication," "Distinction," and "Solid Foundation" (p. 30).

Why they commissioned a world-renowned architect to design their parking garage

Another example I want to highlight is the parking garage at 1111 Lincoln Street.

For those unfamiliar, what comes to mind when you hear "American parking garage"? Dirty? Dimly lit? After imagining that, take a look at the site.

http://www.1111lincolnroad.com/

What do you think? Wasn't it a far more stylish and beautiful structure than you imagined?

The book states, "When the building opened, couples flooded in wanting to hold their weddings here." Reading that alone made me wonder what kind of parking garage it could be, but seeing it makes it clear.

The website also offers a virtual tour, so if you're further intrigued, be sure to check that out too.

The design is by Herzog & de Meuron, the architects behind the Beijing Olympics' "Bird's Nest" stadium. Inside, you'll find restaurants, boutiques, retail shops, and even a drive-through (!) bank. Yoga classes are held on the top floor.

When real estate developer Robert Wannet acquired 1111 Lincoln Avenue, it was just a plain, exposed-concrete parking garage. Yet, by connecting it with the finest architecture, something beyond people's imagination was ultimately created. Such bold ideas require a "provocative ability." It might be likened to the ability of a great jazz musician to break free from past performances, place themselves in situations demanding new responses, and deliver improvisation.

"This project has achieved tremendous financial success because it started from ideas and soulful stories, not just money." (P.86)

The "Eight Questions" for Success

While I briefly introduced two corporate case studies from this book, the exceptional business approaches and problem-solving methods of the other 13 companies are also highly instructive. Furthermore, the book presents many more insightful episodes about the two companies introduced here.

The final chapter presents the "Eight Questions for Success."

• ① Does your definition of success set you apart from competitors and inspire your colleagues and subordinates?
• ② Can you clearly articulate, in compelling terms, why what you do matters and how you intend to win?
• ③ Are you prepared to rethink what has been considered success in your industry and redefine success for your own company?
• ④ Can you maintain your curiosity as much as you strive to be a source of interest?
• ⑤ Do you pay attention to hearts and minds as much as technology and efficiency?
• ⑥ Do the values defining your organization's functions reflect your value proposition?
• ⑦ Are you ambitious yet humble?
• ⑧ Are you prepared to share the rewards with those who worked hard to achieve success?

These are the book's key takeaways. In other words, this book provides real-world examples for all of them. Each case is fascinating, making it an engaging read you won't want to put down.

Above all, reading about the remarkable success stories of unconventional companies is truly exciting. Highly recommended.

【Dentsu Inc. Modern Communication Lab】