The Power of Being the Go-To Brand in Your Space

The following is adapted from Be the Go-To, by Theresa M. Līna.

Ask yourself if your company is the “Go-To” in your market. Is it the first name that comes to mind in a business space? Amazon. IDEO. TED. Apple. Salesforce. If you’re not sure, then the answer is likely no. And this means you could be missing out on some powerful financial and growth opportunities.

Why is it that certain firms seem to command more margin, more attention, and more respect than others? And why is it that they rarely find themselves in competitive situations, clients usually seek them out, and clients will pay almost any price for the privilege of working with them?

It’s because they own their markets. They dominate their spaces. They are Go-To brands in their domains.

Management consulting firm McKinsey & Co. is not the largest in its category, but it owns “boardroom strategy.” Accenture owns “large-scale, high-risk systems implementation projects for large enterprises.” Salesforce owns “salesforce automation.” Gartner Group Inc. owns “IT market analysis.”

Quicken owns “personal and small-business bookkeeping.” SAP owns “integrated enterprise resource planning (ERP) software.” Those firms have defined, committed to and established a unique market position. Anyone else in that space becomes an also-ran.

Hallmarks of a Go-To:

• Each is the first name to come to mind in its category.
• Each is regarded as the de facto standard in its respective markets.
• Each has survived severe market downturns while competitors perished.
• Each is a premium provider that frequently finds itself in the luxurious position of being sought out by prospects, as opposed to fighting its way through a crowded, time-consuming and expensive competitive bidding process.
• A Go-To often turns business away. It names its terms. Prospects sometimes even compete for its business.

Apple is the Go-To for “elegant, user-friendly technology.” In an industry of almost complete commoditization, Apple has continued to charge more for its products than category competitors. Apple stands alone. There are Apple products, and then there is “everything else.”

IDEO is the Go-To for “design thinking” and innovative industrial design. People travel from all over the world to tour IDEO’s offices, and its design methodology is the basis for an entire design institute in the School of Engineering at Stanford University.

It’s one thing to differentiate and focus. But taken a step further, it’s incredibly powerful and profitable to become the Go-To in your chosen markets. In addition to obtaining sustainable differentiation, your firm will maintain healthy margins and grow revenues over time.

What It’s Like to Be the Go-To

Your goal is to get people to seek you out and so firmly believe in your ability to make a unique contribution that they will pay you whatever it takes.

What does it really mean to be the “Go-To” for something? Go-To status sits on a continuum, but here’s the ultimate ideal: You know you are the Go-To when:

• You are the first one people turn to for solving a particular problem.
• No one can deliver on this problem like you can.
• There is wide recognition and respect for your brand.
• Your reputation precedes you.
• Customers hope you’ll be willing to work with them.
• You rarely, if ever, compete for business or develop proposals.
• You never have to give anything away.
• You, in fact, turn some business away, because it’s not the right business.
• You name your price, sometimes even receiving success-sharing premiums.
• You work with the most progressive, successful companies in your market.
• You are viewed as the Harvard Business School of employers in your space — candidates vie to work for you.

The Advantages of Being a Go-To

In addition to being sought out and able to name your price, as the Go-To in a particular field, you wield great power and influence in the marketplace. You aren’t just part of the fabric of the industry, you sit at the top of the pyramid.

You help set the direction of the industry. You have a vision others want to follow. As the Go-To, you are in a position to fundamentally alter the direction of the market.

Market dominance simply means becoming the Go-To brand for a particular market need and being so unique and superior at filling that need that you are able to command premium prices, work with premium customers, and hire premium people. Any company, no matter its size, can pursue it.

How? I’ve been studying Go-To companies for almost two decades as part of my work as a strategy consultant and have noticed that there are eight core elements that make the difference for a Go-To vs. a Me-Too: focus, beachhead, obsession, ownership, conviction, results, change and efficiency. I’ve codified these into a four-phase approach called the Apollo Method for Market Dominance (because the Apollo Space Program used this same approach to win the space race). My new book, Be the Go-To: How to Own Your Competitive Market, Charge More, and Have Customers Love Your For It, shares the details, step by step.

Theresa M. Līna has over twenty years of experience as a recognized Silicon Valley thought leader and strategist. She is the CEO of Līna Group, Inc., which specializes in market dominance strategy, and has been involved at Stanford University since 2006. She has served as chief strategy and marketing officer for several technology startups, has advised hundreds of companies, and began her career at Accenture, where she helped found, lead, and grow the firm’s communications industry group, now a multibillion-dollar business unit. Theresa is a frequent speaker and workshop leader on strategy, market leadership, innovation, and technology topics.