Building A Monopoly The Truly Human Way

“Monopoly is therefore not a pathology or an exception, monopoly is the condition of every successful business.” Peter Thiel

Don’t start a business to compete. Try to avoid competition at all cost. Businesses die because they enter into a market trying to beat the competitors. Businesses that fail were unable to escape competition.

When I work with startups or already established businesses trying to enter into new markets, the aim is to make them a value creation monopoly. That is a business that people continually come to get value not because they don’t have a choice but simply because what they get is far more valuable than what they will get anywhere.

A monopoly is a company that is so good at creating value for its market that no other company can offer close to its substitute. It is 10x better at what it does than any other company serving same market. You already have what it takes to be a monopoly, wat you may not know is how to go about it.

The benefit of designing a business model that makes you a monopoly is that you are able to serve your customers, care for your employees, reward your investors and positively impact the communities where you are living. When you become a monopoly, money no longer become an issue you will be concern about. You have attained Market-Profit fit. A monopoly attains three fits:

1. Cause-Market Fit: Your cause resonates with the market and inspires them to support you by purchasing your products. When Apple gained cause-market Fit, the customers lined up for days to be part of their cause by purchasing their products. This makes your customers evangelist.

2. Value-Market Fit: Your value proposition is acceptable to your market and results in satisfaction. Your value offering meets the needs of the customers and they talk about your products to others. This makes your customers loyal. People will buy from you when they connect with your cause.

3. Relationship-Market Fit: Zappos build a relationship that gives customers the greatest experience of their lives that keeps them coming. They don’t take their customers for granted. You connect at a deeper emotional level with your customers. This makes your customers happy and fulfilled.

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There are two ways to be a monopoly:

1. Innovate for the Customer

2. Solve The Problems of Your Competitors

Focus on Your Customers

Google is one monopoly that focused exclusively on creating value for the customer. As a result, it changed how the game was played in the world of publishing and book sells. It transforms the market and sent many traditional booksellers who were not ready to focus on the customers changing needs out of business.

1. Cause: Your cause determines your positioning. You need to develop a cause that inspires your customers and make them want to be part of making it a reality. A cause is living for others. Its about using your skills, knowledge and connections to make a difference in the world and for people. You have to stand for something bigger than life. Your cause creates a common ground with your customer that last forever. It makes you play the infinite game. Even though Apple hasn’t innovated much, the customers are still attached to the cause. The end of Apple will be near if it tries to change its cause or stop it.

2. Value Offering: Your value offering determines your differentiation. This creates impact. Don’t build an undifferentiated offering if you want to be a monopoly. Your product needs to do something for the customer that other cannot do. Your offering, value proposition should be 10x better that anything anyone offers. Create so much value for your customers that no one is able to replicate or copy what you have done. And when they catch up with you, kill that value and create another. Always stay ahead of those who see you as competitors

3. Relationship: Your relationship determines the experience of the customer. Experiences are based on relationships. It is an interaction which leaves an impression. To be a monopoly make sure you have a transformational relationship with your customers that gives them meaningful experience to talk about. People will always come back to you to have the same experience of respect, care and meaning. People want to feel valued, respected, cared for and made to feel they matter. Your relationship should deliver that.

When you combine a cause that inspires customers, a value offering that impacts them and a relationship that gives them a meaningful; experience, they will perceive you as the only one they should do business with.

Solve Problems For Your Competitors

You need to transform your competitors into partners and clients by creating a solution for their challenges. That was what Apple did with the Itunes. They would have had the movie and movie companies as competitors but instead they transform them into customers and partners. You have to be intentional about transforming your competitors into clients.

Use design thinking on your competitors. Observe what they are doing and how they could do it better. There is always a gap. Document what they can do better and present it to them.

To transform your competitors into clients, never take your eyes off your customers. Do everything for the customer. You are advancing your cause through your competitors.

1. Turn Them Into Partners: Create game changing value that will transform the entire industry and them get them on board has partners. You build a product or service that will better serve your customers and call your competitors with capabilities you don't have to join you as partners.

2. Turn Them Into Clients: Create value that will bridge a gap they have or multiply their capabilities and confidence and you will have them as clients. Make your competitors more effective so they can serve their customers better

The Truly Human Business Model when applied in any organization transforms that organization into a monopoly. It is flexible and humane.

Want to build your business into a monopoly using the Truly Human Business Model? Contact us at [email protected] or +2349071602727 (Whatsapp) to start a conversation.