In a previous discussion, I highlighted the importance of being famous for something. Being well-known in your niche can help you:
- Concentrate on your strengths
- Connect with your target audience
- Communicate your offerings more effectively
- Receive referrals
- Identify your core customers
While Apple and Tesla are examples of large companies achieving fame, small businesses can attain similar success by carefully defining their niche. A prime example is Linn Products Limited, a small Scottish engineering company that manufactures high-quality audio equipment.
The Origins of Linn’s Fame
Linn Products gained fame with its first offering, the Linn Sondek LP12 turntable, introduced in 1973. The company’s logo represents the ‘single point’ bearing, which was the LP12’s unique selling point. The turntable’s impact on the industry has been enormous, with accolades from Hi-Fi Choice and The Absolute Sound, and it remains a reference turntable for hi-fi reviewers.
The Linn Philosophy and Its Tribe
The company’s founder, Ivor Tiefenbrun, established a philosophy centered on the source’s importance in the reproduction of hi-fi music. This “Linn way” has attracted a dedicated tribe of customers and followers, called “Linnies,” who believe in and support the company’s approach.
Technological Excellence and a Commitment to Innovation
Linn Products has maintained its reputation for excellence through constant technological advancements. The company invests 10-20% of its revenue in R&D to remain at the forefront of the industry.
Embracing Digital Technology
In 2007, Linn Products shifted its focus to digital music playback, supporting 24bit/192 kHz studio master-quality recordings using digital streaming over a home network. The company has since introduced various digital streamers and has been awarded Label of the Year by Gramophone magazine for its commitment to improving the recording process and distributing music online at studio master quality.
Exact Technology: Eliminating Music Loss
In 2013, Linn Products launched Exakt technology to eliminate sources of music loss inherent in analog hi-fi chains. By keeping the 24-bit lossless signal in the digital domain until the latest possible stage, Exakt technology minimizes signal loss.
The LP12: Still Going Strong
The Sondek LP12 turntable continues to thrive, benefiting from the resurgence of vinyl. Linn has continually improved the LP12’s sound quality through retrofittable upgrade kits.
How Linn Retains Its Tribe and Creates Stickiness
Linn has kept its followers engaged by staying consistent in its philosophy, providing a range of products with clear upgrade paths, offering product upgrades, and moving with the times. The company has also increased the stickiness of its products through software upgrades and integration, similar to Tesla.
The Benefits of Being Famous
Linn’s fame has helped the company become renowned for producing excellent hi-fi equipment through engineering excellence. With a dedicated tribe of followers, Linn focuses on selling value and maintaining a low-volume, high-margin strategy.
Emulating Linn’s Success: Find Your Fame
If Linn, a small Scottish company, can achieve fame in its niche, so can you. Start by identifying your “why” and determine what you can be the best in the world at. You can achieve greatness in your niche with focus and dedication, just like Linn Products Limited.
If you need help finding your path to fame, don’t hesitate to contact me.
Copyright (c) 2021, Marc A. Borrelli
The Downfall of Boeing: A Lesson in Core Values
Boeing’s 737 Max issues highlighted the company’s sacrifice of safety for financial performance, resulting in a tarnished reputation. The prioritization of profit over core values also damaged the FAA’s credibility and revealed a lack of accountability for top executives. This downfall serves as a reminder of the importance of maintaining core values and prioritizing them over short-term financial gains.
Resolutions, Here We Go Again.
In reflecting on 2021 resolutions, the author scored themselves in three categories and sought to improve success in 2022 by addressing friction points. Drawing on advice from social psychologist Wendy Wood, the author identified areas to reduce or increase friction in their failed resolutions. By making these adjustments, the author aims to enhance their goal achievement and encourages others to consider friction when setting resolutions.
You need to take an extended vacation. No, seriously, you do.
COVID has taken a toll on all of us. If you have not taken an extended vacation in a while where you disconnect, you need to now. You and your business will benefit.
Understanding and Optimizing Your Cash Conversion Cycle
Understanding and optimizing the Cash Conversion Cycle is crucial for business growth, as it impacts cash flow and the ability to access external capital. This cycle consists of four components: Sales, Make/Production & Inventory, Delivery, and Billing and Payments. To improve the Cash Conversion Cycle, companies can eliminate mistakes, shorten cycle times, and revamp their business models.
Discovering Your Niche: Why You Need to Be Famous for Something
As an entrepreneur, it’s crucial to specialize in a specific area and become famous for something, allowing you to generate referrals and build your brand. Understanding the “job” you’re hired for helps you stand out in the marketplace and communicate your value proposition effectively. By providing value to your clients, you can adopt a value-based pricing approach, ensuring your business remains competitive and maintains a strong market presence.
Rethinking Your Pricing Model: Maximizing Margins and Providing Value
Rethink your pricing model by focusing on the value you provide and your customers’ Best Alternative To a Negotiated Agreement (BATNA). This approach can help you maximize margins while delivering better value to your clients. Assess your offerings and brainstorm with your team to identify pricing adjustment opportunities or eliminate commodity products or services.
Do you know your Profit per X to drive dramatic growth?
I recently facilitated a workshop with several CEOs where we worked on the dramatic business growth model components. One of the questions that I had asked them beforehand was, "What is Your Profit/X?" The results showed that there this concept is not clear to many....
The War for Talent: 5 Ways to Attract the Best Employees
In today’s War for Talent, attracting the best employees requires a focus on value creation, core customer, brand promise, and value delivery. Clearly articulate your company’s mission, identify your “core employee” based on shared values, and offer more than just a salary to stand out as an employer. Utilize employee satisfaction metrics and showcase your company’s commitment to its workforce on your website to make a strong impression on potential candidates.
Are you killing your firm’s WFH productivity?
Productivity remained during WFH with COVID. However, further analysis found that hourly productivity fell and was compensated for by employees working more hours. What was the culprit – Meetings. Want to increase productivity, have fewer meetings.
EOS is just that, an Operating System
The EOS Model® provides a useful foundation for businesses, but it falls short in addressing key aspects of creating an growth. By incorporating additional elements from the Gravitas 7 Attributes of Agile Growth® model, businesses can create a more comprehensive system that promotes growth while maintaining smooth operations. Focusing on Leadership, Strategy, Execution, Customer, Profit, Systems, and Talent, the 7 Attributes of Agile Growth® offer a more encompassing approach to achieving success.
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