If you have ever visited our building, attended one of our seminars or been through a deep dive of your company with our staff, you’ll quickly realize that Jim Collins is one of our heroes.
If you're not sure exactly what a Hedgehog is, or if you think it's a small, adorable critter covered in spikes, then we have some recommended reading: Good to Great; Chapter 5.
Those familiar with Jim Collins' Book "Good to Great" know this is a business concept surrounding the idea that a business should focus on doing one thing, and doing it really well. By doing so, they can beat their competitors and become a truly great business.
A business finds its "Hedgehog" by making three assessments:
- What its people are truly passionate about.
- What it does better than anyone else.
- What drives its economic engine (e.g. what it can make lots of money doing).
Now let's apply this Hedgehog Concept to Digital Marketing.
Once you've identified your Hedgehog, chances are that your Hedgehog is someone else's problem. Test it. Ask yourself, "What's our Hedgehog?" After you arrive at the answer, ask yourself if your Hedgehog is someone else's problem.
Now, let's test this assumption.
If someone does not already know you (or your company) and they have a problem, they care more about their problem than they care about you.
Do you think that assumption above is true or false? If you think it's true, keep reading.
The fastest way to find new clients, outside of your existing ecosystem, is by building and marketing a Hedgehog site. And because your Hedgehog website is 100% dedicated to the promotion of the concept (e.g. someone's problem) and not necessarily your brand, people that don't know you are more likely to interact with it.
Let's go over a real life example.
With over 50 years in the electrical wire and cable business, a manufacturer and distributor was ready to grow its online business. The company wanted to evolve its future online presence from their current method of sales. They needed help with branding, gathering their catalog of products, and updating their website. Moreover, they were looking for suggestions for best practices and help to grow their direct extension cords business specifically.
Enter Hedgehog site: BadAssExtensionCords.com
The BadAssExtensionCord.com website focuses on the product at hand – some really awesome extension cords (bad ass, even) -- and doesn't mention other products in the wire or cable industry.
The design is functional, centered on user experience to drive conversions. There are bold call to actions, clearly defined product options, and a condensed number of pages for ease of navigation.
The results of this program has been exceptional. A few, but not all, of the perks are:
- Increased website traffic by 75% Year over Year
- Increased average session by 10% Year over Year
- Conversion Rates improved by 57% Year over Year
- Grew revenue by 50% with forecasted 50% increase in revenue in 2019
Hedgehog sites don't just work for B-2-C businesses, B-2-B businesses can participate as well. Some examples below:
Check those sites out and you'll quickly see the strategy.
If you are a business with multiple offerings and a breadth of proficiency, it would be wise to focus time, and energy, into the thing you are the best in the world at - your Hedgehog.
After all, making money from what you are most passionate about doesn'''t quite seem like work!