The Labour Party won a landslide victory in yesterday’s UK general election. Keir Starmer, the new Prime Minister, has led his party to a victory that involved winning 64% of the seats despite only attracting 34% of the votes.
The psephologists call this phenomenon ‘vote efficiency’. Labour was able to get just enough votes to win across many constituencies, rather than simply piling up votes in its safe seats and then failing to gain enough votes to win elsewhere.
When I work with my clients on strategy, we take time to determine where and how the company can create competitive advantages. The temptation for my clients is to try to develop one or two large, breakthrough advantages. And while some companies can deliver massive differentials versus their rivals – think Apple, Google, Amazon – most successful companies do so with more marginal advantages.
In horse racing, the value of first prize is the same whether the horse wins by 10 lengths or a nose. And today, Keir Starmer’s Labour Party is celebrating its ability to be the first over the line in many tight races.
So, where can your business learn from Labour’s vote efficiency? Instead of pursuing a single big advantage, where can you gain a range of smaller, but meaningful advantages to outperform your competitors, attract more customers, accelerate growth and drive profits?
Off The Record: Things Can Only Get Better by D:Ream
Things can only get better,
Can only get better,
Now I found you!
Things can only get better,
Can only get better,
Now I found you!