Though it’s been said many different ways by many different entrepreneurs, competing on price is the realm of a company that’s out of generous ideas.
One of the best studies of generous ideas may be Disneyland, or Disney World for those who prefer.
When thinking about Disney, remember it was started as an animation studio. Walt wanted to make animations that made people happy, brightening faces of children and adults alike. When he first started selling his animations, he was getting killed on price. Many of his early movies were financial disasters, his studio constantly on the edge of bankruptcy.
He had sold his animations to others at market rates, after all that’s the business he was in. Eventually, he reached the conclusion he needed to own the characters. That there was more that could be done. Merchandising for example. That eventually led to financial success, which led to Disneyland.
Creating Mickey Mouse. Creating an experience of Disney Land. Creating a hotel that extended the experience. Creating a world of characters and wonder. Creating a brand that makes you feel good was the sum of a 1,000+ generous ideas that continues to grow today. Ones that weren’t based on a value analysis, but based on how they would succeed in bringing joy to the people that engaged with the Disney brand.
Though it’s never great to copy, emulation is a different task in my mind. Seek to think like Walt, but do it as you. Be true to the goal that you’re trying to achieve with the people you’re seeking to serve.