Own Who You Are: Self-Awareness as an

Underrated Business Strategy

"Do you know what value lawyers actually provide their clients?" our lawyer friend
once asked us. "Knowledge of the law," one of us answered. "Time," another one gave
it a shot. "Close," the lawyer said, "but not quite."
"It's peace of mind," he said.
This is why we willingly pay so much to keep lawyers on a retainer. Peace of mind is a
priceless resource. Ask any adult. Seen under this light, it would be easy to know
which lawyers deserve to be paid more: whomever can offer the most peace of mind.
This is the value of self-awareness in business. Internally, when companies know
exactly what value they offer, everything flows easily from there. When this is clear,
most high-level decisions are easier to make, if not obvious. Communication is also
more accurate and engaging. Everything falls into place. And although defining our
Unique Selling Propositions is not always straightforward—it requires a decent amount
of understanding of our target market, competitors, and the overall industry
landscape— the work to clarify it is worth it.
Of course, there are companies that can survive without having a clearly
communicated value proposition. Maybe their supply chain management is
impeccable, or their location is prime. But sometimes it takes that extra step of
reflecting internally, knowing exactly what value customers are deriving from our
business, and finally communicating that effectively, to go from surviving to thriving
within our industry.
One classic example of incredible brand self-awareness is Coca-Cola. We can be sure
that Coca-Cola itself knows, it doesn't quench thirst. Surely, the people behind the
brand are aware of this. In fact, it's one of the beverages in the world that can
dehydrate you the most.
However, one thing Coke also knows is that a beverage does more than just hydrate
you. It refreshes, it energizes, it wakes you up—it's a feeling. And this is the magic
behind Coca-Cola. "Taste the Feeling." "Open Happiness." With every sip of its
product, it knows exactly what it delivers. And by communicating it, it took control of
that feeling. It almost feels as if you can only get that feeling with a bottle of Coke, and
no other soda brand.
Know what you actually sell, and communicate it. This is the one-two punch that, if
executed well, can go a long way for any business.
The outdoor apparel company Patagonia takes this a step further by showing self-
awareness not just in its communication but also in virtually everything else it does.
While Patagonia is out to save the planet, the industry it's a part of is a major harm to
the environment. It knows this, so much so, that from its beginnings, the company
embedded the mindset of caring for the planet into its identity.
From this clear identity, everything flowed. Its sourcing and supply chain practices are
centered on environmental sustainability, reducing waste while minimizing its carbon
footprint throughout the life cycle of its products. It partners with environmental non-
profits and initiates events that engage and educate. Its "Worn Wear" program
promotes a culture of responsible consumption by allowing customers to trade or buy
used products. It even imposes a "1% Earth Tax" on itself to support grassroots
environmental organizations.
It takes a lot of belief to develop this level of self-awareness within an organization,
but it takes courage to own it. When we don't know where our value lies, the market
decides for us. The problem is, the market doesn't always know what it needs unless
we show them first.
Know who you are, know what you sell—know it forwards and back. Own it and own
up to it. It will determine everything.