Why should customers select your business over a rival?
Business owners today face the challenging task of ensuring that their products and services are more likely to be selected than their rivals. Becoming ‘top of mind’ with your customers requires a dedicated effort to differentiate from competitors in order to create competitive advantage, making the customers decision process an easier one. But in a world where innovation is moving rapidly and attention spans are becoming increasingly smaller, competition is tougher than ever...
Does your business differentiate?
The first step in differentiating is to understand the customer - your customer! Gone are the days of the scatter gun approach where you could produce a piece of marketing literature or e-blast and fire it out to your entire customer base. A recent report by Adobe found that a tailored customer experience was the primary way for businesses to differentiate from rival firms. Targeting your audience with relevant, specific messaging is central to creating a valuable customer experience. In order to create those tailored messages, you have to understand exactly what it is that the customer values most about your products or services. After all, that is the only reason that you have a relationship with your customers, right?
Identifying value in your business
Most business owners are knee-deep in ensuring that the numbers are met, staff are contented and the cogs are oiled and running smoothly. Many simply don't have the brain space to step away and take a broad look at how the commercial landscape. Yet the need to ensure that their operation is still sharp and continues to provide the best quality - value - to their customers frequently falls to the bottom of the to-do list.
Achieving competitive advantage
Smart businesses are those that look beyond their four walls to identify why a customer has selected them. It might be low price, innovative products or a tailored service, but once you understand what it is that customers value, you understand why it is that they choose your business over a rival. The next challenge is to enhance that value, making your products and services even better, and at the same time, even harder for your customers to select a competitor over your business. From the car wash guy who puts a free air freshener in your car after a clean, to the mobile phone giant that creates a must-have function, value can be created in a myriad of ways.
Combining this value creation process with an integrated marketing strategy and tailored campaign can elevate your products and services to new levels, and achieve a sustained competitive advantage over your rivals.
Find out how we can help your organisation become more strategic:Get in touch