What sets your business apart and enables you to rise above the competition?
In other words, how do you define your business differentiators? Many companies mistakenly think that as long as they have the lowest prices, they’re safely ahead of the game. But increasingly, research and global business trends are proving that price is not as relevant as the quality of the overall customer experience.
Whatever they are, you need to find and articulate your organization’s unique capabilities. As noted by Theodore Levitt, Harvard Business School professor and author of The Marketing Imagination, “Differentiation is one of the most important strategic and tactical activities in which companies most constantly engage.”
Set Yourself Apart
When identifying your business differentiators, don’t limit yourself to only your product or service advantages. These are at the core of your success, of course. But look for every opportunity, at every customer touch point, to set yourself apart.
- Differentiation is more than just the assets you own. It encompasses what you do day in and day out, throughout your organization, to serve your customers better than anyone else does.
- Evaluate your competition. Monitor their progress, and learn their strengths and weaknesses.
- Map the entire customer experience. Form a cross-functional team to identify all the steps a customer takes, from initial awareness of your product or service to the end of their contact with your brand.
- Walk in your customers’ shoes. At each touchpoint, what did they expect – and did you meet those expectations? Your goal is to understand what motivates their purchasing behavior, and to find and relieve any pain points.
Communicate Your Unique Value
Through your unique selling proposition and your customer value proposition, evaluate what you deliver and emphasize the unique benefit you offer.
- Your unique selling proposition helps current and potential customers understand the specific deliverables they can expect only from your company. For instance, do you offer a specialty, a guarantee, or an exclusive tool or methodology? The Fed Ex slogan “When it absolutely, positively has to be there overnight” is a prime example.
- Your customer value proposition conveys the tangible results a customer gains from working with you. What exactly do you do for them? What challenges do you help them overcome? How do you help them reach their goals?
- Broadcast your differentiators to the marketplace. Start with front-line employees and other internal customers, and then branch out from there. Weave a strong, common message into all your communications and marketing collateral including online campaigns, advertising, events and product packaging.
Setting your business apart from the competition starts with the right plans and processes.
To ensure that your company is on track for success, consider partnering with Lyons HR. We’ll work hand-in-hand with your team to customize the strategy that’s right for you. Contact us today so we can tell you more.