I am a voracious reader of business, marketing and sales training books. I’ve attended more courses and conferences than I can count will attend many more to come. I’ll never stop for I never stop trying to be qualified for my job!
Average efforts produce average results. Period. If your goal is to build the dominate XYZ company in your market and your product and offering is basically the same as all of your competitors, that’s just AVERAGE. People can get that anywhere.
Expecting massive growth or dominance in your space is just unrealistic if you are doing what everyone else is doing. That’s like building a camp fire, putting three logs on it and expecting it to generate Intense heat that will last all night. Physics won’t allow it, you MUST keep adding fuel to the fire and if you want it bigger, you have to add more fuel.
Your business is no different. You must do what others are unwilling to do! Study your competitors and take a view of your industry from the perspective of your client. What is ONE thing your company can do that your competitors cannot do or better yet; are unwilling to do that YOU CAN!
Why just one thing, why not 3 or 4? It only takes one UNIQUE differentiator to set you apart from your competitors and the more unique or special that one thing is, the more you will dominate your space. Why have 3 “so-so” differentiators that may require three times the effort to implement, when you can have one Truly Unique one that you can FOCUS on?
Create a list of 10 ideas that can set you apart from your competitors. When you’re thinking of ideas, think of them in this format: Don’t play fair but play honestly! Even if the idea sounds crazy, put it on your list.
Now that you have your 10 read through them and then read them one more time out loud. As you’re reading them out loud, draw a line through the ones that sound stupid or silly. Yes, when we read things out loud the perception of what we are reading changes.
Your 10 things on your market differentiator list is now probably 5 or 6. Maybe there is 1 you crossed out that is a cool idea, but your business or your market just isn’t ready for it yet. That’s fine, you keep this list in your personal business journal you keep so you can look at them again in the future for there may be a golden nugget you come back to someday.
With your list of 5 or 6, set it down and leave it for a day. Come back to it tomorrow during the time of day that your mind and body are typically at their peak. A morning person would do this in the morning a night owl may do this at 2:00 AM. Now read through your list again silently and then again out loud but this time Circle the 3 that sound the most intriguing to you.
Now you have a list of 3 ideas that you can implement in your product or service that will absolutely set you apart from the competition. Make a mental note of your favorite one of the three. Explain to a couple of your key people what you are trying to achieve and the ask them to vote on their favorite one but make them justify WHY it is their favorite. Their feedback may be completely different than how you were viewing that idea! Do not tell them your favorite or you will likely just get reinforcement of your own idea instead of true collaboration and feedback.
Ideally, you’ve gotten your list down to Two items. Reach out to a handful of clients and tell them what you are wanting to do: Set yourself apart from the noise, create a higher value for your clients, whatever that objective is. Explain your two ideas to the client and ask them if you were to offer only ONE of these two choices which would they as a client see the most value in and actually help motivate them to pick your company over a competitor. Then ask them WHY! Again, their perspective may be very different than yours.
A great follow up question for your past client would be if they would be willing to pay more for your product or service if your company did X, Y or Z when others didn’t. You may find you can now increase your margins as well as grow your sales volume.
Once you’ve established your company’s unique value strategy, spend time to refine it and then roll it out. Once you roll it out, as with all marketing, measure its results and make adjustments if needed. This is why you only want to focus on one item at a time, perfect it first!
Remember, the marketplace will crush complacency so once your idea takes hold and your market share grows, some of your competitors will most likely begin to adopt your idea. This is why you kept your List of 10. As your competition is trying to implement your idea you already have differentiator number 2 pathed out and ready to put in place.
Its much better to be chased by the competition than to be forced to chase them.
CLICK HERE to learn how Market SCYTHE can help generate consistent leads for your business.
Market SCYTHE helps local businesses grow their sales through targeted and effective marketing strategies and campaigns. If you’d like a free no pressure consultation, you can contact us at firstname.lastname@example.org