Main Idea
Why do your customers choose you? How are you different from your competitors? Do you charge less money? Do you have superior customer service? Do you add value to your products and services? What areas should you focus on when trying to differentiate? In the past 5 years, what have your competitors done to increase their game? What has your company done in the same period?
Expansion of Idea
Regardless of what product or service that you sell, there are more than likely ten or more competitors in the same industry. Consumers in today’s market are overwhelmed with propaganda tactics and cheaper alternatives.
Perhaps instead of over spending in areas such as advertising, a better solution to set your company apart would be to continually invest in innovating your products and/or services. Invite everyone in your organization to join you in developing a better company, and gladly welcome great ideas from anywhere.
One of the leading search engines, Google, uses an “idea mailing list,” which is a company-wide suggestion box allowing associates to post and rate ideas. To sum up the teachings of Jack Welch, former CEO of General Electric, “use the minds of every worker and make sure the person with the best idea wins.” Once you figure out what puts you ahead of your competitor, don’t hesitate to tell everyone about it. In the business world, sincerity is the key, modesty is not.
Areas to Start
The mind of your customers- What do they want?
The mind of your competition- What are they doing?
The mind of your staff- Are they encouraged to share ideas?
Set and stick to your goals – Strive to be the industry leader.