But too often they don’t know, or haven’t been told, or don’t pay enough attention to your competitive advantage. Only 5 of them had any impact on the customer. Shoppers have an expectation around “free delivery”. If customers continue to ask for a lower price, then they have not seen a solid competitive advantage. Broad Differentiation Strategy is common in big firms that want to maintain and cover the whole market in the business world. The salesforce must know them and consistently deliver them. But every industry has a list of the top five to ten KPI’s, and rarely do they have anything to do with a differentiation strategy. All of these are incredibly necessary internal metrics, however, none of these matter to the customer — This is all great information for the company to have as its control panel, but these metrics have extraordinarily little that matters to customers. The CEOs’ job is to be the captain up on the bridge, directing the ship, keeping an eye on the horizon for new targets, and steering clear of the icebergs. “Level 5 leaders channel their ego needs away from themselves and into the larger goal of building a great company,” he writes. He wanted them to close the deals themselves. Broad differentiation strategy. Key among them was the fact that the company stays on budget 95% of the time. Then there are the brand metrics: brand awareness, brand perceptions, brand engagement, etc. Inbound marketing has been positioned as the future of marketing, in that it pushes you to connect with your customers where they are and how they want to be talked to. Over the last 20 years, Smart Advantage has conducted over 300 double blind studies for many companies in varied industries. Here is a case study right out of my best-selling book, Creating Competitive Advantage (Doubleday, Random House) : ” One client of mine, the CEO of an interior design firm, was having problems with closing deals. I give a lot of credit to the CEO/owner for recognizing that he should not have been spending so much of his time on matters that his staff should have handled. differentiation strategy A business strategy in which a company tries to gain a competitive advantage by providing a unique product or service, or providing a unique brand of customer service. The only firm providing daily job supervision with onsite project managers. When shipping for free is an expectation for all of them, then it is no longer a differentiation strategy. When we reviewed eight years of their product return data, we learned that their return rate was less than one percent for all eight years. broad across-the-board: broad in scope or content; "across-the-board pay increases"; "an all-embracing definition";… We’ve selected the top 5 based on the Association of Fitness Studios (AFS) research, which is a valuable resource to gain a full understanding of the flow of your business. At the workshop session, the CEO and his design team spouted lots of reasons why customers should use his company. If he doesn’t do it, who will? If you persuasively answer that question, your deal is closed. You might be surprised to see how infrequently price ranks at the top of the list when testing attributes in a double-blind study. They viewed it simply as an internal report card on their efficiency, not realizing that their customers might also value it. Every design firm was selling the same theme to the same prospects. Mailchimp had already established itself with broad brand awareness by being one of the first user-friendly email marketing software options.. In this case, ‘a large number of customers’ is the focus, and those customers consider the differentiation valuable to them. Those clients knew the quality and reliability of the firm’s work. Walmart began competing in this space and is gradually making headway little by little to compete with Amazon. All it takes is a script of your competitive advantages. Broad differentiation strategy for many companies often relies on strengths. The good news is you do not need to strategically master 20 operational metrics. Differentiation depends on the right metrics. In other words, it means to set the product or service apart from similar ones. What was so special about this one? After all, remember your competitive advantages answer the customer’s most crucial question: Why should I buy from you? Another client measured quality based on its product return rate, but they never analyzed it. But they were non-traditional sales types and would require a lot of sales training.
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