What differentiates you from your competitors?
It’s a question that entrepreneurs are asked constantly by investors, staff, customers, people that they run into on the street.
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Often the answers are glib or fluffy.
“We provide superior customer service.”
“We’re experts in our field.”
“We strive to make sure every customer is satisfied.”
No, not good enough. A true differentiator is something that can’t be easily replicated by your rivals and provides you with a real, tangible competitive advantage.
Your differentiator might be something about your product’s functionality. It might be around quality or cost. It could be about service levels, if they really are different – say, if you offer a 10-year warranty or whole-of-life servicing.
Whatever it is, make sure you and your team are very, very clear about it. It should be the basis for your entire business.
And don’t forget, your differentiator may change as your market or product does. So don’t shy away from repeated questions about it – use these queries as an excuse to review your business again and again.
Get it done – today!