Develop a Point of Difference

More and more today, everything is the same. Wherever we look, product parity surrounds us. But dig down a little and you will find example after example of seemingly similar products and services where one particular brand or company has managed to pull away from the competition to dominate its market.

A classic example of this is Domino's Pizza. It's just another pizza made with the same ingredients, so how does one chain, Domino's, manage to build such a healthy market share? It does so by creating a point of difference. In the case of Domino's, it chose to own delivery time: 'If it's not there in 30 minutes, it's free'. Is that to say that other pizza stores don't offer the same service? No, they do. But there's an old saying in marketing which goes: 'He who first speaks the truth, pre-empts the truth'. Obviously we can't all be Domino's or have unique products in our line-up. But there is something that even a modest business can do to create that point of difference. But first, you need to do something that 90% of businesses either neglect, or fail to do properly.

Determine your Customers' and Prospects Needs

How can you expect to adequately fill someone's needs if you never take the time to understand them? Companies that do understand their customers' needs and focus on satisfying them, seem to end up with the majority of the market share.

You too can corner all the business you want. All you have to do is take the time to learn what your customers need. You can do that very easily. Ask them. Just be aware that you cannot be all things to all people. You will have to determine which needs you can satisfy, consistent with who you are, what your business is and how you operate. Is top quality your difference? Then make sure that you never offer mediocre goods. Is it the lowest price? Then keep that promise. If you don't genuinely deliver, your customers will soon leave you. You don't need to re-invent the wheel, just do it better than the competition. Your aim should be to make doing business with your company easy, appealing, desirable and fun. This is what service is all about.A difference any business can create.

Remember, you cannot service too much. You cannot educate enough, you cannot inform too much. You cannot offer too much follow-up and follow-through. Continual feedback is crucial to nip any problems in the bud and keep you ahead of the competition.

Blow Them Away

Dynamic Service Research has shown that companies rated highly for their service gained market share at the rate of 6% per year. Low-rated companies lost market share at the rate of 2% per year. The Marriott Hotel chain found that each percentage point increase in the customer satisfaction measure-of-intent-to-return was worth some $50 million in revenue. A leading Australian mail order company will tell you that some of its best customers are people who originally lodged a complaint with the company. By handling them politely, listening to what they had to say, then fixing the problem, doubters were converted into lifetime customers. Remember too that your core offering – the product or service that is at the heart of your business – is the real reason why people come to you. Make certain it's in good shape. Then implement Dynamic Service and watch your profits grow.

William de Ora