If you are in the market for stainless steel tubing, a simple Google search can quickly overwhelm you with over five million results in mere seconds. In such a highly competitive industry, product differentiation can be a daunting task, especially when you consider that your product is likely not much different from the other five million.
To succeed, you need to be the go-to source for your clients, anticipating their needs before they even realize them. By making it your mission to make your client's life easier, you create a relationship that keeps them coming back for more. This approach is more effective than simply lowering your price, as it builds equity and enhances your client's perception of your value.
Create and Communicate Value
However, being better than your competition is not enough. You also need to effectively communicate your value to your clients. If they do not know about your proficiency, they cannot reward you for it, and you run the risk of getting cut from the team. This game is one of increasing returns, and there can only be one winner.
To win in today’s marketplace, you must be better than the rest of the pack AND communicate your value. In today’s mature markets, buyers are not spreading their purchases around. Buyers are picking one insurance company— they are buying one IT solution. Thus, coming in second is essentially being the first loser.
Asking too Many Questions in Surveys
Unfortunately, surveys designed to assess client satisfaction can often miss the mark. Too many questions, often unrelated to the product, can be overwhelming and meaningless, leading respondents to choose high marks across the board. To truly understand your client's needs, you must ask the right questions and listen to their responses.
In today's highly competitive market, it is essential to create and communicate value to your clients, anticipating their needs and building relationships based on trust and reliability. By doing so, you can rise above the competition and position yourself as the go-to source for your clients' needs.
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