Competing Today: Part 2
In last month’s blog I wrote that competing today means having the ability to provide the goods or services faster, helping buyers achieve their needs by providing new benefits, and building a mutually profitable long term relationship. This month I’m providing current examples of strategies used by various providers.
Strategy | Details of strategy | Applied by |
Be cheaper than the competition | Be more efficient than the competition | Food Basics,IKEA,DollaramaCostco |
Provide a higher quality product or service than the competition | Provide a no hassle refund policy | Bed Bath and Beyond |
Appeal to the social conscience of the target market | Fair trade products | Starbucks,Body Shop |
Provide a unique experience for the customer | Enjoy the visit, know what you get, always find something new | Costco |
Create a new business model | Appeal to customers’ unstated needs | Amazon,Apple,Charles Schwab |
Discover and appeal to a niche | Eliminate the middleman | Property Guys |
What can you do in your industry? Which strategy may work for you?