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?