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?