How to create that point of difference in your Product
Creating a clear and long lasting point of difference in business is key to survival and success, many business owners say. And who's not to agree with them? It's a competitive world out there with price wars and cost cutting being pretty normal.
This week we're looking at ways of creating a point of difference around your product(s).
No more price and cost reductions, just more quality and back up!
Be a Standout!
Source product(s) which are higher quality than most others you or your competitors have and tell everyone about it/them.
You need to be confident that your product(s) are of a higher standard or hold more value or achieve better results than your competitors'.
Many customers are likely to be attracted by the quality and be willing to pay for it.
PRODUCT RESULTS & TESTIMONIALS:
Proving the quality of your product(s) through test results, testimonials or case studies is a way of securing customer confidence.
Do the products use less energy, provide a healthier outcome, last longer, or are they safer than others?
Being able to back up with quantifiable results is a big bonus.
A warning though, don't get too long-winded and technical, you'll turn customers away with boredom!
Keep it straight and short.
Finding a product to which you have exclusive rights can give you the edge.
Firstly do your homework and determine if there's a need or demand for the product, what people would be prepared to pay, how often or how much they will buy and who your competitors are.
If it's a local product, it's time to negotiate firm terms and conditions with the supplier.
But if it's an imported product, then you need to establish the various costs involved in bringing your product to the Australian market eg: the exporter's selling price, the price to get the product to the airport or shipping port, port charges, and so on.
PRODUCT KNOWLEDGE & LOYALTY:
It might be great to have customers buying your product(s) but you need to ensure they have access to the knowledge to get the absolute most out of it/them.
If they can get the most out of it/them, and see results they are more likely to be totally satisfied and refer friends & family and stay loyal for years to come.
Depending on what the product is, informative "how to use " sessions or regular product servicing or "check up sessions" are ways of doing this.
Get creative to establish your point of difference.
A determined study of what your customers really want will lead you to identifying it.
Then start to create some opportunities for your business to differentiate.