by Kelly Deis of SoundPoint Consulting
The odds are that there are a lot of other businesses in your market providing similar products or services. So what is compelling about your firm that sets you apart from your competition and entices potential customers to buy from you?
Many business owners will answer with the “soft” differentiators, such as reputation, good service and high quality. These are all great characteristics (and absolutely necessary!), but do they really set you apart? I’ll bet that if you ask your competition what sets them apart, you will get similar answers.
The fact is that highly differentiated firms are generally more profitable than their counterparts. Their overall market may be smaller than a less differentiated firm, but they have more of it (the proverbial big fish in little pond). And, they most likely charge more and spend less on advertising and marketing. Continue reading