Author and speaker, Tom Sullivan, said, "People buy difference, not similarity." Never has this been truer than in today's economy. After all, if you don't differentiate your products and services from the competition, they become a commodities and trade on the basis of price. Unless you want to be the low price leader, it's imperative that your clients perceive that you offer much greater value than your competition.
When we ask clients in our workshops to list the ways they differentiate their products or services, typically the only differentiator that they mention is their products and services. They get a good reality check when I point out that their prospects frequently can't tell the difference between their products and services and those of their competitors. This leads them to the sad conclusion that there is no difference, which is not the case.
Another speaker and author, Don Hutson, points out in his iLearning Global presentation "Sui Generis" (Latin for "one of a kind"), that there are seven ways in which you can differentiate yourself from the completion.
1. Product Differentiation. You must be continually looking for ways to make your products and services better.
2. Price Differentiation. If you're going to be the low cost provider, you need to be incredibly efficient because of the narrow profit margin.
3. Relationship Differentiation. If you build strong relationships with clients, they will stay with you forever. Create a marketing plan to continually stay top of mind. Here are three easy ideas:
- Send birthday, holiday, July 4th and anniversary cards.
- Never eat alone. Invite prospects and clients to lunch or dinner. This is such a great idea that Keith Ferrazzi and Tahl Raz wrote a book about it - Never Eat Alone: And Other Secrets to Success, One Relationship at a Time.
- Invite clients and prospects to sporting events, concerts and the theater.
4. Experience Differentiation. Create a positive experience for clients. A big part of the experience is providing excellent customer service. If you haven't already, read The Experience Economy to guide you in producing an awesome experience for your clients.
5. Process Differentiation. This is how you do what you do. At Pygmalion Inc. we created a unique seven-month program we term The Great Communicator Programâ„¢ that takes clients through three well-defined stages. How good is your process?
6. Technological Differentiation. Are you versed in Web 2.0? If not, you need to get busy. Connecting with clients and prospects on LinkedIn, Facebook, Twitter and YouTube is quickly becoming the preferred method, especially for the Millennials.
7. Marketing Differentiation. Having better marketing plans and selling skills can make a big difference. If you can outsell the competition, you are destined to win more business and dominate the market. You must be continually learning and building your selling skills.
Gary Hankins is a communication expert and President of Pygmalion, Inc. in Los Angeles, CA. As the author of The Power of the Pitch: Transform Yourself Into a Persuasive Presenter and Win More Business, he teaches clients how to influence the decision, close the deal, get the job or win the vote. Contact him at gary.hankins@pygmalion.com.