What Is Your Competition is Not Providing Your Target Customer?
Really evaluate the customer experience and see where it is lacking, where it is failing. When I’m looking to start a business, I want to first do business with my competition. I want to see the buying experience from my competition. This more than any one thing allows me to find the weaknesses in their buying experience that provide opportunity for my business.
What Can You Offer in Added Value That Your Competition Is Not Offering?
Zappos decided to offer a one-year return to differentiate themselves. They most likely figured out that most returns happen with a certain amount of days anyway, but it was beneficial from a brand standpoint.
Warby Parker sends you five different samples of glasses frames whereas their competition only provides three!. Etc.
How Can You Improve the Buying Experience Overall?
Can you make returns easier? Can you make the experience simple?
One of the ways we differentiated was employing someone to answer phones and be knowledgeable about our business, when most other companies used answering machines, automated services. That one thing has made a large difference in our company.
Increase Your Marketing
Spend more in strategic places. One of the biggest mistakes small business make is not putting enough money into marketing and it is the first place money gets cuts from. Marketing is the first place I INCREASE funding for.
Build Your Brand
Maybe you do some charitable work or sponsor an event. Create good-will toward your company, which builds your brand.
One of the things we did for years was to get two free hours of service to veterans.
We build our brand from ads as well, which is why we advertise during the Super Bowl every year. It promotes us as a high-end company.
Start Every Monday Like You Have No Customers
Start over on Mondays with that competitiveness, with that fighting spirit you started with. Never take it for granted. Never become complacent!