Last week we discussed the dangers of “competing on price”, which essentially means keeping your prices as low as possible in order to bring in more business. As we discussed, one of the primary problems with this approach is that it doesn’t build customer loyalty. Sure, you may be able to win business by offering a low price—but as soon as a competitor undercuts you, the majority of your customers will vanish overnight.
So how should you make yourself attractive to potential customers? By providing value. By positioning your business in such a way that customers and clients are willing to pay a premium for your products and services.
Here are five practical ways to provide value for your clients and customers:
1) Expert status. Imagine for a moment that you’re looking for a new family dentist, or a new accountant to handle the taxes for your business. Who are you going to look for? One of the most crucial factors is almost always expertise. We want the best for our families and for our business—and your customers are no different. Work towards becoming a recognized expert in your industry, and you’ll find that customers will begin actively seeking you out. Specifically, consider:
– Starting an industry-centered blog.
– Establishing a credible social media presence.
– Writing and publishing articles online.
– Investing in a website that establishes credibility and expertise.
– Speaking to networking groups, seminars, etc.
– Publishing a book.
2) Differentiation. The more unique that you can make yourself and your business, the better off you’ll be. When it comes to generic commodities, like gasoline or a gallon of milk, price is often the determining factor. You want the opposite—to be so unique that you are the only choice for your customers. Leverage your unique assets—your experience, your knowledge, your supply chain, the passion of your employees. What can you do to set yourself apart from your competitors?
3) Product packaging. Have you ever bought an Apple product, like an iPhone, iPad, or iMac? If so, you know what we’re talking about. Before you’ve even begun using your product, you’re already convinced of its value—because Apple does an exceptional job of packaging them. How can you package and deliver your products or services in order to add perceived value?
4) Beating deadlines. Consumers these days are used to being let down. We’ve all been there—we’re told a package will arrive Tuesday, it shows up on Thursday. Make beating deadlines an important part of your organizational culture. Your customers will notice and appreciate it.
5) Customer service. One of the best ways to build a loyal customer base is by consistently providing excellent service. Every business screws up from time to time—when you do so, it’s important to do whatever it takes to fix the situation for your customers and clients. When you consider the dismal state of customer service today, particularly on the part of national corporations, you realize that offering exceptional service is a fantastic way to differentiate yourself from the competition and build customer loyalty.
Questions, comments, or additional ideas? Leave us a comment or give us a call today!
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