The business landscape has changed dramatically and is still changing rapidly. Companies must adapt to stay ahead of the competition, attract new customers, and hold on to their current customers. In the past, businesses could differentiate themselves simply by offering unique products and services. Today, in 2023, this is no longer enough to win the day.
If a business truly wants to stand out, it must go BEYOND DIFFERENTIATION™ and differentiate with something more than just products and services.
Focusing on other critical factors outside your products or services will be more important in 2023 than in previous years…factors designed to attract more customers while increasing their loyalty and retention. But, most of all, create Advocates in your audience.
Customers today are much more deliberate about how they spend their dollars, and their buying power has decreased, so they are much more discerning with where and how they spend these dollars. This applies to B2B (business to business) and B2C (business to consumer) businesses in addition to non-profits looking for income. Regardless of your industry, differentiating in ways outside your products and services will separate the leaders from the followers in 2023 and beyond.
Two Primary Issues Businesses Are Facing in 2023
First, with high inflation and a recession looming (if not already here), everyone is “protecting” their dollars more today than in the past several years. They are worth less, so they are much more discerning about where they spend them. They are spending more time researching and investigating a business before parting with their money.
With the inflation rate alone, everyone has less money to buy their goods. And they may be forced to buy fewer products or services or spread the time out between purchases. All of these mean less revenue (and profitability) for a business. With fewer dollars available, it is more important than ever to capture as much of a customer’s spending as possible…increasing their share of wallet.
Businesses that aren’t viewed as “differentiated” in the eyes of the customer will find customer loyalty non-existent. Companies will be forced to find, attract, and capture new customers continually…which is incredibly expensive. Each dollar a business gets from a customer will cost more to acquire than it has over the past few years.
Second, there is an abundance of products and services available for your customers to choose from today with just a few clicks. More and more products (and services) are available to us from all over the world. This mass increase in products and services has forced customers to purchase based on the “Four Commodity Factors” more than in recent years.
In 2023 and over the next few years, customers will be purchasing more based on these Four Commodity Factors. These factors are…
When customers don’t feel a business is “differentiated,” they have no choice but to shop based on one or more of these factors, and there is no other alternative. When there isn’t enough tangible differentiation in the eyes of the customer, they have no loyalty to one business over another. When this happens, a business needs to spend more money to attract customers, directly impacting revenue and profitability.
You can choose a different path and outcome…one that is TRULY DIFFERENTIATED when you focus on building a CULTURE that takes you BEYOND DIFFERENTIATION™.
When an organization builds a “culture” that differentiates itself based on factors beyond its products and services, it can separate itself from its competitors. They can escape the trap of being viewed as “just like everyone else.” They can stand out in a crowded and noisy marketplace.
Businesses that successfully transition their organizational culture to one that focuses on GOING BEYOND DIFFERENTIATION™ reap many benefits, such as…
To truly differentiate a business in today’s highly competitive market, they need to utilize the THREE CORNERSTONES, moving them from “looking like everyone else” to “standing out” from their competitors. These three factors will change any organization, regardless of industry or size, from a “me too” to one that gets talked about in the market…becoming “REMARK”able™.
I’ll share more about these three Cornerstones and why they are such “game-changers” in today’s highly competitive and commoditized market. I hope you’ll continue reading…I can guarantee it will change your business.
