Be Distinct or Become Extinct
This is probably the most important question that you need to answer in your business as it can determine the success or failure of your business. When customers choose between you and your competitors, what is it that sets you apart? If the answer is price or great service, you have a big problem as no one can compete on price forever and anyone can offer a great or even better service.
By definition, a customer is someone who puts cash into your pocket. Now why on earth would a customer choose to move his hard earned cash into your pocket? Well it’s simple. Because what you are offering in exchange is of more value to them than what they would have had if the money remained with them.
Now let’s think about this for a moment. If two retail clothing stores are next to each other in a mall and are competing with one another, what would set them apart?
- Perhaps the quality of the clothing
- Perhaps the price of the clothing
- Perhaps the name or label on the clothing
- Perhaps the clothing caters to a unique niche market like Maternity Wear.
Customers require clear directive and understanding of what it is that you are actually selling or providing to them. If you aren’t making this message clear, they will always return to price. Therefore, the store that’s trying to sell based on quality, needs to express something like “hand made silk clothing” or “100% pure cotton” or offer a quality guarantee period in order to relay this.
The concept of “Eachness”:
Eachness is a word we learnt at last year’s Marketing Indaba, hosted by Cadek Media. The term basically describes your unique value proposition i.e. your eachness. We found the word so cutesy that we decided to make it our everyday word for the whole of 2019!
If you want your business to generate real profits and to stop competing on price, you will need to think about what it is that your business does that sets it apart from everyone else. Then, you need to take a look at where you are displaying this to your customers. Is it on your website or Facebook page? Is it included in every conversation or correspondence with customers? If you are running adverts, do your messages portray this clearly? Your message should be so loud and clear that consumers will get it within 30 seconds or less!
For example, at WAPPoint we came up with the following eachness points (and about 15 more) that set us apart from our competitors:
- Flexibility to switch contracts or packages
- Dedicated Account Managers
- Loyalty Rewards
- Rent to Own or Purchasing Card Machines
- Detailed Transactions Reporting
- Presence at Exhibitions
- No Minimum Turnovers
How did this change our business you may ask?
Well within the first month after we added our eachness to our website, we doubled our website hits and increased our sales by 20%. From there on we changed all other marketing materials and got our employees to carry our eachness into every conversation. The results have been amazing.
In a recent study, consumers admitted that if 70% of the world’s brands disappeared, they would not even notice. That’s a scary fact, especially if your business is not in the big leagues. That’s why standing out in the crowd is probably the most important thing you need to focus on in your business.
Once you have that, you become invincible!