Identify the Critical Points of Difference

Why do your customers choose your products and services over others? To be successful in a competitive market, your business must have a definite point of difference. Staying plugged into the trends of your industry and paying close attention to how your company fits into this schema, you will then be able to discover the answer to the vastly important question of why your customers choose your products or services over the competition. Pinpointing this point of difference goes beyond the product benefits; you have to evaluate the entire buying and user experience.

In the end, you have to be different, but you have to be different in a way that matters to the customer. One way to do this is to evaluate your biggest competitor first. As a management team, ask what it is that makes your competitor different. Examine the reasons why people may choose them over you. Then, once you understand your competition and where they are positioned in the marketplace , then you can identify where your company needs to be positioned.