You know, I think convenience is possibly THE most influential strategy in our New Age of Differentiation. Why? Because, when push comes to shove, convenience will over-ride all other considerations: price, quality, service… everything!
Let’s be clear. Convenience isn’t about laziness, poor decision-making or lack of market intelligence. No, convenience is a conscious buying choice. It’s a recognition of finite time, and greater priorities.
To turn this into your own competitive strategy, you have to be:
* Yes, ‘Easy to exit’. You can’t create a sustainable business by locking your customers in against their wishes. Instead, it’s up to you to keep creating and proving value for your customers, so that there is clear benefit in their wanting to stay with you.
Conversely, INconvenience creates barriers and reasons to defer. We have enough of these coming from the environment around us as it is, without creating more of our own.
Now, put the word ‘Difficult’ in place of ‘Easy’ in the list above and re-consider what that looks like for your customers.
So, which are you?
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You know that competitor of yours, the one who’s always:
Well, that’s leadership that is.
Ok, some of it’s also PR* but mostly it’s leadership.
(*One for another blog - never underestimate the value of a good PR person).
It’s leadership because it requires:
All are classic leadership qualities, and this is why, done well, leadership is one of the most powerful and sustainable competitive strategies.
It’s distinctive, noticeable, and can't be faked... and that's differentiation.
Up next: Part 5 - Convenience.
This is article 4 of 5 in the 'The New Age of Differentiation' series. Keep up with the rest of the series, plus future unique updates from The Boardroom Blog, by joining The Boardroom mailing list here!
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