Ralph Waldo Emerson suggested, "If you build a better mousetrap, the world will beat a path to your door." At E-Myth Worldwide, we tell clients, less poetically, that "if there's a way to do something, there's a better way to do something." In other words, differentiate or become irrelevant.
But differentiation simply for its own sake can be a wasted exercise. Is the new mousetrap really better? That's open to interpretation, and the market -- your customer -- will decide. To remain competitive, you have to create products or provide services that approach, as closely as possible, what the customer considers "ideal."
Your opportunity to differentiate yourself from your competition exists in that gap between what your customers can currently get and what they really want.
And your product -- whatever it is -- isn't just the things or services you sell. Your real product is the total shopping/buying experience.
A recent Wall Street Journal article explored the newest innovation from furniture retailers -- and it has nothing to do with design or fabric. Rather, its focus is on delivery times. Surveys determined that customers' biggest complaint was wasting an entire workday waiting at home for the delivery.
With access to GPS tracking, wireless laptops, cell-equipped drivers, and on-line traffic reports, some stores now promise delivery within a two-hour time window, instead of the usual eight. If this represents the ideal to busy customers, it could be the differentiating factor in their purchase decision.
A happy customer doesn't need to know why she's happy, but you do! And, if you don't, you better find out!
First, ask yourself: "What's standing in the way of my clients getting exactly what they need? And what would it look like if we could actually deliver that?"
Consider everything you know or suspect about your customer. Become that person in need of your service. Be very picky, and assume that nothing is impossible. Now imagine the perfect product that meets, as closely as possible, what you determine are your customers' ideal choices.
You can organize your thinking around six broad categories:
- Functionality. What does your product actually have to do to completely satisfy?
- Sensory impact. How should your product ideally look, feel, taste, and/or sound to meet customer expectations?
- Conscious associations. Some people are naturally drawn to state-of-the-art products; others respond to superior performance, price, safety, or reliability. Learn enough about your customers to know which conscious associations resonate with them.
- Unconscious associations. Colors, shapes, scents, and experiences unconsciously attract or repel us. I have a client who test-marketed an enzyme-based cleaner. Sample shoppers selected bottles labeled "safe," "gentle," and "environmentally friendly," but avoided bottles that included the word "enzymes."
- Pricing and Value. The lowest-bidding contractor may, or may not, be seen as the most desirable choice. For many customers, "low-cost oil change" is compelling, while "low-cost surgery" is not. That a restaurant is expensive may be its biggest draw.
- Access and Convenience. Is your being "local" an important consideration for your customers? Or is having a nation-wide presence more so? Is it important to your customers that you're open on Sundays? Do you need to offer "live" operators, or do your customers prefer voicemail?
Remember: Tiny changes often make the difference between ordinary and extraordinary in your market. Once you've uncovered a better mousetrap that will add value from your customers' point of view -- create a system to deliver it. Don't let it occur by accident. Make sure your customers are getting exactly what they want, every time they ask, and watch them beat a path to your door.
