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The reason why business owners should come up with this list is so that they know all of the ways that they stand out from their competitors. Because that’s might be an important determining factor. For customers to use their business instead of their competitors.
What’s an entrepreneur has this list of all of their differentiating factors. They can narrow down the entire list to three things that they’re either very good at doing well. Or they are very passionate about doing well. CFO Services says that if an entrepreneur tries to be very good in multiple areas. Chances are quite high that they’re not going to be successful in excelling in all areas.
Much better. An entrepreneur chooses a few ways to excel at being different. So that when customers are drawn in because of those differences. They can be blown away with how well they are done so that they can come back over and over to the business.
Once an entrepreneur knows what these differentiating factors are that they are going to focus on. They should put them in their marketing plan. As what they’re going to communicate to their ideal and likely customers when they send out their marketing material.
In addition to their marketing plan, business owners should also ensure that the differentiating factors should go into the executive summary of the business plan. CFO Services says the reason why they should go here. Is because the executive summary summarizes all of the most important aspects of the business plan. And the messaging of marketing is one of the more important things.
This Way, when an entrepreneur gives their business plan to a bank in order to get financing. The bank can see that they have differentiating factors between them and their competition. Which means that they have a marketing plan. And will be more likely to grow their revenue than businesses that don’t have a marketing plan at all.
Knowing that business as a marketing plan can be very important for financial institutions to know about. Because they are often more likely to loan money to businesses that have a plan on increasing their revenue. So that the bank will be more likely to get their money back.
Once an entrepreneur understands how there a difference than their competition, and what their marketing plan should be. As soon as an entrepreneur is ready to open the doors to their business. They will already know what marketing they are going to use to locate their ideal and likely buyers. And what message they need to send it to them in order to draw them into their business.
Not only do business plans and marketing plans help entrepreneurs succeed say CFO services. But businesses that don’t have a business plan or marketing plan are also at a disadvantage. Benjamin Franklin, one of the founding fathers of the United States was famous for saying if you fail to plan, you are planning to fail.
However, Palo Alto, the software Manufacturing Company actually proves this with their survey. That discovered that entrepreneurs that had a business plan for 50% more likely to grow their revenue. Then entrepreneurs who did not have a plan at all in their business.
This makes creating a business plan and marketing plan looks like an extremely important activity. Because it will help an entrepreneur know exactly what they need to do in order to succeed in business. And a marketing plan is going to ensure that today half the customers to sell products and services to. So that they can grow their revenue, and accomplish their business goals.
However, many business owners might struggle at understanding what differentiating factors they have from their competition. CFO Services says that the first thing that an entrepreneur should keep in mind is that these differences don’t have to be huge to be important.
It could be something as simple as convenience factors that they have that the competition does not have. Such as online ordering or online booking. Extended warranties, free pickup, and delivery. Or simply providing exceptional customer service.
A great example of exceptional customer service can be a dog walking company that sends owners a picture and a report of their dog for every walk that they do. Showing customers how their dog is doing so that they can still feel connected to their pets.
Another example of a differentiating factor could be if an entrepreneur is servicing a niche customer base. The reason why this can be a differentiating factor is that the entrepreneur will get to know that specific customer base very well. And be more likely to service them better and more effectively than a petition.
An example of this would be an optometrist that specializes in children. Or a contractor that specializes in only building restaurants. They will get so good at serving that Niche customer base says CFO services. That they will be much better at their competition. Because of their sheer experience. Attracting customers who want that expertise.
Differentiating Factors can even be a specific location. Such as a business that Services residential customers being close to a residential area. Or it could even be choosing a location very strategically. Like setting up an athletic clothing store. Besides a gym, and a health supplement store. This way, all of the customers who are taking care of their health can simply go to one location and get all of their needs met.
When an entrepreneur understands what sets them apart from their competition. They can start using that as a way to attract customers that may be looking for those aspects in a business. And once they know that there’s a business that is able to give them what they need. They will happily use that business over the competition.
