CFO Services | What Are Your Competitive Advantages in Business
When business owners understand what makes them different from their competition says CFO services. That can be a powerful way that they can create a marketing plan. In fact, anything that’s a business owner does to create a marketing plan can put them ahead of many other entrepreneurs.
Industry Canada did a survey to find out how successful Canadian entrepreneurs were. And what they discovered was that half of all Canadian business owners. Ended up failing within five years of owning a business. Industry Canada wanted to find out why, and the survey results showed that 42% of all failed entrepreneurs. Listed not being able to find enough customers as the main reason why their business failed.
This was most likely not because there were absolutely no customers for all of these businesses. But rather they did not have an effective marketing strategy. Or perhaps they did not even have a marketing plan at all says CFO Services.
Therefore, if a business owner wants to succeed. Having a marketing plan is extremely important. And understand how they set themselves apart from their competition. Can help create that marketing plan. By identifying their ideal and likely customers. And knowing what messaging is important for them to hear.
How a business owner can figure out what makes them different from the competition. Is my writing as many of the differences that they know about on a piece of paper. These shouldn’t be great big differences. But rather all of the different ways that the businesses are different.
Wants to have this list, CFO Services recommends. That entrepreneurs look at that list and shorten it up to about three things that they want to focus on doing exceptionally well at. If they try to be very good at all of the things on the list. They won’t end up doing anything particularly well. Which is why it’s very important that they choose three things that they are passionate about.
Once an entrepreneur knows what sets their business apart from the competition. And have chosen the three things they want to focus on. The next thing that they should do is put that into their marketing plan and the executive summary of their business plan as well.
The reason it needs to be in the executive summary. Is because this is a summary of all of the most important aspects of the business plan. Knowing the differences in their business from the competition. Is one of the most important aspects of the business plan. Because not only does it guide the marketing plan. But it also helps keep the business plan itself focussed.
Once a business owner has this written in their executive summary. They will know not only who their ideal and likely customers are, but what messaging they need to hear in order to have them purchase from their business instead of the competition. CFO Services says that once they have this, they will know how to market their business as soon as they open the doors.
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business owners may not realize that all of the subtle differences between their business and the competition says CFO services. Are actually opportunities to gain customers. Who are not having those needs met by other businesses.
The differentiating factors between an entrepreneur’s business and the competition might not be huge, or complex ways that the businesses are different. However, the ways that they are different might be very important for customers who are looking for that particular service.
CFO Services says they might not even be looking for those particular differences, but once they know about them might become incredibly important to the consumer. This is why business owners should figure out all of the ways that their business is a difference. So that they can markets that message out to their ideal and likely customers.
These differentiating factors can be things such as a specific or convenient location. For example, if it is a business that serves consumers residentially. Having a business close to a residential area of the city is a great location.
If they’re servicing businesses, having your location close to where those businesses are such as a commercial section of the city is a very good idea as well says CFO Services.
The specific locations can even be choosing a location that Services the same customers. Making it very easy for them to access the business because they’re already there seeing another business. A great example of this would be a health supplement store opening up next door to a gym. That way, customers that are interested in Healthy Living only have to go to one area of the city to get many of their needs.
Another example of differentiating factors that might seem small but could be very important to Consumers. Would be payment method or terms. Perhaps a business that typically charges an hourly fee. Might have a flat monthly fee. If their customers will sign a contract.
Or perhaps a business that doesn’t usually extend credit will extend credit on large purchases to help find customers that would like to purchase their products or services. But currently can’t afford it says CFO Services.
Perhaps it is all about customer service. And offering free delivery in a business that doesn’t usually offer that. Or offering free pickup as well as free delivery. Anything that to help sets a business apart is important to know. Because of other businesses are not doing that. Perhaps customers would like to be serviced in that Way.
Once an entrepreneur has figured out all of the ways that they are different. They should choose just a few things that they are going to focus on doing extremely well. That way, they can become experts in those ways, so that when they attract clients because of those differences. They will exceed their expectations and create repeat customers. Who will tell their friends and family about the business?