CFO Services | What Makes Your Business Different From Competitors
There are many ways that a business can be different from its competitors according to CFO services. But knowing what those are, and using them in a marketing plan is going to be what sets that business apart from others who don’t have a marketing plan at all.
In fact, while half of all Canadian entrepreneurs are going to fail. Industry Canada did a survey in order to find out why. The results were truly shocking, as 42% of all failed entrepreneurs. Listed not being able to find customers the number one reason for their business to fail.
This makes not finding enough customers the number one reason why Canadian entrepreneurs are failing. This either means that their marketing plan was not active enough. Or they simply didn’t have a marketing plan at all.
CFO Services says there might be a multitude of reasons why an entrepreneur would not have a marketing plan. Including thinking that marketing their business is going to be extremely easy. And something they can work on once they open the doors to their business.
Or that they think their product or service is so fantastic that it will sell itself. Or sell solely on word-of-mouth referrals. And while word-of-mouth referrals are powerful. A business cannot sustain itself forever just on word-of-mouth alone. They need additional Marketing. In order to stay viable in business.
By figuring out what makes them different from their competitors. Not only can give a business its unique identity. But it can help them find their ideal and likely customers. Who is looking for a business that how’s those differences? Because it is currently being under-serviced by the current businesses in the marketplace.
This is why it’s very important for an entrepreneur to figure this out. And how they can do that says CFO Services. Is simply by making a list of all of the ways that they are different from their competition. It doesn’t have to be great and Grand sweeping things that make them different.
It could be small differences that they do exceptionally well. Some examples of ways that businesses can be different from their competition include unique customer service. Whether this is picking up as well as dropping off the product for free. Offering a personal shopping experience. Or by offering discounts to repeat customers.
It could be the fact that the business is using extremely high-quality materials or ingredients to make their products or their food says CFO services. In fact, there was one independent movie theatre. Who wanted to stand out against all of the Shane movie theatres in their large city. So by offering Gourmet snacks in the concession at no additional cost than typical theatres. They attracted customers who wanted a different sort of movie-going experience.
Once an entrepreneur knows the way that they are different from their competitors. They can craft an entire marketing plan around sending that messaging out to their ideal and likely customers in order to start growing their business.
Business Is Different With The CFO Services!
If entrepreneurs don’t have an idea of what sets them apart from their competition says CFO Services. They might not be able to get a consistent marketing message out to their ideal and likely buyers. In fact, they may have a harder time understanding who they’re ideal and likely customers are going to be. If they don’t know why those customers will be purchasing from them.
This is why it’s extremely important for an entrepreneur to come up with a business plan as well as a marketing plan. That will help them I know exactly what they need to do every day to grow their business. And how to effectively Market their business once it’s open.
And while Benjamin Franklin, the Founding Father of the United States of America was famous for saying if you fail to plan, you are planning to fail. This was actually proven by a software manufacturing company called Palo Alto.
This company did a survey to find out how effective business plans were at helping entrepreneurs succeed. And what they found was very shocking. Not only were business plans helpful for entrepreneurs. But businesses that had a plan were 50% more likely to succeed. Then entrepreneurs did not have any business plan at all.
What sets a business apart is there differentiating Factor says CFO services. And can be the reason why customers will go to one business instead of another. A very common differentiating factor is location. If an entrepreneur sets up their business and a strategic location. That can help find they’re ideal and likely customers.
Or it can help them new business by people who are looking for convenience in their shopping decisions. CFO Services says this might be a business that caters to Residence. Opening up in a shopping center close to a residential area of the city.
Or, it could be a business that caters to other businesses. Opening up in a business center, or commercial section of the city. A convenient location can even mean opening up around businesses that have similar customers. A great example of this would be a gym opening up next to a health food store.
But location isn’t the only differentiating factor. There can be as many different things that make a business unique as there are businesses. It might be offering a unique pricing structure. Such as an industry that typically bills an hourly rate. Agreeing to Bill a flat monthly fee if people sign a contract. This will not only allow the consumer to have a consistent bill every month
But this kind of pricing structure will also give the entrepreneur the ability to know how much they’re going to make in the coming months, based on how many contracts they get according to CFO Services.
It could be the fact that they have the most experience in their employees, or that their employees have the most training. Or a differentiating factor could be that they only use the highest quality ingredients or materials in producing their products or their food.
No matter what makes a business unique. This can be marketed, and customers can be found because of it.