There’s nothing like more competition to shake you to your core and make you re-examine what you do, how you do it and how you can be better. In fact, increased competition is one of the five business disruptors that are wreaking havoc with lots of businesses that are seeking growth.
There is one question that you better have a great answer to if you want to grow your business in the post-recession economy. Do you know what it is?
Why should your customers buy from you over your competition?
It’s such an obvious question that you should be able to ask anyone in your organization – from the CEO to the receptionist – and get the right answer.
Are you thinking what I am? Would you dare poll your team members and ask the question? You better, because I can guarantee you it’s costing you business every single day.
Your answer to the question should meet three fundamental criteria:
- Is it relevant to your customers?
- Is it compelling and beneficial to your customers?
- Is it truly unique and not something that your competitors can offer as well as you?
On a side note, your answer is NOT allowed to contain the words “innovative,” “customer-focused,” or “solution-oriented.”
In a recent survey by CEB of B-2-B customers, only 14% of companies could answer that question effectively. That’s scary when you do the math and realize that 86% of all companies cannot offer a unique and beneficial response to “Why us?”
When I’m training sales and executive teams in this area, I often pull out the analogy of the Purple Cow. Seth Godin wrote a book in 2003, Purple Cow: Transform Your Business By Being Remarkable. The title tells you all you need to know. To your customers, are you a purple cow? Or are you just like all the other cows out there – black, brown, white or some variation of black, brown and white? If you’re like everyone else, you are not truly different; which also means that you are not remarkable?
My own terminology is that you have to create your Unparalleled Value. Quite simply, the “Unparalleled” descriptor means that it is unique and without competition. In other words, it is something that ONLY you can claim confidently and without fail. And the “Value” means that it has to be compelling, worthwhile and meaningful to your customer.
BTW, my Unparalleled Value has earned me a 95% closing ratio over the past five years. How’s yours working for you?
