The importance of creating a competitive advantage
In today’s business climate, the only way to grow is to offer your customers more value than your competitors. There are two ways to accomplish this objective: 1) Lowest price and 2) Differentiation based on other parameters. Low price is challenging to sustain without having a large customer base with broad reach – think Walmart.
When thinking about other differentiation options, the first that usually comes to mind is product or service features. However, we live in a world where “everyone knows everything,” and maintaining superior features and benefits is almost impossible to sustain over the long haul. Once you deliver an exceptional experience to your customers, you can work hard to replicate the methods, and once exceeding customers’ expectations becomes part of the company’s “secret sauce,” you have a long-term winning strategy.
To read the complete TSIA article, click here.
Update Note
The TSIA article was published in 2010. In 2023 there is a new concept called Experience-Led Growth in the B2B world. This article is an early version of this “new” concept, and its content is as relevant today as it was when we first published it.
About Middlesex Consulting
Middlesex Consulting is an experienced team of professionals with the primary goal of helping capital equipment companies create more value for their clients and stakeholders. Middlesex Consulting continues to provide superior solutions to meet the needs of its clients by focusing on our strengths in Services, Manufacturing, Customer Experience, and Engineering. If you want to learn more about how we can help your organization gain a competitive advantage, please contact us or check out some of our free articles and white papers here.