Written by: Connor Dales, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
There’s a commonly shared assumption on what truly makes successful companies undeniable and that sets themselves apart from the less than mediocre ones. We’ve seen just how far these mavericks will push the conventional boundaries of doing what the market and customers expect to execute and exceeding the perceived expectations we hold of these extraordinary companies.
There are several core examples to observe: Take Shopify has a great case study, and their entire business model is based on being “The future Of All Commerce, Online, and Offline.” They’ve also positioned themselves as the “Global Entrepreneurship Company,” what truly gives them the leading edge that makes them stand out from their competitors is that they give the power to their customers (or merchants as they’re referred to) to control and own every single aspect of the relationship they have with their customers.
Another prime example is Tesla, they have one mission that’s remained true and consistent since the day of its inception: To create an ecosystem that uses self-sustainable energy as the primary standard for a thriving society. Tesla has built a loyal long-term following around its core products such as its Modal S and Cybertruck vehicles.
Starbucks is known as the premier standard for getting premium coffee in a convenient setting with the option of making it your home away from home. This is a company that’s been known to reward its people because of the value they bring to their customers. It’s known to enable and empower its people by giving them opportunities for high advancement such as setting up their high performers to becoming franchise owners and key stakeholders in the larger company ecosystem.
We understand given the ever-changing dynamics of what’s required today to make successful and sustainable businesses stand out, it takes much more than simply delivering on the promise of what the user is paying for that product/service.
Your customers want to be a part of a community, a movement, a brand that they identify with which shares and reflects their own values meaningfully that ultimately take on a role of disrupting and transforming entire industries over a gradual period of time.
Regardless of your business and industry, you know that there are always competitors looking to be new, unique, and better than what came before them. When considering how you can sustain your business and remain competitive, there are many factors that can affect your viability.
With multiple ways to invest in your business, increase sales, and earn the trust of your customers, where do you start in differentiating yourself? While there’s no one right answer, here are a few things to consider to set your company apart from the competition:
Consider the complete experience
In broad terms, every aspect of your customers’ experiences will have an impact on how they perceive your business and your brand. In fact, according to PwC, 73% of consumers say a valuable experience is key in influencing their brand loyalties.
At every single touchpoint, you have another opportunity to change their opinion—for better or worse. When considering what sets your company apart from others, the most effective strategy would be to impress the customer at every opportunity. This includes the quality of your product or service, as well as the ability of your staff to go above and beyond to help each customer and provide them with the best information. Simply put, in order to stand out, your product or service needs to stand out as exceptional at every possible moment.
Wondering where to start? Consider looking at your online reviews (something you should practice regularly) to see what customers are saying now. If there are consistent issues, you’ll notice a pattern in reviews and online comments. By focusing your improvements on key areas, you can gain more respect and credibility where you may have previously underwhelmed customers.
Tell your story
In addition to the highest quality service, customers today care a great deal about authenticity. Consider the flood of advertisements, social media posts, and sales you see from businesses every day; when a company shows purpose beyond increasing sales, they stand out. Part of that authenticity is being able to clearly articulate your story or your mission. Additionally, today’s economy is increasingly global. When there are endless options to choose from, standing out means telling a different story from the rest of the crowd.
When you pull back that curtain and tell your story, you’re able to make a deeper connection with your audience one based on shared values and an understanding behind the “why” of your business. When it comes time to make a buying decision, that connection will make a difference.
Be transparent
Customers today have unlimited resources to gather information. From third-party review websites to word of mouth, if a consumer wants to know something about your business, they can likely find it. As a result, this wealth of information makes it all the more frustrating when a company is not transparent with its customers.
This is especially true when it comes to pricing. If your pricing isn’t clearly communicated, or if it includes the fine print, it becomes clear that you’re not being fully transparent, and they’ll be quick to look for another option that doesn’t need an asterisk to explain the cost.
In addition to making your pricing easy to understand, be sure that you’re transparent in every communication with your customers. The more information and value you’re able to provide, the more likely you are to gain their trust, and eventually, their buying power.
Invest in your people
In terms of setting your company apart from competitors, your employees’ job satisfaction may not be top of mind. However, in the long-term, keeping your employees happy can save you money, increase retention, improve the perception of your brand, and set an example of quality service for your customers.
So, how do you accomplish all that? Consider how you can improve your culture and benefit offerings to improve morale, empower employees, and build trust. When you show that you value employees, they’ll try to stay as long as possible.
Over time, this can increase employee retention, and you’ll subsequently lower your costs of hiring and training new employees. Additionally, keep in mind that word gets out. The better you treat employees; the more likely top talent will flock to your business. Soon, you’ll have the best talent to improve your offerings, offer better service to consumers, and increase your revenue.
Make it simple
Looking back at these suggestions, think about the actual goal you’re looking to achieve: the way to set your company apart from the competition is to make the customer’s experience easy. Aside from quality service and ease of use, make it easy for a customer to understand. Make it easy for them to trust your business, connect with your brand, and see added value in purchasing with you. Make it easy for employees who join your company to stay with your company.
When consumers are constantly faced with advertisements, they’re used to saying, “No.” When you make it easy to say, “Yes,” you’ve truly been able to stand out against competitors.
The best companies outperform because their strategies are clear, differentiated, and well-articulated. They have demonstrated resilience to market and environmental changes. Their most important capabilities are highly advanced and lead their industries. Their resources are systematically directed to initiatives and opportunities with the highest strategic and financial returns. Their organizational structures support key capabilities and have efficient decision-making and talent in the right places. And their culture of cost management extends to the front line.
A company with no positive intrinsic value that helps people, customers and users will not survive. A company must demonstrate that it creates value from a customer perspective. Furthermore, it's not only customers who should see value in what a company does, but also the public, the country, and even the entire world. Why is that? Carefully evaluate these perceptions by focusing on these 5 elements.
Consider your values and relationships.
Every company is based on human relationships. Relationships with prospects, customers, employees, suppliers, investors, or, more generally, with the public. Sustainable relationships are based on trust, respect for one another, and mutual empathy. You could also call it a collective understanding of values.
Consider terms like "customer relationship management" and "public relations" both contain a variation of the word "relationship," and both can only be successful if the relationship is based on common values, experienced, and feelings by people. It may seem simple, but in practice, it often looks different. One reason, among others, is that many companies are driven more by what they do than by who they do it for.
Everything you do should have a purpose. And to be motivating for you, the purpose should be a positive one. This also holds true for your employees. Your staff needs to know why they are doing things and the compelling cause to which they are contributing.
Understand that helping people is a driving force for business success if not the key one.
Only a good, people-focused purpose will allow your company to exist. I also call this purpose your "vision for the future" or simply your "mantra." It is the people who buy your product or service who make your company what it is. This is not just my belief. I've seen it time and time again.
That is why it is important to find your vision and your mission as an entrepreneur and as a private person. To sharpen your mantra, answer the following two questions:
As an entrepreneur: Why will my company still exist in a year?
As a person: What is my contribution to the world so that it becomes better than before?
You don't have to be Isaac Newton, Albert Einstein, or Mother Theresa to make a difference. Every little thing helps.
Formulate your mantra and document it.
The clearer your mantra, the more motivated and focused your stakeholders such as employees or investors become. They will stand behind your vision and use their strength and energy to reach this common goal. Start by really thinking about your mantra and summarize it in less than eight words. You may also benefit from impartial feedback from an experienced mentor or coach. With their help, you can see your mantra more clearly and formulate it, saving you time, money, energy, and resources in the long run.
Think big but take small steps.
It is good to have an ambitious goal, to believe in something that is hard to achieve like quality education for all or ending world hunger. It makes you more inventive, focused, and effective. But instead of just thinking about the goal, you should also focus on the process. You can't achieve your big goal in just one step. It will take many steps to fulfill your vision, so do not underestimate small steps in the right direction. And remember, if you always focus on the lofty goal of inventing the next big game-changer, it will likely prevent you from taking the first step. All of the steps from defining the strategies, the sub-strategies, the processes, and all activities should be fully aligned with your big vision.
Implement your mantra in five steps.
1. Determine your mantra. What do you want to work for? How should the world remember you?
2. Share it with others. This includes all employees, customers, prospects, investors, and suppliers around the world. Tell them what your mantra is and what you and your company stand for.
3. Live your vision through targeted action. Synchronize everything with the vision and set measurable goals.
4. Define suitable measurement parameters. Without a metric to measure your progress, everything is nothing or at least a random pursuit. You need measurement parameters to know if you're going in the right direction.
5. Leverage your results. Measure and analyze them, learn from the mistakes and deviations, adjust your planning and activities, and continue to achieve your goal. Don't wait too long to compare the results with your goals. This saves you time, costs, energy, and a lot of frustration. It is best to set short control intervals. Involve your employees or customers. Feedback is the key to success.
Every company thrives because of healthy relationships, based on shared values. Therefore, you need to define your mantra and tell the entire world about it. Sync everything you do with your mantra. As a result, you will see more customer trust in you and your products. Employees will work more effectively and be focused on this shared vision. Investors will accompany you more sustainably.
Connor Dales, Executive Contributor Brainz Magazine
Connor Dales, is a serial entrepreneur, business coach-consultant and a leader in leveraging systems for small, medium, and large sized businesses in addition to serving its owners by facilitating and cultivating strong leadership growth. He's an accredited ICF Certified Coach and has a wealth of knowledge and experience in business and personal/professional development. Connor is passionately committed to ensuring business owners and their teams breakthrough their bottlenecks and challenges to maximize their profitability and elevate their levels of impact! He is the founder of Meta View Coaching Solutions, a coaching-consulting company and online education business on a mission to transform companies from ordinary to extraordinary.
