Times are tough, and it’s increasingly challenging to gain a competitive edge. Most businesses opt to do the right thing first, and make sure they offer the best service or product at the most value for money price. This strategy focusses on doing what you do now, but better. It involves driving efficiencies, operational execution and enhancing the customer experience.
A key part of the foundation is the customer experience. If your internal house isn’t in order, and your customers aren’t happy, no amount of marketing or disruptive activities can fix this. So, to get to know you customer, go out and experience them. If you are a banking, restaurant or a telecoms brands, sit at 2 or 3 of your stores for at least two days and just watch. Watch what customers do when they enter, where they go to first, what they ask, how they react. Watch what type of consumers come in, and are there “groups” you could target? If you’re brave, you could even chat to some of the customers (as a fellow customer) and start a conversation! Then walk out with an action plan of what you could do differently
Once you have built a solid foundation, you can start looking at ways to create disruptive or game changing building blocks to gain future revenue growth.
To build the blocks to create a true point of difference, it’s often a great idea to first review what your competitors are doing and are you missing anything? Try and broaden your definition of “competitors” as much as possible, so if you are a commodity FMCG product like rice, look at all commodity FMCG brands like oil, bread and maize, and check if there are any insights you can pick up. The next step would be to go online and look at industry trends. Before paying for research, spend 3 to 4 hours checking what’s online. While you are online, also look at what the top brands in major developed markets like the USA, the UK and Australia are doing. They often lead trends which then filter into the less developed markets. This could be the nugget that provides the competitive edge! Lastly, turn this into an action plan. There is no point having gone through all this effort and understanding where the opportunities lie, if you don’t implement some game changing plans. #DisruptiveStrategies #Research #CustomerExperience #Brand #BrandDifferentiator