All types and sizes of businesses sell products and services of all different qualities. Competition is intense for almost any business. With a limited supply of buyers and a multitude of businesses and their products or services to choose from, buyers generally have their choice of which business to patronize.
Stand Out from the Competition
A perplexing question and marketing objective for any business is how to stand out from the competition. Why will a purchaser buy from one business over another…quality, uniqueness, brand awareness, benefits, or pricing? Of course, there will most likely be many factors for a purchaser to consider.
An overriding philosophy contributing to the success of many businesses is being the “best” or attempting to be the “best.” Just think what the “best” can be.
For a business to be the best or attempting to be the best does not mean being the best in every market to every purchaser of a similar product or service. Being the best means being the best in the class of products or services offered for sale. Luxury cars do not compete with economy compact cars, but luxury cars do compete against other luxury cars while at the same time economy compact cars compete against other economy compact cars. High-priced fashion watches do not compete with low-priced sport watches; however, high-priced fashion watches compete against other high-priced fashion watches while low-priced sport watches compete against other low-priced sport watches.
So, being the best for a business means it strives to provide the best possible products or services in competition with other businesses providing similar products and services to similar target markets. Therefore, a business is not in competition with the entire universe of other businesses in the same industry but is in competition with other businesses targeting identical markets with similar products or services.
What is a business to do?
Concentrate. Concentrate on being the best it can possibly be…the best restaurant, the best doctor, the best retailer of children’s clothing, the best home builder, the best car dealer, the best tractor manufacturer, or the best computer maker. If all things are equal when it comes to a product or service, human nature dictates that purchasers will purchase the product or service with the lowest cost. Differentiation is a key for businesses to command higher prices and offering products or services that are unquestionably superior to the competition is a form of product or service differentiation.
Doesn’t Come Easy
Being the “best” of course doesn’t come easy, but any small business or SME can strive to be the best. This could be (or should be) the mission of any business: To exceed customer expectations by providing the best products or services! If this is the mission of a business, then every transaction should produce an experience that never disappoints a customer and, therefore, creates loyal customers for life.
So, don’t concentrate on just being good, concentrate on “being the best!”