ASK THE COACH
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The Competitive Edge
By Dr. Ray Angelini
The Saratogian
March 29, 2005
Dear Dr. Ray,
With increasing competition in the marketplace, it is getting tougher and tougher to maintain a competitive edge. Some believe offering the lowest price is key, but there are obvious downsides to this approach. What steps can I take to give my business a competitive edge?
— J.R. in Gansevoort
Dear J.R.,
The greatest challenge for business today is to provide extra value for every customer at the lowest possible cost. However, everyone defines value differently. Some customers want the lowest price, while others place a higher value on reliability, convenience or durability. Fellow coach Dr. Phillip Hurlbert offered the following suggestions to add value to your customers:
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Try before you buy.
Strive to offer your customers or clients a free sample of your goods or service. This can create a low-cost opportunity to expose large numbers of potential clients to the value of our goods or services. At the same time, this offers the potential client a safe, risk free way to sample what you have to offer.
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Follow up after the sale.
Failure to follow-up is one of the major reasons businesses fail to attract new business or retain existing customers. Follow up with a phone call, letter, or personal visit, it will make all the difference in the world.
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Newsletters.
A newsletter allows you to keep past and current clients up to date and informed. Done via email, they are free and very easy for clients to forward to friends and colleagues, providing additional marketing potential.
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Let clients share their skills.
Invite clients to share the experience, skills and challenges with each other. This can be done via a newsletter format or through hosting a monthly forum with clients as guest speakers. This is good public relations for your business and allows your clients a free opportunity to market their business.
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Use your Web site.
The Web site is the business card of the 21st century. It's a great way to let your clients know that information and access are available all the time.
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Celebrate with your client.
Give your clients recognition whenever possible. Send a small gift to celebrate successes, as well as birthday cards and holiday greetings. Clients won't care how much you know until they know how much you care.
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Commiserate with your clients.
Again, this is just the flip side of the suggestion above. Being there for clients when the chips are down builds loyalty and trust, and this is what adding real value is all about.
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Write articles for local newspapers about your business.
Local newspapers are often looking for material to fill their papers. Offer to be a guest columnist for an established column or offer to write a column of your own. Again, this gets the word out about your business and offers clients a way to sample what you have to offer in a risk-free manner.
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Use your network for your clients' benefit.
One of the best "extras" you can offer your clients is to provide them with a referral to another professional whom you have worked with and trust. As your team of resources grows, so does your marketing potential.
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Ask your clients what they need.
Always ask your clients how you can serve them better. They will almost always be delighted that you asked, and their responses will help you serve them and other clients more effectively.
