Cognitive dissonance is a psychological phenomenon that occurs when a person holds two contradictory beliefs at the same time
Think you have a competitive advantage? think again! A competitive advantage is not what you think you are good at, unless the customer values it. I have asked thousands of business leaders and salespeople to tell me their competitive advantage. Most respond with cliché-rich fluff. We find the same fluff on their websites, and way too often it matches the language of their competitors.
I have been surveying my audiences for years; and despite most providing clichéd responses when asked to articulate their differentiation, only 24% admit they are not well differentiated. Another 64% confess that they do not know what their customers value. Our research confirms a full 90% do not know their customers top buying criteria. Is there some self-deception getting in the way of conveying actual value that communicates your differentiation?
Do some business leaders think they have competitive advantages they don’t really have? Or (I suspect this to be true), do they just not know how to uncover what they do for customers that is valued? Do they let the good customer delivery and engagement get taken for granted? If you don’t value what you do for your customers, they won’t value it either. Why should they?
Since another 57% said their internal metrics may not be serving them well in conveying a value proposition, I am sure they are leaving money on the table. When you sound like all your competitors, price may be the only point of differentiation. No one wants that.
Find out what your customers value, ensure operational excellence on those deliverables, and use those success metrics to create solid competitive advantages.
June, 2024
