Businesses in Windsor, London, Sarnia and Chatham need to differentiate to gain an edge over competitors in Toronto and Kitchener-Waterloo.
Hey, it's Kit and I'm here to talk to all the fanatic entrepreneurs out there that can't get enough of business. Kind of like me, kind of like our firm and kind of like the direction BluePrint CPAs is heading in.
I just wanted to do a brief video today about differentiation, and why do we at BluePrintCPAs think that differentiation so important?
Well, it comes down to this. If your product or your service isn't almost radically different than what's stopping your competitors from coming into your space and, at risk of sounding harsh, just crushing you, right?
They have more money. They've been in business longer. They don't like competitors, so it is absolutely critical that your products and services be differentiated.
Now, where we tend to view differentiation a little bit differently is that an engineer will look at differentiation and they look at it from product development perspective.
So they'll start talking about attributes, post sale servicing and how you actually kind of make your product or service stand out from a user experience perspective. Now, at Blueprint we're more focused on how you can differentiate. She ate your business to create a sustainable competitive advantage by pursuing differentiated activities and processes that are difficult to repeat. Of course, once you accomplished that, which is not a small task and takes a lot of development time, then you really need to defend that and build upon it to make ensure that you maintain your advantage. So when we start talking about differentiated activities and processes, what could that mean? Okay, well, for example, you may be able to differentiate your processes based on using unique research and development, for example, So if you are successful in developing new products more quickly and launching them into a market that's underserved, that will require a different set of activities than a competitor who may not be doing any R and D and might just be harvesting their current business. So another example might be in how you acquire customers. Okay, so if your traditional competitors of has acquired customers through, for example, radio ads, you might be able to acquire customers through, for example, public speaking. These are just made up examples. But I think the key that I really want you to understand is that you can really differentiate your business and drive home a significant value proposition just by focusing on what you do day to day and how that contributes value to your customers, your employees, your vendors and, of course, your shareholders. So I thank you for taking the time to listen. Today, we're going to have more of these video casts coming your way with topics that are relevant to strategy mergers and building out your organization to create value.