Hi there,
If you’re serious about standing out in your industry, here’s a strategy that few talk about but can make all the difference:
Become a customer of your top competitor.
Not to copy them, but to uncover what they don’t do well.
Let me explain.
There’s a story about a restaurant that was ranked 50th in the world. The owner took his team to dine at the number one restaurant. While the team was eager to emulate the best aspects of the experience, the owner had a different approach. He asked:
“What did they do poorly?”
They noticed that, despite the exceptional food and service, the coffee and beer offerings were underwhelming.
Recognising this gap, they returned and appointed a coffee sommelier and a beer sommelier, elevating these aspects of their service. This focus on overlooked details helped them climb the rankings.
This approach is known as reverse benchmarking. Instead of imitating your competitors' strengths, identify their weaknesses and excel in those areas.
Here’s how you can apply this:
- Experience Their Business: Purchase their products or services. Engage with their customer service. Subscribe to their communications.
- Analyse the Experience: What aspects felt lacking? Was there a delay in service? Was the onboarding process confusing?
- Identify Opportunities: Determine where you can offer a superior experience.
- Implement Improvements: Enhance these areas in your own business to differentiate yourself.
Remember, customers often remember the beginning and end of their experience most vividly. By excelling in areas where others falter, you create a memorable impression.
So, ask yourself:
- Where are your competitors falling short?
- How can you turn their weaknesses into your strengths?
By focusing on these gaps, you not only differentiate your business but also provide exceptional value to your customers.
To standing out by thinking differently,
James
P.S. If you’re interested in a step-by-step guide on how to conduct this kind of competitive analysis, Just drop an email to hello@gainmoresolutions.com and I’d be happy to share a framework I use with my clients.