How to obtain Competitive Advantage

Ask yourself the following question:

“Am I the envy of my competitors?“

If the answer is anything other than a resounding “YES” then there is a high likelihood of the company not having a competitive advantage in the market place.

I define competitive advantage as:

“A unique combination of all known attributes, universal or derived, that attribute towards superior performance.”

Having competitive advantage is a good start. However, competitive advantage needs to be sustainable if success is desired. Companies gain competitive advantage by utilizing one or more of the following:

1. Price
2. Breadth of Products and Services
3. Operations
4. Marketing
5. Workforce
6. Client Servicing

Price:

Price positioning is often a commonly used strategy where there is a lot of competition. Many companies constantly monitor their competition’s prices and not only try to match but beat prices. Consumers are winners in this scenario but many times quality suffers. Customer loyalty is the lowest. Walmart is a good example.

Breadth of Products and Services:

A company can obtain competitive advantage by offering a variety of products in the same category. Rather than being specialist, the company gains advantage by being a generalist. Proctor & Gamble is a good example.

Operations:

How the company operates its business and streamlines its operations can be also a very big competitive advantage. Many companies continue to optimize operations and limit activities that do not produce the desired results. Toyota is a good example.

Marketing:

Product and service placement can also attribute towards a company’s competitive advantage. Traditional media advertising, Internet only, targeting the high net worth, frequency of the campaign, etc. are a few ways companies can gain advantage over their competition. McDonald’s is a good example.

Workforce:

The quality and capability of human capital of a company can also be a competitive advantage. Companies that value one’s workforce and provide the right tools necessary to support the activities of their staff many-a-times gain competitive advantage over their competition. Google is a good example.

Client Servicing:

Processes and activities focused on customer issues be a great competitive advantage. This generates customer satisfaction and loyalty for the long run. Starbucks is a good example.

Use this information and identify your competive advantage.

Good Luck.

Tiill next time….

Sal

http://www.salmankkhan.coom/

http://salmankkhan.blogspot.com/

Tips to align yourself and your presentation with the client and their needs.

I am frequented by many sales persons and therefore I get to see the differences between a good sales person and a great sales person.

This blog will focus on how to approach your prospects and align your self with not only them but also their needs. I will discuss “practical” techniques on strategic client alignment. Through out this blog I plan to use prospect and client interchangeably.

Let’s start with the don’ts. The best advice I can give you is do not approach the prospect and start to ramble on about your product and/or service. Also, do not appear to listen; but actually listen to their needs. -And whatever you do, do not force the product on the prospect. This will leave a bad feeling with them and will guarantee no repeat business or referrals.

Now, let’s focus on the do’s.

Always be cheerful, greet your client with a smile. Look sharp, and where permissible have a firm yet comfortable handshake. If you are wearing a jacket, make sure you open the button when you are making your presentation and NEVER cross your arms during the presentation.

Do establish a repertoire with the prospect. This means take a few minutes to ask them about their day, talk about anything EXCEPT politics and religion (unless you are selling in that industry of course).

Conduct a needs analysis by asking them their pain points. Repeat their concerns to them so that both of you are on the same page. Expose other areas of improvement, but do not be critical. Make sure you address this matter as objectively as possible.

Empathize with the prospect, but do not side with their problems. Acknowledge the problems and offer sincere empathy.

If you feel that your product/service will satisfy their need, and then offer solutions to their pain points. For each of their issues, specifically address how the product or service will provide the solution. Do not move to the next point till the prospect has agreed or understood the solution that the product/service offers.

You will notice that with such an approach you will create a value for your product. When the value is established and the “need” turns into a “want”, price is not an obstacle.

Till next time….

Sal
http://www.salmankkhan.com

Tips to align yourself and your presentation with the client and their needs

I am frequented by many sales persons and therefore I get to see the differences between a good sales person and a great sales person.

This blog will focus on how to approach your prospects and align your self with not only them but also their needs. I will discuss “practical” techniques on strategic client alignment. Through out this blog I plan to use prospect and client interchangeably.

Let’s start with the don’ts. The best advice I can give you is do not approach the prospect and start to ramble on about your product and/or service. Also, do not appear to listen; but actually listen to their needs. -And whatever you do, do not force the product on the prospect. This will leave a bad feeling with them and will guarantee no repeat business or referrals.

Now, let’s focus on the do’s.

Always be cheerful, greet your client with a smile. Look sharp, and where permissible have a firm yet comfortable handshake. If you are wearing a jacket, make sure you open the button when you are making your presentation and NEVER cross your arms during the presentation.

Do establish a repertoire with the prospect. This means take a few minutes to ask them about their day, talk about anything EXCEPT politics and religion (unless you are selling in that industry of course).

Conduct a needs analysis by asking them their pain points. Repeat their concerns to them so that both of you are on the same page. Expose other areas of improvement, but do not be critical. Make sure you address this matter as objectively as possible.

Empathize with the prospect, but do not side with their problems. Acknowledge the problems and offer sincere empathy.

If you feel that your product/service will satisfy their need, and then offer solutions to their pain points. For each of their issues, specifically address how the product or service will provide the solution. Do not move to the next point till the prospect has agreed or understood the solution that the product/service offers.

You will notice that with such an approach you will create a value for your product. When the value is established and the “need” turns into a “want”, price is not an obstacle.

Till next time….

Sal
http://www.salmankkhan.com

If you get a business inquiry, DO follow-up!

Hello Everyone,
I guess I got too busy with clients and getting ready for the upcoming Expo that I found myself not writing. Well! I need to get back at blogging and so, here I am.

Over the past few weeks I meet many business owners. I must say that I am very surprised that many business owners let so many opportunities to make money slip by. As a small business coach, I try to help many businesses connect. I actively find business for my members as well as ANY one that I come across. I love to help people.

More than once I have referred potential customers to business owners and more than once I have been surprised how these business owners DON’T follow-up with the referrals. Why? I don’t get it. I attend meetings and here these same people ask everyone for referrals; but when they get it…..they are not appreciative.

People: If you want to have credibility and if you want to show that you DO care, then please please please follow up with your prospects/referrals etc.

Wear two badges

Many people who are at a networking event do not take this opportunity to advertise their services. When you check in to the event, take two badges. One should have your name and the other should list what service you provide. Do not go over board and start to list 100 things. Just write a few words of what you do. For Example, on my second badge I always write “Life & Business Coach”.

Many-a-times this is a good ice breaker. When you are walking around, people do read your second badge. Without a badge explaining what you provide, it is hard for people to talk to you at first. By having your service listed, you are giving people an opportunity to introduce themselves to you.

There have been so many times that I have been at an event and I will be passing someone by and they will read my second badge and say “Oh! I am glad I found you….I was looking for this” or “I know who you should meet, I was just talking to….”

Let people know who you are.

Tune in tomorrow for the next topic.

Sal

My First Blog

Hello To All,
Well! I finally did it. I am now going to start blogging. I am searching for the right idea/topic to write about. In the meantime, if anyone out there has any questions on life, business, how to focus, make more money, enjoy life….whatever, please email me.

Otherwise, keep your feeds open for a new post shortly.

Bye