There are a total of 6 different ways to add value in the service you offer.
Let’s visit about just the first one today:
In today’s hectic world, the one thing most people value more than money is more time. How else do you explain the dramatic increase in “convenience stores” that typically charge 40% or more for the “convenience” of shopping there?
Anything you can do in your business to increase your customer’s convenience will create a market dominating advantage.
Here are six ideas for you to consider:
- Location -Although this is probably the best way to provide convenience, for the vast majority of businesses, changing locations isn’t an option. However, a great location is certainly a secondary market dominating position.
- Availability -Your customers want to do business on THEIR schedule, not yours. Ask yourself what you can do to make your business more available including extending the hours or the days you’re open for business.
- Ordering Process -Ordering should be easy. If ordering is typically a headache for your customers, then solving this problem can help you to establish a powerful market dominating position.
- Delivery -When providing your customers with a more convenient location isn’t an option, then the next best thing you can do is to bring your product or service to the customer. There are now businesses sprouting up that specialize in delivering local restaurant items directly to your home or office.
- Payment Terms – If your competition doesn’t offer any type of financing options, you can differentiate your business by offering payment terms over 30, 60 or 90 days. Offer multiple payment options such as a “three easy payment plan.
- Miscellaneous Services -What additional services do your customers consider to be important? If your business attracts parents with small kids, consider offering child care services while the parents shop or take care of business.
Hope this helps as you look at how to create your Market Dominating Position!
Have an Amazing Day!
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