My favorite question to ask sales professionals is “How are your offerings different from and better than those of your competitors?” Anytime I get a response like, “Well… Uh……” I know I am talking to someone in big trouble. The key to gaining market share and prospering in today’s competitive real estate environment is to differentiate yourself and your offerings as distinctively and creatively as you can from your competitors. You need to stand out from the crowd!
Product and Price
Many people think there are only two types of differentiation: Product (in your case a service) and Price. That shallow perspective will not advance one’s effort to gain market share and outperform the competition. Neither your product nor your price fully encompasses the services you render or the creativity and effort you put forth to help them solve their problem. Please don’t go to market thinking you must have the absolute lowest price to win!
The 7 Types of Differentiation
Our U.S. Learning model is made up of seven types of differentiation, and the thoughtful consideration of each, including brainstorming with your colleagues, can assist you in creating a platform for winning more business than ever. Here are the seven with explanations…
- Relationship Differentiation – If you have done a fine job of developing a relationship with a given prospect or client, it will probably give you the edge over your immediate competitors. People still want to do business with people they know, like and trust. The relationship can make or break any deal, so give each one your best effort!
- Technological Differentiation – How is the solution you are offering technologically superior to the competition? Continually research cutting edge options that will keep you out front. When you do your needs-analysis, Identify what the prospect values most. Push the envelope in coming up with technological advances that will give you a competitive edge. It may be your prospect’s idea, or your Broker’s creative technological advancement, but you can be the facilitator to bring it about. Technological differentiation could also be about the means and methods of communication you deploy.
- Marketing Differentiation – All other things being equal, if your marketing process is superior, you have a good shot at securing the business! Marketing has typically been perceived as sales, public relations, and advertising. In today’s world of business development it should also include your best efforts in developing a social media platform.
- Process Differentiation – This is how you and your company do what you do. Do you have creative processes for doing business that separate you from the crowd? One of the best things you can do to make and keep customers happy is to take the pain out of their life! Put processes in place that delight your customers and make it easy to do business with you.
- Experiential Differentiation – When was the last time you did something that made your customer say “Wow!”? Many today believe we are in an “Experience economy” where the mundane transaction falls far behind a dynamic service experience. This is the service side of selling. When you amaze a customer with your resourcefulness, it will propel you to (or closer to) the top of their preferred vendor list!
- Product Differentiation – There will be times in your career when you present a truly different offering. When the stars align and this happens, make hay while the sun shines. Always push for superior product development in your company! This can often be inspired by a customer who is articulating a new need.
- Price Differentiation – This is when you either have the lowest price or (more generally) the best value proposition. I believe there is more opportunity to sell value rather than cut price! Tap the “collective intellect” of your team members and decide the most advantageous manner to go to market!
Work to become the unique and creative choice in your arena. Observe what everybody else is doing and do more or do it better. Standing out from the crowd is your best ticket to growing your business!
Here is a link to an 8+ minute video from our online program for more on Differentiation…
Click Here https://vimeo.com/250504236
Go to www.DonHutson.com for more information.