Faster, Cheaper, Better: Pick 2

In this episode of the Business Owner Breakthrough Podcast, host Pete Mohr tackles the challenging task of differentiating your business from the competition. Using a triangle diagram to illustrate the balance between being convenient, having the best quality, and being the lowest cost, Pete explains the importance of finding the right balance for your target audience.

Here are a few things Pete covers:

• The concept of product differentiation
• The importance of offering a unique selling proposition
• Balancing convenience, quality, and cost for your target audience
• The role of creativity in product differentiation
• The fifth P of business success: profit

It’s time to take action:
The most important thing for the listener to do after finishing the podcast is to evaluate their business's balance of convenience, quality, and cost and determine where they can improve to better differentiate themselves from the competition.

Are you looking to make some changes in your business and your life in 2024?  Head over to speaktopete.com and book a chat with me to see if we're the right fit!

Maximize Your Business’s Value with the Value Builder Assessment!

As a business owner, do you know what your company is truly worth? The Value Builder Assessment is a powerful tool that helps you uncover the key factors influencing your business’s value. Whether you're considering a sale, planning for the future, or simply want to grow, this assessment offers actionable insights to increase your business’s worth and appeal to potential buyers.

Don’t leave your business’s future to chance. Click here to take the Value Builder Assessment and start building a more valuable, resilient business today!

Book a no charge Freedom Call with Pete, to see if you’re a good fit for his business coaching or talk to Pete about speaking at your next event head over to http://speaktopete.com to find a time that works for you!

Pete's Websites:

Pete-Mohr.com
The Exit Ready Business
Kolbe Coach
Simplifying Entrepreneurship

LinkedIn at https://www.linkedin.com/in/petemohr/
Instagram at ...

Transcript

Unknown: 0:03

Are you ready to move from operator to owner? Well, decisions in your organization should be made at the lowest possible level of your business. Every day, there is a framework that can help and it's called the five P's. Understanding your promise, aligning your product process and people to it will generate the most amount of profit. And that's when the freedom comes. Freedom from the day to day management and freedom to start doing the things that you want and deserve to do, inside and outside of your business. No one ever said it was easy, but it's time to start the process on the business owner breakthrough. If you'd like to chat with me about helping you break through in your business, simply go to speak to pete.com that speak to pete.com, to book an appointment and to see if we're a right fit, it can be tough to stand out from the competition in today's business world. With so many similar products and services available, it's really endless. And it can be hard to differentiate your company service and product offerings. So standing out from the competition is really essential for success. And I've created this little diagram that will include on the blog post in LinkedIn and on my website, but it's really a triangle all around being the most convenient, the best quality and the low cost and the fact that you really can't have all three, at best, you can have two of those. And if you offer a faster, cheaper or better quality version of your product than your competitors, you'll have a chance to win them over. Because most of your competition is trying to be all three, you know, you just can't have all three of these at once. So offering the faster version might mean you sacrifice a bit of quality, while the cheaper version will not likely be as good as that better quality one, it's important to find the right balance between these three factors to create the winning product or service that will stand out from the crowd and think back to your promise. You know, your promise is where you're understanding the pain point that your clients suffering, aligning your unique combination of products and services to take them to a better life. Because if you remember this line, everybody buys a better life. And so when you're looking at this triangle, are you kind of squeaking out to the corner that's best quality and lowest costs, because that probably means you're not going to be the most convenient. Or if you're going to be the lowest cost and the most convenient, you're probably not going to have the best quality. Or if you're going to be the most convenient and the best quality, you're probably not going to have the lowest cost. So you know any way you look at it, it's really important to take it back to your promise because the promise is where it all starts. And that's how you make up you're differentiating factors. So how do you go about differentiating your product or service? Well, it usually takes a little bit of creativity and some effort in you know, getting to work on your business for a little while instead of in it from that strategic standpoint. But with a little work, you can find the way to make your company and product services unique and appealing. And that's what will take you to better profit that fifth P that we often talk about, you know, the one that's most important really is the profit, right? So product differentiation is the process of making your product or service stand out from the competition. Like we're saying, it's an essential part of success in business, and it helps you create unique selling proposition that customers really can't resist. I love Dean Jackson's saying that he came up with a while ago, are you creating a compelling offer? Or are you trying to have a convincing argument and it's much more interesting to have a compelling offer than it is to try and convince somebody to do business with you. Right? the right balance between faster, cheaper and better quality depends on your target audience and their needs and wants. If you know what your customers are looking for something that's maybe fast and reliable, then you need to make sure that your product offers all of that. But if speed is more important than quality or costs, then you need to focus on providing a better product that is both fast and reliable. So I'll flip it back into our shoe stores@utopia.ca You know, for the most part yes, we sell online all over the place. And from that perspective, in some cases, we may be the lowest price option but often we aren't. And you know we are looking for the idea of walking into our stores and providing our customers with an above level experience better quality and the convenience of being they're able to try it on. So will they pay a couple of dollars more to have the product right there. Are they going to flip on their phones and search through it and save 50 cents and have it ordered in? Well, that's up to the particular customer in their pathway. But in most cases, our clients aren't going to do that. And our prices are really in line anyway. But at the same time, could they find that item for 50 cents or $2, less, potentially, if they did the deeper dive, but think about it, most of our clients, through their experience are coming in to try something on we've given them the experience, we've given the UI and the experience of now love these, and wow, they feel fantastic. I'm just going to take them now. Because they don't want to have to deal with it later. That's the convenience of shopping locally, what's your mix around the convenience or fast if it is, you know, the speed of of how you're getting through whatever it is you do, whether it's a service or product, the quality and the cost. If we look at another couple of examples of great differentiation, you know, Amazon Prime is one I mean, Amazon's obviously a big retailer online, and from that perspective, they're the biggest, but they've differentiated with Amazon prime by offering memberships that include free two day shipping, you know, you know, access to digital media entertainment, discounts on selected items, and what have you. But Amazon's created an attractive package that stands out from their competition this way. But those features do come at a cost. And that's the Prime membership. Another example would be how Netflix came to dominate their market, you know, in changing everything around the convenience of just having to watch your movie and being able to watch your movie or your show at home and not having to go to Blockbuster, or to down the road to the convenience store to pick up a DVD. At the time, at least, if you didn't have really high speed internet, the quality of those movies may not have been as good both visually and sound with audio, as they would be if you would have brought home your DVD. But that convenience was really hard to Trump. And from that perspective, they put together this package for some customers. And then as technology changed, it even became better. But when we look at all of these things, how are you differentiating your business and what you're doing through these things around low cost, and speed and quality, with the right combination of these benefits and features, aligning all of the things around those five P's back to your promise, gives clarity, not only to your clients and customers, but to your team, to your marketing, and to everything else in your business. And when you have the clarity, that's when confidence builds both internally as part of all of the people in your team, but also for your clients. And when you have that confidence, well, it propels a better future for you and your business, as well. For a little bit more about creating your promise, just go back a few episodes to the podcast entitled everybody buys a better life, what's your promise, and then today, we're really digging into taking that promise and differentiating it from your competition. Because until you're differentiated, then you're just one of the many and so much more valuable to pull off into one of those corners that we were just chatting about. And become even more differentiated so that you can take your business and be known as the go to place for whatever it is you offer. For all of the people in your sphere of influence. How important is that? Well, it will propel you to higher profits. And you know what profits equal profits equal freedom at the end of the day for business owners like you so if you want more profit, think about your differentiating factors and make a difference for the people that want to take your promise and have a better life for themselves. Now go and make it a great day and ironic media production. Visit us at our oh and I seek K media.com