At MarketPrax, we work with companies on a 4-step approach:
Understand how potential buyers view your current positioning in relation to competitors. Determine your relative strengths, weaknesses, and preliminary opportunities for differentiation.
Identify the technical, functional and emotional attributes that affect buyers in their decision making process. Assess the value drivers that can make your offering distinct and more valuable.
Survey potential buyers to quantify the importance and value of each attribute and assess the trade-offs prospects make in order to arrive at attribute combinations that optimize demand and profit.
Consolidate prospects based on how they assign value to attributes. Create distinct approaches to address each customer segment in order to maximize interest, response and sales conversion.
Benefits of Differentiation
Differentiation results in stronger demand for the company's products and services, as it addresses the needs of specific customer segments better than other players in the market.
By quantifying each attribute and understanding customer trade-offs, the company can focus its investments and resources precisely where it creates the most value, thereby generating higher returns.
Differentiation gives the company a sustainable competitive advantage, increasing brand equity, customer retention and customer loyalty. This results in a faster sales cycle and consistent organic growth.
To learn more, feel free to reach out and schedule a free initial consultation.