In a market where the customer has true choice, providers need to find – and call out – their competitive edge.
This is more than just deciding a tag line or promotional calling. You need to find out what’s truly important to your customers. What is it that customers value – that you do better than anyone else?
You may choose:
- To be the cheapest in the market
- To wow with customer service
- To attain to the highest quality standards
- Ease of engagement
- A combination of all, or something completely different
Choose carefully and think long term! Each has distinct advantages and disadvantages.
Many businesses start off wanting to have the unobtainable…be the cheapest, with the highest quality and deliver the best in customer service…it’s simply not possible. If you choose to be the cheapest in the market, then you need to ensure you consider things such as volume, as your profit margin on each service will be very low. You need to know your break-event point and ensure you never go below this, unless it’s a calculated move.
Make your choices based on data
The industry is starting to produce some good base line customer data – what is it that really matters to them?
The market changes are reflecting in the marketing messages which are now being seen. Providers are starting to talk about customer benefits and quantify them. The successful brands will be those who stress their unique benefits and play up the things they do better than anyone else. That’s where you hang your marketing hat. That’s your competitive advantage.
Criterion’s series of Aged Care conferences cover topics including Choice & Control, Dementia, Retirement Living, Residential Aged Care and more. View upcoming events here.