Vancouver Business Coach | Businesses Differentiation Factors
One area that Vancouver business coach will focus on with their clients. Is it helping them figure out what their differentiation factors are. Because not only will that help them stand out in a crowded marketplace. That will help them attract their ideal and likely buyers.
This is so important, that not focusing on their differentiation factors. Can actually impede an entrepreneur’s ability to succeed. Because they are not able to attract customers to their business.
Industry Canada did a survey of Canadian small businesses. That found not only where half of the small businesses that started up out of business within five years. But the reasons why were very shocking.
42% of all failed entrepreneurs in Canada. Attributed their failure to not being able to find enough customers to sell their products and services to.
This means it is extremely important to a business. To understand what makes them different. Not only’s they can stand out in a crowded marketplace. But so that they can attract their ideal and likely buyers.
This is actually the reason why Vancouver business coach focuses on this aspect of business. It is because they want to ensure that their clients can increase their likelihood of success.
And will help them not only identify who their ideal and likely customers are. But Vancouver business coach will also help them figure out what their differentiation factors are as well.
The first step is understanding who their ideal and likely customers are. And while many business owners start off. By seeing everyone is their ideal and likely buyer. This is not actually true.
They should instead, think about who they want as a customer the most. And then, start considering what is most important to those customers. So that they can create a plan on how they are going to deliver that.
A mistake that business owners often make when it comes to understand what customers are looking for. Is thinking that everyone is looking for the best price.
And while prices can be important. It is not the most important consideration. And in fact, many customers will spend more money. If they get an exceptional product, or outstanding service.
Proof of this, can come directly from an entrepreneur’s own experiences as a consumer. And think about all of the times that they chose the cheapest option. And how often they wanted the least expensive price.
From eating out in restaurants, to buying clothes and shoes. Even the car that they drive, and the hotels that they stay at. Are typically not the most inexpensive options for many different reasons.
When they are going to eat out in a restaurants says Vancouver business coach. They typically want a great experience. Same with staying in a more expensive hotel.
And when people are buying clothing, shoes and even cars. The experience is important. But having high quality. Is also worth spending more money on.
Therefore, business owners should not make the assumption that all customers will buy on the lowest price. Because this is not true. And by figuring out what will attract customers to their business. Can help them deliver that.
Vancouver Business Coach | Businesses Differentiation Factors
When entrepreneurs are thinking about their business says Vancouver business coach. They should understand why customers will buy their products and services. So that they can deliver it into an extremely high level.
Not only will that help them stand out from the competition in a crowded marketplace. But it will also attract their ideal and likely customers. So that they can be more likely to find them.
However, Vancouver business coach says it is also important for entrepreneurs. To create an amazing experience for their customers. From great customer service, to the experience itself.
Can help give people that experience that they are looking for. And that wow factor that will keep them coming back. Vancouver business coach says providing great customer service is no longer enough.
And in fact, great customer service is actually expected. Therefore, business owners need to provide something additional. In order to provide that amazing experience to their customers.
They should use as many of the five senses as possible. To help create a unique experience. That will impress customers. And keep them coming back time and time again.
From having the right music. That is designed to appeal to their ideal and likely buyers. To engage in all of the senses, from site, having a dynamic storefront for your customers to enjoy.
As well as the sense of smell, touch and even taste. Will ensure that customers can have a unique experience. They will be talking about for days to come.
A great example of using taste. Is thinking how many higher and businesses. Offer coffee, cheese, or another drink to their clients. This is to help them feel like they are taken care of. And can set the business apart.
But even the customer service itself is very important. The reason why, is because people will end up paying more money for great service. And not only did they not purchase the cheapest price.
But when they get consistent customer service over and over. They are more than happy to keep returning. And paying a slightly higher priced. Because they enjoy that experience.
Another way that businesses can stand out from the competition. Is attaching their business to some good cause. That is people can feel good about supporting.
An example of this is the shoe brand toms. They build an entire shoe business. On the idea that for every pair of shoes they sold, they would send the pair of shoes to a person in need.
Therefore, even people who were not particular fans of the shoes. And the depth purchasing them. Because they wanted to do good in the world.
The good cause can be something that is global, or local. And it does not really matter what it is. As long as the business owner feels good about supporting it. And others wants to help out as well.
When entrepreneurs are able to understand their differentiation factors. Not only will they stand out in the marketplace. They will be able to attract their ideal and likely customers to grow their business.