With full credit to Joel at Exec Tech Los Angeles:
Merrian Webster says to differentiate is “to mark or show a difference in : constitute a difference that distinguishes”
The ability to or the successful archival of differentiation can be the key to a businesses.
Business put their unique spin on a more or less standard offerings looking for away to be what more customers want. The key is how can you or should you differentiate yourself and your business for best effect?
Some business center on being the low cost leader. While this has been a tried and true winning method it is easier said then done. Stores like Wall Mart have had to take low cost in a whole new direction by actually influencing their providers to create specific products that they can then offer for a greater bargain.
Others companies center on quality or exclusivity. Does a Hasselblad camera in Ferrari “rosso fuoco” color, and with the unmistakable Yellow Prancing Horse Racing Shield on the side increase the value of the product by 50% (from $18,531 to $28,473)? How does Hasselblad manage to sell tens of thousands of their Hasselblad H4D for a price equal to a Kia Sport (clearly not a Ferrari of any form)?
Some customers are drawn to companies that do more then provide just the product but also supportive services. These companies differentiate themselves by providing products and solutions surrounding those products.
Close allied to services based differentiation is customer intimate solutions. This take the services based offering and customizes the business offering for the clients specific need.
The possibilities are endless and limited only based upon the ability to execute in a style different then the competition.
So how are you differentiated from your competition? Would your customers and or employees be able to express what is different and how it makes you a better value proposition?
Is what differentiates you from the competition really add to your value proposition for your clients and yourself?