25 Sep It’s Time to Create Your Own Path
I have a motto I live by: “I want my customers to adore me and my competition to hate me.”
I know this is a bold and unconventional statement to make, but I see many business owners, time and time again, falling into the competition trap. I refer to it as a trap because trying to compete with your competitors often leaves you being forced to lower your price.
Early on in my entrepreneurial journey, I realized that competing with my competitors did nothing to help me grow my business. Instead, it wasn’t until I created my own path, completely stepped outside of the box was I able to transform my business and grow exponentially.
At the time, I was selling a product and like dozens of other companies in my industry. There wasn’t anything specifically with the product that I could do to stand out in the market. While other companies dropped their prices to attract customers I took a different, and industry-changing approach. I offered a 100% money back guarantee. This sounds like a risky strategy to take, but in five years, I only had one customer return the product. My competitors hated me, but they were not willing to go out on a limb and offer a similar guarantee, so I was able to get new customers while my competition was left competing with each other on price.
To take it a step further, I studied how I could capitalize on later purchases with my customers. So, I rolled out a buyback program. When customers were ready to upgrade their system, I would buy their used products, refurbish them and sell them on the secondary market. This was something no one in the industry was doing, so I was able to establish and keep a strong competitive advantage and expand my revenue sources.
I always remind my clients that the purpose of business is to service your customers and to make a profit. The more ways you can do both, the higher your chances of not ever having to compete. Instead, you carve out your own path that your competitors cannot imitate if they tried.
So, ask yourself today…
Where bold, out-of-the-box moves do you need to make? What areas in your business can you try an innovative or never-seen-before approach?
Remember: You want your customers to adore you and your competition to hate you. It’s time to stop fighting fair and start fighting hard.