This article are provided for information purposes only, and are not intended as legal advice.


What makes your business unique?

March 4th, 2009

If you buy a business or are about to start up a business, what makes you unique?  Do you carry the same products as everyone else?  Do you provide a better service?  Why would someone leave you to go to your competitor?  Do you have better prices, do you ship faster?  In tough economic times as we are experiencing now, everyone is looking for new customers.  Some customers are looking to change suppliers if you are providing a commodity such as trucking. They believe that if one company has surplus equipment, they may be looking to provide employment for their existing staff and may be willing to drop their prices just to keep people employed.  By tendering the trucking service, they may be able to get a better price because carriers have fixed overheads and may lower prices just to cover their fixed costs.

 

That will not keep customers in the long run. Eventually as the economy recovers, that supplier who low balled the price will start to increase the price.  Firstly, do you want this type of customer who will change suppliers to save a penny?  You need to ask, why should the customer keep coming back and paying a premium for your service?  If they are looking only for price, some of the customers will leave.  If they are looking for more than price, what are you offering them in return?  if you have a unique product or service, there is no where else for the customer to go.  Aren’t you better off to prevent them from looking in the first place by being different?  Providing that extra service and being unique can be a vital component in the decision to stay with the current supplier.


Filed under: Entrepreneurs — Gary Landa @ 7:14 pm


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