August 14


Creating Distinction in a Competitive Marketplace

In a recent article for CEO Magazine, writer and business expert Scott McKain discusses the three destroyers and four cornerstones of business. Destroyers are aspects that hold a company back, whereas cornerstones are areas that will raise a company to a higher level.

The three Destroyers are…

  1. Copycat Competition: When competitors become more worried about each other than their customers. To an outside eye, these companies seem to be mirrors, making price the primary differentiator.

  2. Tougher Competitors: The Internet connects your companies competition to your customers faster and more efficiently then every before. Be prepared for this phenomenon and compensate for it; hold onto your customers.

  3. Familiarity Breeds Complacency: The more a customer become accustomed to your company, the more they will take what you have to offer for granted. Keep that notion in mind.

The four Cornerstones are…

  1. Clarity: Be able to state your company’s advantage in the marketplace, while keeping two important points in mind. First, if everyone in that industry states a similar advantage it’s a baseline standard and not a distinguishing factor. Second, be precise with your differentiation. Be able to plainly cite it to the customer.

  2. Creativity: A single point of creativity can become a large advantage. Choose one and make it yours.

  3. Communication: Customers respond more to engagement than to simple facts and figures. Make sure you craft the story of your organization in a way that is intriguing to customers.

  4. Customer Experience Focus: Form relationships and not just transactions,; realize that your customers appreciate connectivity.

Keep your customers happy and execute strategies to increase your distinction from competition and you will become an extraordinary resource in the marketplace.

How will you implement these destroyers and cornerstones?

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