Lessons from the Think Tank – Issue One
After facilitating hundreds of Think Tanks with high growth entrepreneurs over the last 25 years, I have uncovered three fundamental issues for any business focused on increasing market share.
Issue One: Can your customers distinguish you from your competitors?
A quick search on Google will tell you how many competitors you really have. There are thousands, even millions of choices out there. Take a look at a few websites. Notice the patterns. You’ll quickly notice everyone says the same thing: Customers are #1; we are your trusted partners; we offer world-class (fill in the blank) — yadda, yadda… A friend of mine calls the Internet “buckets full of buzz words.” Unfortunately, that description can fit many of our websites perfectly.
The problem is: When everyone says the same thing, no one says anything.
When no one stands out, buyers have a hard time making a choice. Once you realize at least 66 percent of the B2B buying processes literally begins (and often ends) on the web, the impact of this hyper-change in buyer behavior really begins to hit you. You are losing prospects you didn’t even know you had.
LESSON LEARNED: You have to give your customers MEANINGFUL reasons to choose you and that means you have to be willing to be different.
About the Author
Denise Patrick has provided marketing and consulting services to over 2,500 firms since 1987. An expert in buyer behavior and behavioral economics, Denise works with high-growth entrepreneurs to develop the right strategies to bring their products and services to market. Denise Patrick is a senior strategist at Pierpont Communications in Houston.