How To Achieve Effective Product Differentiation?
Being competitive could mean providing effective products and services, although many others have provided the same thing. However, there’s no need to completely re-invent the wheel. We should do what others have proven to work. If they can do it, we should be able to do it as well. In order to remain competitive, we should be able to associate ourselves with the company and this applies to all employees.
In larger companies with more diversified employees’ base, they can benefits from steady stream of fresh, new ideas obtained from specific creative employees. In fact, many companies don’t need to hire expensive consultants if they are able to encourage employees to come up with new ideas and home-grown solutions.
There is a rainbow of culture in many companies and we should encourage such creativity by emphasizing on diversity, because people from one group tend to have similar solutions and patterns of thinking. Many companies could miss something valuable if they are unable to take advantage of their employees’ creativity and resourcefulness. Executives and business owners tend to have monumental duties and any growing company need to have a large collection of accessible ideas.
Business owners should surround themselves with a kind of team that can help them to maintain proper competitive pace. This should allow them to elevate their company without having to undergo the separation of identity. As a consumer, one inevitable question that they may face is what is the difference of the product compared to others? This kind of question could only be answered by the employees themselves.
The point here, it isn’t really important to create dramatic and big changes, but consumers are more impressed with something unique and special. Companies should be able to inevitably reveal the benefits and features of their offerings. A simple business like a lemonade stand won’t survive only by establishing competitive pricing, but it also needs to be able to create a buzz that can attract onlookers. Upon achieving this goal, businesses still needs to further prepare themselves for another round of enhancements and re-introduction.
Continuous improvements are the seeds of growth and we need to water them. Our innovation tree won’t only need to grow tall, it should also grow prominent. The most formidable trees have very strong seeds and thriving branches. By properly nurturing internal innovations and willingness to create new niches, our companies will eventually benefit from the dividends of time. We could just build a very strong “tree” and even a small lemonade stand will attract many consumers.
There are many ways we can do to measure our global business and we should be remain aggressive and diligent in our pursuit. While seeking to boost growth, we should also motivate our employees and inspire them. We should re-evaluate the status of our company and consider about possible acquisitions and mergers. Some companies that we acquire could have proprietary solutions that can ensure a high degree of uniqueness. The key is to stay aggressive in our pursuit and remain diligent.