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Price, Expertise, and Trust – revisited

by Randall Craig on July 15, 2016

Filed in: Blog, Business Development, Growth, Make It Happen Tipsheet

Tagged as: , , ,

Most service-based organizations compete based on Price/Expertise/Trust. But do these dimensions by themselves generate sustainable competitive advantage?  Not necessarily: to develop competitive advantage requires taking each of these items to their logical conclusion.

From price to value:  Not only is competing on price usually not economically sustainable, most organizations do not want their brand to be characterized exclusively by price.  But “value” is a different story, because it incorporates the concept of ROI.

From expertise to thought leader:  While expertise is required to be in the game, thought leadership is the ultimate differentiator.  Unfortunately however, the term is far overused.  Not sure if you are a thought leader?  Test yourself here.

From trust to trusted advisor:  Trust is either earned or spent at every touchpoint: from initial contact, to contract signature, to every interaction thereafter.  As trust grows over time, the relationship moves beyond the transactional.  How to become a trusted advisor?  Keep your promises, exceed expectations, and put others interests before your own.

This week’s action plan:  Unfortunately, many organizations (and people) pay lip service to these concepts at best.  This week, one dimension (price/expertise/trust), and ask one question: how might we do better?

Note: The Make It Happen Tipsheet is also available by email. Go to www.RandallCraig.com to register.

Randall Craig

@RandallCraig (follow me)
www.RandallCraig.com
:  Professional credentials site
www.108ideaspace.com: Web strategy, technology, and development
www.ProfessionallySpeakingTV.com
:  Interviews with the nation’s thought-leaders

About 

Randall has been advising on Web and Social Strategy since 1994 when he put the Toronto Star online, the Globe and Mail's GlobeInvestor/Globefund, several financial institutions, and about 100+ other major organizations. He is the author of seven books, including the recently released "Everything Guide to Starting an Online Business", and speaks across North America on Social Media and Web Strategy. More at randallcraig.com and 108ideaspace.com.

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