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BLOGPrice, Expertise, and Trust – revisited

by Randall CraigFiled in: Blog, Business Development, Growth, Make It Happen TipsheetTagged 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, pick one dimension (price/expertise/trust), and ask one question: how might we do better?

Does this topic resonate? Reach out to Randall: he can present it to your group.  (More presentation topics)
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