What does point of difference mean in business?
In a competitive business marketplace, businesses need to differentiate themselves from their competitors. They need to identify, build and actively promote their point of difference.
Example: If you sell office stationery, why would some
one come to your store, rather than your competitor's store? What makes you stand out from the crowd? Perhaps you offer a mail order service, free delivery or value added services.
Example: Competition often sparks innovative ideas. Some Australian childcare centers now offer value added services such as babysitting, dropping your older kids off at school. Some even organize your ironing for you.
Now that's establishing a point of difference.
This is part of an ongoing Small Biz Mentor series on Basic Business Terms.
» Childcare Center Value Adds By Taking Care Of Your Ironing from SmallBizMentor
Australia's Courier Mail Newspaper reports a trend in Childcare Centers to value add their services. Time strapped parents need help with looking after their kids. Obviously, that's why you go to a childcare center. But if you ran a childcare... [Read More]
Tracked on: October 9, 2007 6:12 AM | Permalink to Trackback