What differentiates your firm from your competitors?

 

What differentiates your firm from your competitors?

It’s a tough question, isn’t it? You may say ‘we are a family business’ or ‘we pride ourselves on our high-levels of customer service’; but what if your main competitor is also a family business, or also offer exceptional customer service? It no longer offers a competitive advantage.

Identifying key points of differentiation for your firm is an important process in the development of your business and marketing strategies. It is the foundation of your brand positioning strategy, or put simply, how you would like your clients and potential customers to perceive your brand / firm in relation to your competitors.

Points of difference should be balanced against points of parity (largely similar attributes) with competitors or competing propositions. This balance allows your potential customers to gain confidence in your firm’s ability to meet their requirements (like-for-like analysis or parity), and persuade them that the key differentiating factors are unique to your firm, tipping the balance in your favour.

It is important to remember that differentiating factors are only worthwhile if the customer recognises the value and considers it of worth. As Bryan Dyson, CEO of Coca-Cola (1988-1994), famously said:

“Value has a value only if its value is valued”

So how can you create key points of differentiation for your firm, which are truly valued by your customers?

Training workshops

When helping firms gain competitive advantages from key points of differentiation, it is important to identify what really matters to your customers.

Knowledge on its own is not enough these days to make a difference. High-level skills are needed to implement that knowledge.

One of the clearest methods for instilling a shared understanding across your workforce of what really matters to your customers is via formal training.

Training workshops, conducted on your premises by RWA’s specialist team, will help to maximise the skills of employees and help your firm stay one step ahead of the competition.

Formal training can further help to strengthen key differentiating factors (i.e. staff proficiency, customer service, etc.) by engaging your workforce in impactful sessions on key regulatory issues, such as TCF and vulnerable customers. The RWA Training team can tailor sessions to cover key topics as required.

The key outcomes of training workshops include:

  • Highly skilled, engaged employees with a clear understanding of brand positioning
  • Customers who delight in the service they receive and refer others to you
  • More collaboration between teams and departments to implement differentiating factors
  • A happier, motivated, and more productive workforce with pride in what they do
  • More revenue, more profit and improved reputation
  • Sessions cover all key business skills, and most importantly, it sticks

Training sessions are conducted at your premises, between 10 am and 3 pm, and count towards CPD requirements.

If you would like to discuss how RWA Training can help your firm maximise its key differentiating factors via formal training, please contact helpdesk@rwagroup.co.uk or call 01604 709 509.

 

About the author

Kirk joined RWA in 2015, having worked in the financial services sector for many years. He started out in both the general insurance and mortgage advice arms of HSBC, before becoming the Compliance Officer at Go Compare and Training & Competence Manager at Optimum Credit. 

At RWA, Kirk supports clients by looking after their compliance and training and competence needs and keeping them up to date with regulatory changes. He promotes the achievement of fair customer outcomes and specialises in designing and implementing T&C schemes for firms of all sizes.

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