Let's say you want to buy a coffee. There are tons of places that you can get one. How do you decide where to go? This guide will walk you through the five factors that make a consumer choose your product over your competitors. Whether your business is an online retail store, a service that you sell or a local shop this post will teach you what you need to make people choose you every time.
Cheaper, Better, Faster, First, Only.
No it's not a Daft Punk song. These are the 5 values that will make consumers pick your business over a competitor. If you're starting a business in Ireland - or anywhere for that matter - you need to consider these five values. You don't need all five - just one is enough to give you an edge. (Although it couldn't hurt to have multiple) You need to be faster, better or cheaper than your competitor. Or, you need to be the first/only one doing what your business is doing.
Cheaper: Let's say for example you're trying to decide which internet service provider to use. The first thing you're going to do is google 'cheapest internet provider'. This tells me that the cheapest provider I can use is called Europasat for only €14.95 a month. If I'm trying to save money the cheapest option sounds good to me.
Better: Maybe I'm not too worried about cutting costs and I want the best internet service. So I search for 'best internet provider'. This search tells me that Virgin Media can give me fibre powered broadband with 360Mb download speeds. Depending on what I'm looking for I'm going to choose either of these options. Similarily when I look at the brand Pure Telecom broadband - their product is more expensive than the cheapest option, Europasat and slower than the fastest option, Virgin; so why would I choose them?
Faster: Maybe Pure Telecom broadband are super fast at getting back to me and will install broadband for me tomorrow. In this day and age consumers want it all and they want it NOW. If you can provide a service that works faster, is delivered faster or fixes their problem faster than your competitor they're going to choose you. Don't believe me? Think about the last time you were really hungry and needed something to eat. Did you put a roast duck in the oven and wait a few hours? Or did you decide to go to McDonalds 'just this once'. It makes you feel like crap, doesn't taste that great, but boy is it fast. Quick and instant gratification is the key to McDonalds business and why you keep going there when you know you shouldn't.
First: When you are the first business doing something you've got the market in the palm of your hand - consumers have no where else to turn. But as soon as a competitor enters the market being the first one to do it is less valuable. You can be easily trumped by the cheaper, better or faster options. With that said if you can build a relationship with your customers while you are the first to market they will be less likely to leave you. For example, my parents used Bank of Ireland when I was a kid so when it came time for my first account, I opened it with them. It's now about 10 years later and I still use that same bank. Not because they were the best, the fastest or the cheapest but because they were first.
Only: This one is a no brainer. Consumers have no other option other than your business to supply the product or service that they want. You don't have to be the cheapest, fastest or best. You're already the only and the first one to market but as soon as a competitor enters the market you better start looking at those other values if you want to stay on top.