What really works in beating your competitors?

As a result of this column you and your organization will:

Understand why each of the individual service people must be the ‘boss’ with the customer.
Realize that the best way to overcome competitors is to deliver products and services that meet customers’ expectations…and immediately remedy problems!
Be prepared to stay ahead of competitors by keeping information up-to-date and allow it to fine-tune your strategy as the market changes.

How do you stack up against your competition? The Evergreen Project mobilized more than 50 leading academics and consultants, who analyzed dozens of companies over a decade. Findings show that to devise a clear, focused, and easily communicated value proposition for customers is critical.

The winners in the study were guided by the suggestions of customers.
They paid close attention to that defining moment when an employee and a customer interact.
Their front-line people have authority.

Randy Katz DMD, practicing dentistry for over a decade said, “When a billing question comes in, either of our receptionists can deal with it. After hearing out the patient’s question, they say ‘I will pull the file, review everything and get back to you within an hour.’ My receptionist handles it promptly and shows respect for our patient’s time.” As Peter Drucker, deceased but nationally recognized management guru said, “Each of the individual service people must be the ‘boss’ with the customer. The rest of the organization must support him or her.”

The best way for business organizations to overcome competitors is to deliver products and services that meet customers’ expectations…and immediately remedy problems! To stay ahead of competitors, keep information up-to-date and allow it to fine-tune strategy as the market changes.

“No two store locations are quite the same,” say’s Burgess Peters of Price Rite Trailer Sales with locations in New York and Tennessee. “Customer needs vary from market to market and inventory may have to be different to serve them.”

Another unending competitive advantage is to constantly strive to improve productivity and eliminate waste. In other words, “perfect operational excellence.” But it’s important to decide which processes are most important.

Dr. Katz continued, “Our practice gross has increased and much can be attributed to investments in continuing education and new equipment. As a result, we are able to do more root canals and crown and bridge work rather than referring out to a specialist. The patient knows and trusts us and is not inconvenienced with travel or intimidated by having to see a stranger.”

When David Johnson became CEO of Campbell Soup, sales were flat, profits were declining, and market share was dwindling. Johnson cut the workforce by 15 percent, shut down 20 plants, and dumped unprofitable products.

His surviving plants bid for the business that had been handled by those operations that had been axed. Plant managers were forced to focus on cutting costs and improving productivity to get the extra work. Johnson created a performance-oriented culture and operating efficiencies soared.

Meanwhile awarding achievement with praise and bonuses is evident at Home Depot, where employees make no more than the industry average. But, part of their income comes in company stock, which ties their performance directly with their pay.

Every winning company in the Evergreen study had some compensation tied to overall company performance, making people feel like owners.

In the wake of corporate scandals, establishing clear values and requiring everyone to abide by them is more important than ever. Business organizations that empower and train their people to serve the customer and authorize them to immediately solve product or service problems will flourish.

This article is provided by Joe Murtagh CLU, ChFC, CFP, “The DreamSpeaker” www.TheDreamSpeaker.com a 37 year veteran and past top producer in the Financial Service. For keynotes, workshops, consulting, facilitation and questions…or a free report titled The Three Biggest Mistakes Financial Service Professionals Make, email us at email us at Joe@TheDreamSpeaker.com or call 800-239-0058.

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