In this digital world, your customers have more platforms than ever to share their thoughts on what they think of your business. Whether you like it or not, they are on Facebook, Twitter, Trip Advisor, Yelp and 30 other platforms raving about the good, the bad and the ugly of businesses across the globe.
So, if you don’t know what you want to be famous for, your customers get to choose and that is downright dangerous!
Get ahead of the game
If I ask you to think of each of the following companies, I am sure you could tell me what they are famous for. McDonalds, Virgin Airlines, Coca Cola, Fed Ex, Nike, Mercedes. They each own a place in the market because they know their market intimately. There’s two main reasons you want to be clear on what you are famous for:
- Your customers will know what to expect from you. This means they are in the game from the get go. They know why you exist, why they have chosen you and can measure your business against something. You take control, not them.
- Customers know how to position you and sell you to other customers. The best form of marketing on the planet is word of mouth marketing. We trust a friend or colleague’s recommendations much more than any advertising. So if you know what you want to be famous for and are delivering on it, your customers will market your business for you.
Riding the bike
Most businesses are famous for one of three things – Quality, Service or Price. Its almost impossible to be famous for all three. So you need to choose one and be absolutely clear on which one and why you want to be famous for that particular thing.
Just because you choose one doesn’t mean you shouldn’t pay attention to the others. It’s a bit like having a tricycle. What you are famous for becomes the lead wheel. It gives you direction and purpose, but you need the other two wheels to provide balance. Its not much fun trying to ride a tricycle with only one or two wheels, you end up going around in circles or nowhere at all!
Imagine you want to be famous for Quality, That’s your lead wheel. Obviously if quality is your strategy, its going to cost you more to do business so you can’t be cheap. But you do need a pricing strategy that matches the quality you provide. Too cheap and the perception of quality disappears. To expensive and the quality is not valued. You will also need to provide a good level of service. There is an expectation that quality products or services come with good customer service. Ultimately price and service are the back wheels of your tricycle, keeping it in balance but quality is the lead wheel. Its what you stand for. Its what you customers rave about. When your customers talk about you its “you make the best xxxxx or “you provide the best yyyyyyy” That’s what makes you famous!
If you’re famous for Price. People expect lower quality and will accept poorer service but not to the point that either of those don’t exist. Ultimately they want value for money. When they talk about you, they say “they are the best value” or “they do such a good job for the price” its not that quality and service don’t matter, they do. However, price is the driver.
And if you want to be famous for Service (which by the way, lots of companies want to be and very few manage to deliver on) That’s why its my favourite business strategy and the one I spend most time implementing in the companies I work with. If you can get it right, you can really own the market. So the idea is that you take better care of your customers than anyone else.
Again, quality and price matter, but customers will pay more for less if you provide a level of service that blows them away. When they talk about you, they say “you are amazing” they tell people that “you are the best to deal with”.
If you know exactly what you are famous for and deliver it without fail, your customers will market you, your employees will be more engaged and committed (because they know what game they are playing) and you have something to differentiate your business and measure its performance against. Now you’re a winner and winners become famous.