With so many businesses on the market, it can be difficult to stand out from the crowd while growing your profits. Restaurants and cafes are built within earshot of one another, mechanics will be within kilometres of one another and hotels will be built in the same hot spots. As a business owner, it is important to ask one simple question: “What are we doing that our competitors aren’t?”
While similar businesses can offer similar products, each are offering them in their own unique way. This is where your point of difference comes into play. Think of it as putting your own spin on a product, giving your customers a bit more value with each visit.
On paper, a point of difference sounds great – a unique idea that’ll have the customers rolling through the doors. Like any aspect in business however, planning is needed to make sure it’s a success. How will introducing a point of difference affect your costs, and what return will it bring in? Let’s look at a prime example.
Exclusive items can be a rewarding point of difference. As the name states, this is something your customers can only get from you. An exclusive item could come from making a deal with a supplier, or coming up with a signature dish or drink on the menu that could break Instagram. Getting an exclusive item running can be quite tricky.
If the item is from a supplier, you may need to buy a certain volume of product in a given time period. This could be costly, especially if the product doesn’t move. Designing a new menu item on the other hand will need some research and development. R&D leads to time and money being spent on materials, experimentation and promotional trials.
Providing your customers with an exclusive choice can be quite a risk, but if done correctly it can be quite rewarding. Thinking of adding a point of difference to your business? Get in touch with Work the Numbers on 0419 925 427.