Market
differentiation is an essential effort for all businesses within an existing
competitive marketplace. It becomes a deliberate plan to develop products
and/or services that stands out by first understanding the competition,
competitors, their investment priorities and adjust to a better footing that
appeals to the customers. The perception of your target market towards your
services or product is critical and can be improved with technology and as an
end result, it attracts consumer's loyalty to one's brand.
In
my honest view, considering the 4th industrial revolution, tech is no longer a
product/service differentiator but is an integral and critical part of business
solution or offering. traditional business models are on the fast decline. The
Uber, Airbnb, Hello Tractor (Nigeria), Ecocash ( Econet/Zimbabwe), M- Pesa
(Kenya), precision farming have all integrated tech as a critical component of
their economy shared business models beyond just a differentiator, leveraging
on tech like AI, block chain & IoT to mine customer data and market
insights.
However,
what differentiates your product and service is the early seize of technology
that the target market can relate with, and same time can promote after
satisfaction without anything in return. A user-friendly technology!
Beyond
the effectiveness of the new technology, consumer's response is important. A
feedback system is a technology to adopt. Businesses have to incorporate the
impact of consumer-driven market-level effects into their technology choice
decisions, businesses would have to also consider the interaction of demand and
supply effects from the adoption of any new technology.
As
important as data collection and feedback, technology like Point of Sales
terminal makes it possible to get customer info and study their buying pattern,
demographics and can be used to set business goals. Google form, survey monkey
can also collect customer data and feedback.
Leveraging
on technology is not particularly for multinational companies, start-ups can.
Using technology to create a unique value proposition that differs and appeals
to the target market means it must provide the following:
-
Must have a measure of customer's benefit and why they can't get it anywhere.
-
Utilise an automated CRM, organize free discussions on how they can make the
best out of your product and services, this could be quarterly.
-
Encourage customers that submit reviews in form of videos with bonuses. (those
reviews can triple your sales and makeup for bonuses).
-
Connect your clients or target market in a web, it helps to understand what
goes on in their cycle and predict a future drift.
-
bundle product and focus is a strategy that can also stand as differentiator.
In
essence, ensure to use technology to achieve 'product leadership, customer
intimacy and Operational excellence'. Also note that the technology should be
launched properly and timely, in most cases carryout a survey either by a lean
canvas or any proven method to discern a relative accurate time to launch.
Ohanwe, Emmanuel. I.
Imo, Nigeria.
+2347034930975
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