For many businesses, the economic downturn has meant fewer customers, smaller revenues and in the worst cases, layoffs and closures. Some have decided to scale back operations, hoping to lie low until the crisis is over.
But savvy business minds know that a tanking economy is tailor-made for grabbing market share from competitors.
In Collapse of Distinction: Stand out and Move up While Your Competition Fails (Thomas Nelson, 2009), Scott McKain reveals how companies and individuals can stand out in the marketplace because of – not in spite of – a less-than-robust economy.
“When customers perceive that times are tight, they naturally want to spend their money where they receive the highest degree of value,” says McKain. “This economic crisis we’re experiencing is a great opportunity for businesses to jump in and differentiate themselves as providing that extraordinary value.”
McKain emphasizes that now is the time when business people should be making more calls, talking to more clients and coming up with more new ideas. The reasoning, he says, is simple — if you do more while the competition is doing less, guess who will win customers?
From his research and experience, McKain identifies what he calls Four Cornerstones of Distinction, which are qualities that companies and leaders need to develop differentiation and uniqueness in the marketplace. These are:
* Customer Experience Focus
McKain then examines each of these in greater detail with suggestions on how companies can harness the power of each cornerstone to become distinct.
“Customers are not vanishing into thin air,” McKain says. “They are becoming more discriminating about where they spend and how much they spend. They aren’t looking for ‘cheap’ in these challenging times — now, more than ever, they are looking for ‘value’…they seek ‘distinct.’”
For more information on Scott McKain and Collapse of Distinction visit http://www.collapseofdistinction.com