It is a basic principle in any market and in any business that as a supplier you must find a way to distinguish your products and services from your competitors in order to gain substantial market share and growth in the business.
If a supplier cannot do this, then the only way it can sell a product or service is to sell it cheaply. If every other supplier has the same problem then everyone will lower their prices and a race to the bottom follows.
It is believed that the Property Management industry faces this very dynamic because the industry is yet to find a way to clearly differentiate one property management business from another.
To effectively stand out in the crowd you must have a point of difference. Working out your point of difference is not easy, but you can achieve this.
An effective point of difference must have three characteristics:
- It must provide valuable to your clients
- It must be credible and also provable
- It must be real and be embedded into everything you do
Each of these three things requires a lot of work. It can be complicated but not unachievable, the best way to approach this is to work through it, as part of your business strategy and planning process.
A key component in getting this right is to really understand your clients and recognise that they are the ones that define the value in your products and your services.
A simple and powerful idea yet one that is most often forgotten.