Businesses must focus on doing things differently to have a meaningful competitive advantage

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 11, 2019, 5:39 AM UTC

This is against being better than competitors whose consumers may be happy paying less for a “good enough” solution.

The author notes that most of the brands in the market currently would pass a supposed “customer satisfaction threshold”. So, organisations must reconsider the value they’re providing to customers in addition to the product and services.

The author notes that with most businesses trying to provide a “better” customer experience, brands must reconsider the value they’re providing to consumers. This is considering that customers may be happy paying less for a “good enough” product or experience.  

The author recommends that companies do things differently to gain a meaningful competitive advantage. One way to arrive at this differentiation is to treat existing customers as one would treat newly acquired ones. The article notes that this can cut customer churn from 20% to 10%.

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