Ep. 41: What's Your Competitive Advantage?

What is Your Competitive Advantage?

Anything that gives you an edge over your competition.

Competitive advantage for service professionals in the housing, banking, insurance, or financial services industries can arise from several key factors:

      1)Service:Providing exceptional customer service is crucial in service-based industries. Professionals who consistently go above and                     beyond to deliver a positive and personalized experience to clients can create a competitive advantage.

     Entry-Level Service Expectations:

• Product knowledge
• Clear & Prompt Communication
• Client emotions.
  
  2)Differentiation: In commoditized industries, you must have niche products or services you provide that set you apart. Commoditized means that it's heavily regulated so often companies are doing very similar things at very similar prices. What one or two things are you world-class at? What one or two things are you world-class at? There are riches in the niches.
  
  Building Your Differential Advantage:
• Who is your ideal client?
• What problem(s) do you solve for them?
• Can you clearly articulate this?
  
  3)Price: To say that price doesn't matter would be naïve. We don't want you to be the "cheapest" but you also must be competitive.
  
  Basic Service Expectations (entry-level)
• Perform a market analysis for price comparisons.
• Shift from price to value (see step 2).
• Outcomes-based selling.
  
  4)Reputation / Relationships: Reputation isn't built overnight. It takes years of consistency to build and can be destroyed overnight. We can't afford to have "bad" days. Every day with your current client is an interview for your next.
  
  Person of Influence
• Be a community leader.
• Build a strong referral partner base.
• Customer testimonials for social proof.

Once you deliver on these 4 pillars of competitive advantage then you can focus on having a "contagious confidence" that attracts others to you.

"Contagious confidence" refers to a state of self-assuredness or certainty that is so compelling and inspiring that it spreads to others. It is an attitude or demeanor characterized by unwavering belief in oneself and one's abilities, which has the power to influence and uplift those around you. When someone exudes contagious confidence, they radiate a sense of poise, competence, and optimism that can be infectious, inspiring others to feel more confident and capable in their own pursuits.

People with contagious confidence often display qualities such as strong self-esteem, assertiveness, charisma, and a positive mindset. They project a sense of authenticity and conviction that resonates with others and encourages them to believe in themselves. Through their actions, words, and body language, individuals with contagious confidence motivate and empower others, helping them overcome self-doubt and take risks in pursuit of their goals.

Contagious confidence can have a profound impact in various areas of life, including personal relationships, professional settings, leadership roles, and public speaking engagements. By instilling confidence in others, it can foster an environment of growth, collaboration, and success.

It is worth noting that contagious confidence should not be confused with arrogance. Confidence becomes contagious when it is accompanied by genuine empathy, respect, and a willingness to support and uplift others rather than diminish them.

Conclusion:

Once you can clearly articulate your competitive advantage based on your service, differentiation, price, and reputation then you will have a contagious confidence in all parts of your business. You'll be able to meet with prospect clients and articulate your value, and attract new referral partners based on relationships in your community. 

Watch the full podcast here.