If someone asked what you did in your business, chances are you’d have a quick “elevator pitch” prepared. But when it comes to what you do, the real question is:
What do you do better than ANYONE else out there?
What sets you apart and is difficult for your competitors to duplicate?
This is what’s known as your business’ core competencies
On the surface, it sounds the same as a USP, but it’s slightly different. Your core competencies are what support your USP. It’s easy to figure out what your core competencies are if you’re a brand new company with a hot, in-demand product.
It’s not so easy if you’re in a highly-competitive market. Here’s how to figure yours out.
Discovering Your Core Competency
In order to determine your business’ core competencies, you don’t have to create some complicated matrix or go through a massive drill-down exercise. Discovering your core competencies can be done in as little as three easy steps.
Take a Look at Your Core Values and Mission
The first step in understanding your core competency is going with what you know. Take a look at your mission statement. What are your core values and how do those values translate into what you offer your customers?
What Do You Do Differently Than Your Competitors?
If you need a little help, it’s always a good idea to look at your competition. What do you offer that they don’t? It can be something simple like a unique product feature, or it can simply be the way you do things. Make a list of these key differentiators and you’ll see areas that your company clearly dominates. These can make up your core competencies.
Ask Your Customers
If you need a little more help, why not ask your customers? Ask what comes to mind when they think of your company and chances are they’ll give you a list of things, some of which you may never have even considered!
In creating a marketing and revenue generation strategy around your core competencies, not only will you avoid competing entirely based on price (which is a downward spiral race to the bottom) but will also give you a foundation to build upon as you explore new revenue generation ideas on how to build your bottom line while attracting the right kind of customers.
To learn more and work with a seasoned team that can help leverage your core competencies to take your business to the next level, reach out to the team at Workdom. Our experienced professionals can work with you to tailor a revenue generation strategy that’s designed to help position your product or service as the best option for the customer’s needs while focusing on key differentiators that set you apart.