Turning Point Strategies

Developing Your “X-Factor”

There are two common stumbling blocks we often see when it comes to developing the “X-Factor.” First, is the lack of understanding of the importance and benefits of being truly differentiated in the marketplace. We can tell you unequivocally, and without hesitation, that in any industry, those businesses that are well-branded – ones that can clearly and concisely express what makes them different – are the market leaders in that industry. This has been demonstrated time and time again in studies of what makes successful businesses tick. Don’t believe us? Look it up. Or better yet, give us a call and we’ll show you.

Second, is believing you’re differentiated but not putting yourself in your prospects' shoes to look at your business from an outside perspective. Just because you may know you do things differently than a competitor, doesn’t mean your prospect does. Remember the old adage, “Perception is Reality.”

Let’s test this theory – pick five competitors' websites. Go to the “About Us” page or where they explain how they’re different. Copy that text into a Word document. Now remove the names of those competitors and put in your name. Does it still ring true? Remember, you’re looking at this from the perspective of a prospect. Finally, take your copy and swap out your name for the name of a competitor. If the statement still makes sense to a prospect, you’re not well differentiated.

Now comes the statement that may come as a shock to many. The “X-Factor” CANNOT be quality, price or service. This bears repeating so say it out loud:

The “X-Factor” CANNOT be quality, price or service.

Before our In-Box gets bombarded, we will acknowledge there are a few- a small few- exceptions to that rule. Wal-Mart, Southwest Airlines and the Ritz-Carlton come to mind. But by and large, those are traits a business MUST have to even play in the game today – not something that can truly make you different. (However, please do not discount the importance of excellent quality and service. Being recognized for excellence in those areas will go a long way towards customer loyalty – that’s why customers continue to buy from you. We’re really focusing on attracting prospective customers here.)

Let us demonstrate with two activities. First, pick five websites of businesses you know; any five. How many of them talk about the quality of their people or service as being what makes them different? Now put yourself in a prospect’s shoes. How do you believe any one of them when they are all saying the same thing?

By now you may be thinking, “Uh-oh, that sounds like us.” Not to fear, you’ve come to the right place.

© 2015 Turning Point Strategies • 678.727.4040