We have been in business for over 55 years offering product and services backed up with knowledge, experience and value. Since then, our competition has created businesses , segmenting both our product and services, ignoring lines of distribution , offering products and services of less quality, and creating a new wave of inexperienced distribution centers, wanna be product showrooms, contributing to willing ignorant professionals and oblivious end users. We sell natural stone products and services handling the import, custom fabrication and installation. We are true full service operation. The marketing of the inferior quality product and services , offering better price points at times, not always, has created a detestable industry that is no longer lucrative to the expert offering value.
What you are asking after, is an age old business challenge; One that can be addressed, utilizing the modern tools of social media, to help stake your product and service position.
The competition are doing what they are supposed to do; They are selling the ‘sizzle’ not the steak; by offering lower prices with less value added services than you do. There will always be customers who initially react to a lower perceived price offering.
However; there are a number of ways to compete against price; but I’d first need to know more about what exactly you are selling; your current market position; your competitive price points; margins etc.
The competition are the new guys in town, as you rightly noted. They need to attack you as the veteran in the industry; the incumbent “gold standard’ as it were; by offering price related discounted values.
Your counter is to remind the customers and prospects of what exactly you offer and how your product stand out from the competition.
Hello, I am MBA, PhD, experienced at Business Transformation & Change management.
From where I stand, I have to notice, that blaming industry/business is not the solution.
First of all, you need to re-think role and mission of your company. You have 55 years of company history - I am sure, that during these years your Company met and successfully overcame hundreds of troubles. Maybe the answer is there, maybe not.
If you need any help with new ideas, transformation or you need an advice - just give me a call.
This happens in ALL types of business. The key is to show them WHY what you do is important. They simply may not realize that their priorities are not ideal.
Always make sure your service is relevant to your core customer. Adapt or die. As your initial customer bases ages, you must be an obvious choice for a new wave of customers. In other words don't keep selling buggy whips when most of your customers are driving cars. You may need to target a different customer base. Align your services to modern installations and not what was on-demand in 1963. Collaborate with services that share your customers but do not compete in your space. Notice I didn't recommend changing your prices. Price is not always why a prospect chooses another service, it could be a misperception of relevance. Those individuals who choose price first are not your customers.
As many have noted here, the industry's sands have shifted under your feet and your competitors appear to be winning. Yet the only reference to your customers calls them "oblivious end users."
Have you explored the motivations of your customers--existing and potential--lately? Do you have a handle on what they value outside of cost? You seem to believe that your market has eroded--but is it a function of shifting to a different market segment? Either in customer demographics or geographically?
The lucrative opportunities may still exist, but with different coordinates.
If you wish to discuss, send me a PM through Clarity for 15 free minutes.
When it comes down to it it’s all about communicating your unique ‘value’ to who you’re engaging with.
We are in an age whereby you can in theory lean anything thanks to the internet and this has de-valued the perception of expertise and one of the best ways to combat this is prove you’re the real deal - an expert!
Wherever possible communicate your experi NEC and knowledge. A great way is case studies, you know - challenge, solution, benefit (outcome).
I hope this helps you - Let me k ow how you get on.