In this episode of the Business Owner Breakthrough Podcast, host Pete Mohr tackles the challenging task of differentiating your business from the competition. Using a triangle diagram to illustrate the balance between being convenient, having the best quality, and being the lowest cost, Pete explains the importance of finding the right balance for your target audience.
Here are a few things Pete covers:
- The concept of product differentiation
- The importance of offering a unique selling proposition
- Balancing convenience, quality, and cost for your target audience
- The role of creativity in product differentiation
- The fifth P of business success: profit
It’s time to take action:
The most important thing for the listener to do after finishing the podcast is to evaluate their business’s balance of convenience, quality, and cost and determine where they can improve to better differentiate themselves from the competition.