7♦️ Time: Your competitive advantage

What competitive advantage does your business have in the marketplace? What advantages do you have? Traditionally differentiators are things like price, product features and benefits and maybe delivery timescales or discounts. But I want to suggest that in today's world, there's one factor that more than anything else, helps people win business. And that's very simply, time. Or speed of response!

Problem or challenge

Many businesses struggle to keep up with the increasing demand for speed. Delays in response times, order fulfilment, or customer support can lead to lost sales and customer dissatisfaction.

Complexities

Implementing changes to improve speed and efficiency can be challenging, especially if you lead an established business with existing processes and systems. It may require investments in technology, training, and organisational restructuring.

Solution

Time is your most powerful competitive weapon. It's not just about being faster; it's about being more efficient in every aspect of your business.

In today's fast-paced world, patience is a rare commodity. Consumers and businesses alike demand speed. Can you outpace your competitors?

Think about Amazon. Their success is built on rapid delivery. Who would have imagined getting products the same day? Amazon has leveraged time as a massive competitive advantage.

How can you do the same? Consider this: If you're one of several suppliers offering similar products at similar prices, the one who can deliver the fastest often wins the business.

It's not just about delivery. Quick response times can also be a game-changer in sales. Think about how quickly you respond to customer inquiries. The first to answer often gets the sale. Indeed sometimes potential suppliers seem to make it difficult to get through to order something from them. Ridiculous!

Benefits

By prioritising speed and efficiency, you can:

• Increase customer satisfaction: Improve customer experiences and loyalty.

• Boost sales: Attract and retain customers who value quick service.

• Gain a competitive edge: Differentiate your business from competitors who are slower to respond.

• Improve efficiency: Streamline operations and reduce costs.

• Enhance employee morale: Create a more positive and productive work environment.

Why it works

In today's fast-paced world, customers value speed and efficiency. Businesses that can deliver on these expectations are more likely to succeed. By focusing on speed as a competitive advantage, you can differentiate your business and drive growth.

Measurement

The effectiveness of your speed-focused initiatives can be measured by:

• Reduced lead times: Track improvements in turnaround times for orders, inquiries, or support requests.

• Increased customer satisfaction: Monitor customer satisfaction scores and feedback.

• Higher conversion rates: Measure the impact of faster response times on sales conversions.

• Improved efficiency: Track changes in productivity and operational costs.

My story

I've seen this firsthand many times. With MD2MD I regularly invited speakers to present to our business leader workshops. And paid them well to do so. I remember well one occasion when I began sending out email messages to a few I was considering. Before I’d sent the final message, the first had called me and got the business. The second who got the invite responded with a good proposal a couple of days later, well after his competitor had won the contract. (I did use him for a later event though) And sadly the third option never got a chance - on that occasion.