How can companies compete against the competition in real time?

Dr. Korbinian Spann
Dr. Korbinian Spann
22. August 2021

In our globalized, dynamic world, the question for many companies is what is their Unique Selling Proposition? How can products be sustainably differentiated from each other? In many cases, price and promotional pressure are used as strategic tools to increase competitiveness.

However, it is also clear that there is more and more competition worldwide and the Internet enables constant comparability of offers without any major barrier. Customer sentiment changes very quickly, and therefore adapting offers to the market is a major challenge, for example for manufacturers. That’s why our customers want to know how to differentiate themselves from the competition in real time.

The more competition there is in the markets and the easier it is to compare products, the more the differences fade in the eyes of customers. A simple example is the rain jacket. The number of rain jackets for different occasions and situations is hard to keep track of, and even the features make little difference. The brand thus becomes more and more important, as does the communication to properly convey the benefits and added value.

But how would manufacturers know which features are important to customers? How can they predict what will make the essential difference in the eyes of customers in a given market?

For these reasons, qualitative insights into customer behavior as well as into their preferences are becoming increasingly important. Being able to identify customer preferences in real time also means being able to evaluate communications with customers and also consumers. For raincoat manufacturers, this means gaining a data-driven understanding of the athlete and recreational athlete ecosystem in order to make the right decisions.

The result is the ESP, the “Emotional Selling Proposition,” instead of the “Unique Selling Proposition.” It is not so much about differentiating oneself in general through price and advertising, but about understanding exactly what the customer wants.

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