How to stand out in a crowded market

The insurance industry has never been more competitive, and that’s only going to increase. To continue to attract more customers and retain existing ones, small businesses everywhere have to learn how to distinguish themselves in this busy marketplace.

Here are seven tips to make your business stand out.

Offer spectacular customer service

Poor service is the leading reason that customers leave or don’t return. If you treat customers and prospects well, try to anticipate their needs and respond quickly to their requests, you’ll be on your way to excellent customer service.

Train all your staff so they know how to provide exactly the products and services the customer needs in the way that suits them best.

Listen to what customers and prospects tell you, and respond to what they tell you.

Focus

Especially when it comes to a service business, success depends on knowing what you do best, and focusing on doing just that and nothing else.

Look at what your business does, and which product or service lines provide the greatest return. Focus on those things. Drop the things that don’t return as much, or that cost more to do than they earn.

Be honest about what you do

Unfortunately, it seems rare for a company to be honest about what its products and services can and cannot do. That makes honesty refreshing.

Be honest about what your products and services can and cannot do. If you cannot deliver by a particular date, don’t say you can. Once customers catch you lying, it’s almost impossible to regain their trust.

Guarantee satisfaction

“Goods satisfactory or money cheerfully refunded” was a simple promise of a major retailer that propelled it to market leader.

Know what you can do, promise to deliver it and then live up to your guarantees. Few things drive away customers faster than a vendor that won’t live up to its promises.

Admit mistakes

No one is perfect. We all make mistakes, and that applies to businesses as well. They can be embarrassing, and it’s understandable when people and organizations try to hide them.

This is a mistake: it makes the harm worse. The way to deal with mistakes is to admit them, apologize to those affected and even those who were not directly involved.

Be part of the community

Companies that make an effort to be a contributing part of their local community stand out and build stronger relationships within their marketplaces. That’s why you’ll see retailers sponsoring little leagues and other kids’ sports. It’s a great way to improve brand recognition.

Break the rules

Every industry, every market has unwritten rules that “everyone knows.” Break them. Doing things differently will make you stand apart from all the competitors.

Standing out from the crowd can be an effective marketing strategy. Offering premium financing is another. Talk to us at COST Financial about being unique in your market.