Economic changes have set globalization in movement. The growth of international trade has fueled technological progress. Small and large businesses alike can now sell their products across borders and reach a global audience, causing national borders to fade.
The removal of barriers among countries encourages the flow of goods, labor and capital across borders, resulting in lower prices for customers and increased competition among companies. As a result, many companies will not only have to compete at a national, but also at an international level. For those who want to achieve and maintain a good position on a global scale, adapting new business models and realizing added value for their customers is key.(1)
But, that’s easier said than done. As a company, how can you add value to your customers? And how can you re-package your business model in a way that profits your organization?
Making your customers’ life easier
The existence of global competition means that your customers will have greater availability in choosing the company they want to work with. Therefore, it’s crucial to differentiate yourself from the competition.
The art of creating added value starts with the ability to see your business through the eyes of your customers. Ask yourself: What does my product or service add that those of my competitors don’t? How do your products and services respond to customers’ needs? Does your product make their lives easier because of it’s user-friendliness? Or is the service you offer more secure than those of your competitors?
The changing economy plays a big part in buying behavior. Where in the past the focus used to be on material goods, nowadays, customers feel less and less the need to possess goods.
Here you can differentiate by starting to show your customers that you’re here to help them instead of directly trying to sell your product. For example, think about making tedious maintenance tasks easier and faster by digitalizing, or even automating processes.
Let’s illustrate this point with a simple example: filling out paperwork manually is an overly time-consuming task. Instead of sorting operations and maintenance archives in binders, you could start digitalizing and automating these maintenance processes. Today there are solutions available that fully automates these processes and therefore unburden you and your employees.