Companies walk a fine line when they ‘study’ their competitors. Be true to your brand and brainstorm how you can create the same positive feelings, in a way that is distinctive, yet consistent with your targeted customer impression. Your long-term aim should be to leverage the unique strengths your brand possesses instead of copying your competitors gimmicks and signals.
Businesses are now realizing that true customer loyalty cannot be bought for discounts, ‘miles’ or points. These are a short-term fad, which get boring when they don’t deliver on the initial expectation. Customers are truly loyal to the experiences they prefer. Your loyal customers return because the experiences you create are preferable to those delivered by your competitors.
Your competitors may be able to match your products and services, feature for feature, but the experience your brand offers is yours alone, and provides you with a true competitive advantage. To enjoy profitability in the long-term retailers need to reach out from the confines of the box, continually innovating and varying their offering in order to lead consumers.
Ishwar Chugani
Executive Director
Giordano Middle East
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