Ditching Hourly Barry LaBov - The Power of Differentiation
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Oct 15, 2024 Barry LaBov, founder and CEO of LABOV Marketing Communications and a two-time Ernst & Young Entrepreneur of the Year, shares his insights on business differentiation. He details a five-step process for niching down, emphasizing the importance of understanding client engagement and feedback. The conversation highlights strategies to articulate unique selling propositions and foster strong client relationships. Moreover, Barry discusses how celebrating customer impact can elevate company culture and drive success, advocating for value-based pricing to build trust.
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Identify Your Key Differentiators
- Identify your unique value proposition by talking to clients.
- Ask them what you do that they don't want you to stop doing.
Framing Questions for Impact
- Phrase questions to trigger loss aversion for better responses.
- Instead of asking what clients like best, ask what they'd miss if it were gone.
The Quirky Truck Manufacturer
- A truck manufacturer lost market share after new ownership removed quirky features.
- These features, though seemingly minor, were valued by customers.