The metaphor goes like this. Competitive business is a shark-infested ocean, with dozens of sharks (businesses) swimming around ready to strike for more market share. Do the smart sharks stick around and work their tails off just to split tiny morsels of revenue among their competitors? Or do they head for open, blue ocean waters where no competition exists?
The idea is that the best way to compete isn’t to compete at all. This strategy applies particularly well to how businesses leverage visual communications solutions such as digital signage, and is a key differentiator between business owners who are setting the trends and those who are struggling to keep up.
DON'T FOCUS ON PRICE
So, what is the “shark-infested” territory that savvy companies should steer clear of? Unsurprisingly, it’s price.
Businesses that offer the lowest prices are targeting customers whose loyalty lies with the dollar. Instead of focusing on price, businesses should consider strategies that allow them to engage with their customers in more meaningful ways. This is the outcome offered by visual communication solutions like digital signage and represent the clear blue waters that businesses should strive towards.
PRIORITIZE THE CUSTOMER EXPERIENCE
The best and most sustainable way to boost a business’s market share is to create personalized customer experiences that win their loyalty, provide additional value beyond the services rendered, and keep them coming back for more.
The concept here is exeperience-driven commerce: Focusing on each customer’s experience as a point of competitive differentiation. This methodology leverages strategies like digital signage software throughout each consumer touchpoint to build awareness, provide information, and enable smarter decision-making, all of which support the customer’s time in store and the overall likelihood of profitability.
IMPLEMENTING VISUAL COMMUNICATIONS SOLUTIONS
An important part of creating personalized messaging is to know when to deliver messaging and what messages to deliver. Imagine how visual communications solutions can be applied across a variety of industries to support personalized, in-depth customer experiences.
A common strategy for retailers is to utilize visual communications solutions while customers are waiting in line to reduce their perceived wait times, but strategies aren’t limited to the end of their trip. Retail establishments can use information kiosks to provide easy access to information. This strategy provides the customer with firsthand knowledge about their options that will help them feel more comfortable at the point of purchase.
Consider how a display in a medical lobby or doctor’s office can be leveraged to support the patient experience. The display can greet patients with welcome messages, educate those waiting for appointments with dynamic health tips, and offer information about the clinic’s doctors, staff, or specialized personnel. Visual communications solutions like these can also integrate social media posts, online reviews, and whatever other digital resources are available that help create a positive patient experience.
Restaurants, bars, and fast food organizations can use dynamic digital displays to draw attention to high markup menu items, special deals, and limited-time promotions. In the era of budget-consciousness, customers appreciate brands that support value shopping and menu options that help them stretch their dollars further.
EXPERIENCE-DRIVEN VISUAL COMMUNICATION
Personalization in all industries is becoming a competitive differentiator that offers far more potential for growth than price reduction. Research by Infosys on the consumer experience shows that 59 percent of consumers who have experienced personalization believe that is has a big impact on purchasing. And what’s more, 96 percent of customers expect businesses to keep them up to date on their latest offerings.
Visual communication solutions are becoming the easiest way for companies to achieve this much-needed personalization. But as time goes on and digital signage solutions become more affordable, it won’t be long until these currently “blue” waters start seeing red. Businesses that want a piece of the action need to move fast.
Jacqueline Hoffmann is a Solutions Consultant at Mvix, a leading provider of content-rich digital signage solutions. To learn more about growing your business using visual communication, please visit the Mvix website or call 703.584.4304.