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Process as a competitive advantage
Competitive advantage. It is the ‘holy grail’ of marketing. The one asset we strive to obtain. With a competitive advantage we know we can outperform the rest of the market every time and ultimately win the customer’s share of mind.
Traditionally, we talk about having a ‘unique selling point’ (USP). However, the reality of creating something that is unique is tough, because most things can be easily copied these days. Therefore, you need to find new competitive edge to help you get ahead.
Where process adds value
You might not have invented a product or service that is unique and patentable, like Dyson’s cyclone technology, but every organisation has process – i.e. the ‘way’ you do things. And while most organisations will have similar processes, such as customer onboarding, end of month, or employee offboarding, we all do them differently. And this makes us unique.
Process is the essence of your organisation. It is the ‘way’ you do things. It is your IP. It’s how you create value for your customers. And therefore, process is ultimately how you create a competitive advantage.
Investors value process
or a lot of SMEs, growth requires you to look for investment. When private equity firms enter the scene, the first thing they do is to check that you have your house in order, with accurate financial information and all your policies and procedures documented. If you can’t evidence this, there’s no way you’ll secure the investment you need.
When our CEO was looking to sell his previous business, he was able to hand over his processes the second the firm walked through the door. The reason being he’d built a Process Bliss prototype that he used to document all his processes. The firm was so impressed as it was rare to see an organisation that organised. It meant the discussion and negotiation could start quicker, with the end goal realised sooner. He finished work within four weeks of the sale.