Every company wants to stand out. The problem is how to cut through the noise in the market and make sure your brand resonates with customers. While differentiation can come from a variety of factors like innovation and cost, many companies find that focusing on quality builds the kind of loyal customer base that can power long-term profits.
In an era where user-reviews live forever online and negative social media reactions can kill a brand, quality is more important than ever. Having a clear focus and understanding the role quality plays in your market can help you gain an advantage over the competition.
Research from SunTrust found 40% of midsize businesses identify quality as the primary focus of their competitive strategy. However, not all business leaders are aware of the key elements at play when it comes to developing – and maintaining – a quality product.
If your company prioritizes quality, think about how you would answer the following questions based on the “8 Dimensions of Quality”:
- Performance: Does your product or service deliver on expectations, based on measurable attributes?
- Features: The usual “bells and whistles” are not enough. Does your product offer something more?
- Reliability: Do you know how long your product or service can be expected to perform before it begins to fail? Is that period of time acceptable in the marketplace?
- Conformance: Does your product or service meet or surpass established market standards?
- Durability: How much “wear and tear” can your product endure? Does it need to be more rugged in order to capture greater market share?
- Serviceability: Is your company’s service structure set up to provide easy, prompt and competent product repairs or services?
- Aesthetics: Do customers like the look and feel of your product? What is the first attribute they notice?
- Perceived quality: How much does your company’s general reputation enhance the satisfaction level of your customers?
Once you consider the answers to these questions, bring in your financial services team to help you execute on quality and refine your competitive strategy can also lead to greater success.
The SunTrust Guide to Competitive Strategy identifies five key steps companies can implement to build brand awareness about the quality of their offerings. The guide also outlines three common barriers for companies competing on quality and offers tips to help avoid being overinvested in product and service improvements.
Banks and other financial partners can support companies with access to capital to execute business plans, as well as provide financing for asset purchases or leases, working capital, acquisition or product financing. The SunTrust OneTeamSM Approach brings an integrated team with the right expertise to help your business achieve smart growth. Team members work collaboratively to help achieve your business’s goals and solve issues. Contact your team to help you craft and execute a winning competitive strategy.
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC.