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Build and maintain a competitive advantage.
The founder of PATH, Monica McKay, defines competitive differentiation as an “intentional and strategic way that a company can set itself apart.” It is common for businesses to develop an internal, perhaps myopic, view of themselves as unique. However, this typically differs significantly from the customer perspective as customers struggle to determine what makes a business unique.
For more insights: Competitive Differentiation
How We Can Help
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Understand how you stack up against your competitors. Most businesses know their main competitors, but are unsure where to begin researching how they compare. At PATH, we deliver this information to you and go further by examining potential or future threats to your business. We give you the big picture outlook for your business and not just information on where you currently stand. Our analyses help you make decisions to grow with confidence.
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Know what’s unique about your business. Your competitive advantage, also known as your unfair advantage, is unique to YOUR business. Businesses believe they know what makes them unique, but when customers are asked, more than half are unsure what is unique about a given business. See our blog for more: Competitive Differentiation
Give your customers a voice. Many market research firms will rely solely on customer data gathered via online sources (e.g., social media, data-mining, etc.). While this data can provide some insights, it is largely meaningless without talking to the person. At PATH we put the consumer back in to consumer research.
Learn exactly how people feel about your company. By talking to current, former, and potential customers, we help you determine what people think of your business, what makes you unique, and how you can market this competitive advantage.
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Price with confidence. Most companies do not know whether their prices are too low, too high, or just right. This is because it can be difficult to determine what your competitors are charging. Let PATH find your Goldilocks pricing solution! For more see our blog: Competitive Pricing
Hear what your pricing says about your business. We go into the weeds for you to determine what your competitors are charging and what people think about the prices. We conduct price gap analyses that help determine what you should be charging and provide data-driven insights, that could grow your business and justify a price increase.
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Having an up-to-date understanding of your market is foundational to competitive differentiation. Understand how you are stacking up against your competitors. What do customers like, dislike, seek, and avoid about your customer experience and how does that compare to your competition?
Talk to the right people. Our surveys are customized to your goals so that each question will provide impactful data for making confident business decisions. Our recruitment strategies yield large representative samples who provide honest feedback.
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Client Impact Story
Using data to drive competitive advantage in a changing world
A $300 million distributor client was experiencing brand confusion and growth stagnation.
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Step One
Identify the Opportunity
They wanted data to create a strong competitive position in the market and needed the data to define that advantage.
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Step Two
Find the Solution
Our full brand and growth strategy process - including customer, employee, competitor and market insights – helped this client define their growth markets, the most effective positioning and the best way to invest resources to grow demand.
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Step Three
Take Action
Through a complete rehaul of their marketing department, partnership with PATH on coaching for the marketing team and implementation of an ongoing data-driven decision making system, we helped this organization prepare themselves for the future by driving the transformation into a Strategic Marketing organization.
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Step Four
Understanding Impact
They bucked the trend of 2020 and are continuing to drive growth and value for their customers in 2021.