Stand Out! Steps to help you stand out as a supplier
In a resent blog post by CVM Solutions, Diverse Suppliers: These 5 Steps Can Help You Stand Out, author John Suarez lists 5 pretty helpful and commonsense strategies to stand out in the supplier diversity industry.
The short of it all:
Register on Databases
Be the Expert
I was happy to see that research was #2 on the list! I actually think it should be #1, because registering on databases without knowing your potential client, competitors and needs of the client makes registering a waste of time and resources. But, I digress…I teach this in my master class, Leverage Unleashed, because the knowledge of your industry and especially your business’ place in that market has a huge impact on your overall success. However, when most entrepreneurs think about their competition they more commonly place emphasis on the physicality of the competitor and not the strengths and opportunities as well as the weaknesses and threats that impact the success and sustainability of that competitor.
Research is not about just knowing who is in your space, but how did they get there and how are they remaining relevant? Who are they doing business with and what do their clients love about them? What are their threats (are you one of them) and how have they managed in atypical market conditions?
All of these questions, along with more, is how you truly analyze your competition. Until the intrinsic values and variables of your competitor are on the top of your list, the leverage that is at your fingertips will be of no use to you. Leverage Unleashed is about utilizing all your assets and resources to create the best business case for your business and value proposition for future clients, partners, and investors.
Research and market analysis is the key to this leverage! So while I completely agree with this posts’ list of the 5 steps to help you stand out, how you frame #2 has the greatest impact on your overall success.