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Is Better Service Your Firm’s Competitive Advantage? [VIDEO]

Better-Service
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Find out why “better service” isn’t a good differentiator and what you should be offering instead.

Transcription

Hi, this is Lee Frederiksen. Today, I wanna talk about, is it better to have better service as your competitive advantage? It’s so common. So many firms do it. As a matter of fact, when we look at accounting firms, 63% almost two-thirds of them say that offering better service or superior service is their competitive advantage. Now, right off the start, if two-thirds of the people are doing something, does that make it a good differentiator? Hmm, probably not, but does it help you? Do it help your growth? Does it help retain? Well, I’m sad to say that if you’re focusing on offering better service, you’re probably losing out on a lot of growth. Because what we found is that firms that have better quality of service, more attentive service as their differentiator actually grow slower. They grow slower than firms that have anything else as a differentiator. Matter of fact, firms that offer service grow an average of 7%, whereas those that offer any other kind of differentiator, almost 18% grow. So, that’s a huge difference.

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Now, why is that? Well, one of the key reasons is that when people are looking for a new firm to go with, they do not look for better service. Yeah, you can lose a client by offering poor service, but no one really goes out and say, “I want a firm that offers better service.” Expertise, yes. Understanding my industry, yes. Able to help me solve my problems, yes. But better service, not so much. Better to look for another type of differentiator if you wanna grow faster.

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Author: Lee Frederiksen, Ph.D. Who wears the boots in our office? That would be Lee, our managing partner, who suits up in a pair of cowboy boots every day and drives strategy and research for our clients. With a Ph.D. in behavioral psychology, Lee is a former researcher and tenured professor at Virginia Tech, where he became a national authority on organizational behavior management and marketing. He left academia to start up and run three high-growth companies, including an $80 million runaway success story.

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