We all know technology can help us get more done in less time, and often and at a lower cost. But it can also be a powerful way for a company to differentiate itself from competitors.
Differentiation is a critical part of branding, marketing, and sales. As the next recession nears, it will become even more critical, because when everyone is chasing a smaller group of customers, you have to work harder to stand out. Technology can help accomplish that.
You might invent a new product or service, develop a new process, or incorporate technology into an existing product. You might even combine all three approaches. Let’s take a look at three companies that have used technology in different ways to stand out from competitors.
Meritage Homes
When the economy slows, people start paying less attention to the “me too” type of companies—which frankly, are most companies.This is the time when differentiation is more important than ever.
Meritage Homes stands out by incorporating various technologies that improve energy efficiency and health, while also adding automation into all of the homes they build. This isn’t an afterthought—it’s the foundation of their offering.
Since they already build beautiful homes like many of their competitors, this added feature significantly differentiates their brand from others and can be a powerful selling factor for certain buyers.
Lower-cost alternatives
A slower economy often leads consumers to delay large purchases even when they may be absolutely necessary.
Roof Maxx addressed this challenge by inventing a product to dramatically extend the lifespan of asphalt shingles. This eco-friendly, soy-based solution restores a roof’s waterproofing protection and helps property owners and commercial developers put off a costly roof replacement by up to 15 years. While a property owner may not be able to afford a new roof, they may be willing to invest a significantly smaller amount to prolong the life of their existing roof.
Roof Maxx has effectively leveraged technology to invent a product that becomes even more appealing to buyers when the economy declines. This gives them a distinct and powerful advantage over competitors.
Improved efficiency
The workforce shortage in the construction industry is a significant bottleneck for many builders, and this problem isn’t going away any time soon.
Connect Homes turned this problem into an opportunity with an alternative to building onsite. Their patented modular technology enables them to quickly and efficiently construct a home in their factory, easily deliver the modules to the job site, and then install them onsite.
As other builders struggle to find and retain suitable employees, this technology enables Connect Homes to more easily maintain the workforce necessary to build and install these modular homes, while working more efficiently and maintaining greater quality control.
How will you differentiate your company? Technology can play many roles in a business, but one of the most significant—especially during a recession—is differentiating your company from competitors. How will you use technology to create an advantage for your company?
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