What do you compete on? Rewind 17 years and I'm heading up Marketing & Events for the PGA Merchandise Show. That's when I met Rick Summers. Rick is the CEO of PGA Magazine. He's an extremely smart guy and a successful entrepreneur. Every once in a while Rick would share an article or a book recommendation. One day he shared a cartoon. I wish I would have saved it, but I've recreated it below. The cartoon showed a handful of coffee shops in succession. The message was simple. Competing on price is pointless. It is a bloody race to the bottom. You need to think differently. That's exactly what Starbucks did in the coffee business. They shook up the status quo and built their brand primarily through experience. A decade ago, Gartner reported that 36% of business leaders saw customer experience as the number one thing they’ll compete on. That number is now upwards of 90%. Customer experience is the new battlefield. [Pat Benatar could not be reached for comment] Takeaway - If all you do is focus on price, then you are setting yourself up to become a commodity. Smart brands will find ways to add signature value to their experiences, enhancing differentiation and giving customers a reason to share their own stories about brands.

1. Whatdoyoucompeteon?

5. 70%ofcustomersbuybasedonexperience
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