The Networking Hat Trick You Don't Want to Score

I attended a networking event recently and made several new acquaintances. After speaking to these business owners, I realized that I had witnesses a hat trick. If you're not familiar with the term "hat trick," its original meaning refers to a hockey player scoring three goals in one game. Now it is often used to reference just about anything in sets of three.

Back to the networking. When I meet businesspeople, I am very enthused about learning more about their companies and, if at all possible, referring business to them. In order to accomplish this, I need to know a few things about their businesses, including their target audiences and how they differentiate themselves from their competitors. So last night, I asked each person these questions, and that's when the hat trick occurred.

One person told me that he provides quality service. Another person told me that his company has integrity. Yet another person said that her company has the lowest prices. And there you have it ... a hat trick!

These three "differentiators" actually aren't differentiators at all, and here's why. Saying that one provides quality service tells us little. First, quality service is subjective. It means different things to different people. Second, this sounds much like what his competitors would say.

This brings us to the "integrity" differentiator. This has little to no effect because the business owner's competition is not out there promoting that they do not have integrity. Saying similar things as your competition results in people seeing no perceived difference.

Then there's the person who claimed her differentiator is having the lowest prices. First, it is difficult to always have the lowest prices, so this isn't always true. Second, does her company have the ability to sustain a viable business with the lowest prices? Third, if all the company has to offer is the lowest prices, isn't it making itself a commodity as opposed to a desirable choice?

Here are my questions to you? When someone asks you how you differ from your competitors, how do you answer them? Do you answer in ways that are meaningful? Do you answer in ways that people understand? Do you answer in ways that instantly separate you from others in your industry? Do you provide the means for others to refer you? If not, rethink your answers.