Currently, as it stands – 58% of consumers are not brand loyal. So how do you stand apart from the competition? By discovering what sets you apart from other solution providers. You need to establish your identity, command your share of the market and start to sell more. The competition will always be apart of your business challenges, so get a jump start and read this short article to help your business stand apart from the competition.
How to stand apart from the competition
It all comes down to positioning. While there’s no right or wrong answer, you do need to pick at least one of these categories below for you to stand apart from your competition. If you’re not among the top three within your chosen area of differentiation, you will get lost. However, to first get started in differentiating yourself from the competition; here are some questions worth asking yourself:
1. Are you the oldest and largest business in your industry?
2. Do you have the biggest selection available?
3. Are you offering the lowest price guarantee?
4. Do you guarantee the fastest delivery?
5. Are you offering the hottest, newest products or services?
Critically, If you’re not among the top three within your chosen area of differentiation, you will get lost. Let’s talk about each of these categories.
Established vs New Brands
The strength of an organization’s history can be a strong enough selling point with customers. Similarly, you can go in the opposite direction. You could position your business as being the new kid on the block. You could position yourself as innovative, cutting edge, and full of fresh ideas or compared to being established, trusted, and an authority in your industry.
Mass vs Niche Market Brands
Another way to differentiate yourself is by having the most extensive selection available. I’m sure you know some mass retail stores that have adopted this differentiation strategy very well – whatever you’re looking for, they’ve got it!
At the opposite end of the spectrum are companies that target a specific niche market. They specialize in offering a particular type of product or service.
Low-priced vs Luxury brands
Maybe you want to offer the lowest price, which is certainly an option- although it’s not one that I recommend for most businesses.
What often ends up happening is that customers start seeing your products or services as a commodity with no real value. They end up negotiating your price down to nothing.
Yet, there might be situations where you can genuinely acquire your inventory from manufacturers and suppliers at a substantially lower price than your competitors acquire their inventory.
Or perhaps you’re able to eliminate intermediaries and sell directly to the consumer at a much lower price than your competition can. So, in cases like this, offering the lowest price guarantee could be a good way of differentiating your business.
Service vs No Service brands
One way of positioning your business is by offering the fastest delivery or fastest service – being quick to respond or having a fast turnaround time.
For example, look at a company like Federal Express. “When it absolutely, positively has to be there overnight.” This slogan has differentiated its business. If you need it there fast, call FedEx.
How about Domino’s Pizza?
Here’s a company whose guarantee was delivering your pizza in thirty minutes or less—or the pizza is free. Their business is created around the infrastructure and the systems to deliver a product.
“The pizza delivery experts” are not trying to sell you a high-quality pizza. They’re trying to sell you a quickly delivered pizza. It’s not that the product is not important. It’s how fast it’s delivered that is the selling point.
Another way to differentiate yourself is by offering the hottest and newest products and services. Products like the iPhone and the iPad certainly are not competing on price or selection. They are examples of how Apple is always trying to churn out the hottest and newest product. We see this as extraordinary, new and fresh. Many musical artists project this same image.
Madonna, especially, has done a fantastic job of reinventing herself throughout her career. From virgin to dominatrix, to country and western singer, to Zen Buddhist, to disco queen—the list goes on and on. The only thing predictable about Madonna is her unpredictability. And that’s her brand. That’s what her customers want.
Summarising how to stand apart from the competition
Your task today is to discover your point of differentiation. Ask your customers why they picked you and what they see as your strengths. This will help you focus on communicating what’s truly important to your prospects.
Ultimately, positioning is all the decisions, activities and communication strategies directed toward trying to create and maintain your intended product concept in the customer’s mind.
When customers think of your business, what exactly are they thinking? If they’re not feeling anything, you are in big trouble. If they’re thinking something other than what you want them to be thinking, you’ve got some work to do. When working out how to stand apart from the competition -it all comes down to positioning.
Also read: How To Find Your Business Niche
Get trained and stand apart from the competition with ease
Let’s face it. Many other people are doing the same thing as you and competing for the same business. It can be tough to stand apart from the competition, so why not take advantage of our differentiation dominance training program?
In this differentiation training, we help you do all of this in a way that’s important to your buyer because at the end of the day if your differentiator doesn’t matter to your prospects, you’ll still be left to compete on price.
Start learning how to position yourself, your company and your offering as the ideal solution to your customer.