As a business owner, you need to learn how to differentiate yourself from your competitors.
Business differentiation is what gives your brand and business the upper hand and how you distinguish yourself from your would-be competitors in a fashion that piques interest while also keeping your customers happy.
It's vital to know how to differentiate your business from your competition to ensure that your brand stands apart from the rest in a positive way. If you discover a way to distinguish your business from competitors in the same industry, you'll be on track for better success.
Here are some tips to stand out from the competition:
1. Unparalleled customer service.
The connection between customer service and a business's success is one that continues to grow stronger. In this day and age of digital, customers have a plethora of ways to connect to brands via social media, helpdesks and hotlines.
How does excellent customer service help your business stand out from the crowd? It's simple. Put the focus of your company on your competitor's pain points by offering the best customer service possible.
It's imperative to treat customer feedback seriously. Treat every customer as if their experience is unique as if they're your most valuable client. By making it easier for your customers to use your business, you'll quickly stand out from your competition.
80% of customers are willing to spend more on a business if it includes excellent customer service and this why you should make your company more customer-centric.
Be sure to check your social media platforms daily to find out what people are saying about your brand and gauge what can be improved to create a more positive experience for your customers. In today's landscape, social media has a significant impact on how well businesses perform, and it takes as little as a bad review or two to drastically reduce revenue.
2. Find your niche.
No business can be the best at everything, and you shouldn't aim for this either as it's a waste of time and money. It's impossible to appeal to everyone as different people have varied interests, needs and reasons which drive them to make purchases. It's in no way cost-effective to have a general approach and attempting this strategy could lead to customers being confused about your brand message.
Instead, it's vital to find your niche and become an expert in a sea of generics.
Your niche market presents an opportunity to market how your brand is better and different from the competition. Go the extra mile and do more for your customers and make sure their needs are more than met and that they're happy.
To achieve this, determine what your customers need and what matters most to them. Whether it's how fast issues are resolved, a flexible return policy or friendly customer service, identifying these things will help your ROI (return on investment) and garner positive reviews. The more effort you put into what your business excels at, the happier your clients will be.
3. A personal touch goes a long way.
It's no secret that adding emotional connections to your brand is vital to stand out. For every satisfied customer, nine referrals come from it.
Furthermore, its worlds better if you put additional focus on making your existing customers happy. It's fourteen times more likely that you'll sell to your current customers than new ones. They already trust your brand and have experience using your products, so it's easier to entice them into new purchases. It's vital to foster relationships with long-time customers as they could ultimately become the lion's share of your business profits.
Consider making their buying experiences easier, identifying what they need and are seeking and cater your brand's message to them. Personalising any features of your business is a step in the right direction to give your clients what they desire.
There are several ways you can choose to stand apart from your competitors in the business arena. These tips should help you get off to a great start on things that genuinely matter: the customer experience, your brand ethos, and personalisation. Going above and beyond to ensure that your customers are happy will only be good for your business.
4. Use your pricing as a distinguishing factor.
An obvious one, however using a price to differentiate yourself shouldn't necessarily mean offering the lowest price. Today's market allows for specific pricing models, which includes freemium packages and the “subscribe and save” model.
That being said, your prices should be competitive, but racing for the bottom benefits no one. You could even consider a higher price in exchange for products of higher calibre or quality.
5. Offer your customers customisation options.
As per the Deloitte Consumer Review, a third of consumers seek out customised products and services. Furthermore, they're usually willing to pay as much as 20% more for them.
Giving your customers the option to customise a product or service can be the deciding factor when standing apart from the competition.
6. Be socially responsible.
In this age of social justice warriors, it is reported that 50% of consumers are likely to pay extra for socially responsible products. Social responsibility can take many forms. Contributing to charities, sustainable practices, community programs and fair benefits and wages for employees are just a few worth mentioning. Being socially conscious and responsible will show that you care about people and could ultimately lead to more consumers doing business with you.
7. Speed is an advantage.
If your business can deliver faster than your competitors, you already have an advantage. With online shopping, speed is usually the deciding factor. Consumers want to receive their products quickly, and they'll, for the most part, choose companies that can deliver fast.