I see so many competitive industries at the moment. It is now more important than ever to differentiate your business from your competitors, find that point of difference/s your have over all of them.
Differentiation from competition is accomplished by creating something that is or is perceived to be unique. It’s crucial that a company knows its competitors mission and strategy. Keeping track with your competition is an on-going project. Here are some ways that you can differentiate your company from competition.
Grab a pen and paper now, think about your competitors and ask yourself:
1. What sets us apart from all of them?
2. What makes us totally unique?
3. What do we do, sell, or have that makes us completely different?
4. If our product is the same as everyone else’s, what service can we offer that will set us apart? What outrageous guarantee can we offer that no one else would dare?
5. If our service is the same as our competitors, what product or service can we pair with it that will set us apart? What convenience for the customer can we create that none of our competitors offers?
It tells you a lot about your current situation.
Businesses that recognise changing trends and offer advancements for current products or services are likely to differentiate themselves from their competition.
Marketing is of course important also. Without the right promotional slogan, graphics, and an exciting campaign online or not, a business could have a dynamic product but no one knows about it.
Having the right staff on the team that are well trained, knowledgeable, and enthusiastic and have a good work ethic can help give your business an edge is critical.
Then last but not least, customer service. Businesses that hold their customers in high esteem and offer quality service understands that without the customers they will fold. It’s important to give great service consistently. The best gauge of excellent service is repeat business and customers will spread the word. Bend over backwards to make sure customers are satisfied.
Advice provided is of a general nature and individual circumstances may vary. It is recommended you seek advice to ascertain your correct course of action.
Michael is a business advisor that gives real and modern business advice that encourages thinking different and using strategies that are unique. To date, he has given over 4000+ hours of advisory with business owners.
He was awarded the Best Business Enterprise Centre Mentor/Advisor Australia 2014 and also the youngest person to ever receive the award.
He is a regular contributor to many publications including the national 'Inside Small Business Magazine', Business columnist for 'The Western weekender', 'The Village Voice' and more.