In today’s tough economic climate, differentiating your brand and business from your competitors is critical for survival.
I recently had a group coaching session with entrepreneurs who’ve been in business for around 2-3 years. Majority of them are in the growth phase with relatively unique service offerings. When I straight out asked them, what made their offering better than their competitors, they could not answer. Despite having great products and services, they couldn’t identify their differentiation factor.
Without an understanding of what makes your brand distinctive, you will always be competing on price and when you do this, you damage your brand and business equity.
So to answer the question, how do I differentiate my brand from competitors, you first need to develop your brand positioning. There are many tools you can use for this but you can start by answering these questions:
- Who is your consumer? What problem is your product/service solving?
- Who are your competitors and what are they offering?
- What is the functional benefit of your offering and how relevant is it?
- What is the emotional benefit of your offering?
- Do you believe in your brand’s ability to make a difference to the consumer? Can you convince the consumer to believe this?
- What aspects of your product/service offering make if different from competitors? What aspects of your product/service offering are the same as your competitors?
- What are the values/personality traits of your product/service?
- How would you define your brand’s essence? Is it connected to what your consumers are looking for?
Here are some examples of how to differentiate your brand:
- Lead with a great product/service – making claims that no one else can make e.g. best ingredients, best technology, best recipe etc.
- Offer great customer experiences – investing in the user experience of your product/service e.g. treat your customers to more than just the product/service but a full experience.
- Offer better prices / value for moneyg. same quality for less money.
- Company’s history and legacy can be used to position the brand as an expert due to ample years of experienceg. we have been making this for 120 years…
It’s crucial to find something that is unique to your product/service and it must be something that customers value. Look at other brands who are doing well and analyze their strategy. Learn from them and adapt it into your own strategy.
If you’re looking for a business coach to teach you more about marketing and differentiation, you can contact me today. I offer one-to-one coaching and group sessions with minimum 5 people per session.
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