It doesn’t matter which business vertical you happen to be in, every market has plenty of competition – make that global competition. So, if you’re to compete, you have to figure out how to make your product or service stand out among the saturated market of your competitors. You have to differentiate yourself from the competition.
Every business has something that is inherently unique and bankable. The challenge lies in identifying it and then communicating it to your market. This is differentiating. This will take effort on your part but will pay off in the end.
5 Ways To Differentiate Your Product Or Service
- Share Your Story – How did you get to where you are today? What are your corporate values? Your backstory brings inherent value and is perhaps the easiest way to show how you’re different. But, always bring it back to the customer and explain the benefit to them.
- Define Your Target Market – Be crystal clear about the customer you are trying to attract and know what value you bring to them that others do not – that’s a difference.
- Explain Your Process – Do you have a unique process that adds value…or can you develop one? If so, share it and explain the benefit.
- Know Your Limits – Don’t try to be everything to everyone. Don’t ask how you can be better – ask how you can be different. Pick the one or two things that truly differentiate you and focus on those.
- Forge New Ground – Aim to be a thought leader, offering a compelling viewpoint. Don’t aim for greater sameness.
You likely noticed that I didn’t mention price, product, service, or branding. That’s because all are ineffective differentiators. Don’t get me wrong. These are all important, but you have to establish your difference (value, uniqueness, and importance) before these elements come into play.
By identifying the distinct ways you bring value to your clients, you differentiate yourself in a way that gains the attention of your customers. However, this is not a one-time assignment. Every market polices itself. So, what was once a differentiator now becomes industry standard. Differentiation is an ongoing process.
How do you differentiate? Share your experience and ideas with me in the Comments section.