How to differentiate your business from the competition
Differentiating your business from the competition is key to be successful, however it’s hard to put it into practice correctly.
When I started my business, I spent hours looking for ways to differentiate myself from potential competitors.
As a result of that I had nothing to sell for months.
I was so focused on re-inventing the wheel that I was missing out on business opportunities.
The day I stopped focusing on what I didn’t have and, I started leveraging what I had instead, things changed.
I realized that people buy results and not features. They want the experience not the product.
It wasn’t about revolutionizing the models I was using, the same ones that have been used by many for decades, but about understanding and exploiting my competitors’ weaknesses.
It meant I had to narrow down my niche to coaches, consultants and service providers.
Above all, I had to define what my ideal customers valued the most, so I could compete in areas other than price by providing additional benefits.
Here is how you differentiate your business from the competition
- Be clear on who your target customers are.
- Define your ideal customers’ pain points and desires so you can focus your offering on what they value the most. For example, if lack of time is a problem for them, you may want to offer a done for you service.
- Understand your competitors, what they offer, their positioning and, determine their weaknesses. Is there anything they don’t offer that you could offer? Could you make any improvement to what they are already offering?
- Study your market and search for gaps. Look for reviews, customers’ feedback, etc and think of potential practical solutions.
Once you are clear on what makes your business stand out from the competition, create your value proposition. Your value proposition needs to state the problem you are solving and, why somebody should buy from you instead of your competition.