HOW TO STAND OUT FROM THE COMPETITION
Standing out from the competition is key to success, 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.
So how do you differentiate your products/services?
- ️️️️Define you product/services existing positioning
- Understand your customers’ pain points and 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.
- Analyze your competitors and determine their weaknesses. Is there anything they don’t offer that you could offer?
- Study your market and search for gaps. Look for reviews, customer feedbacks, etc.
- Choose your most appropriate competitive strategy and think of potential practical solutions
And remember, coming up with new ideas is great, however it may not be the best strategy when starting out.