How to differentiate your business from competitors
Tips for improving the level of your business
Startups daily face an immense amount of competition regardless of the industry or location. With significant barriers to entry and strong incumbents force, newly-established companies now have to deal with capturing market share. As an entrepreneur, you need to foster unique communication with your customers, showing them what makes your company different from your competitor. This will ultimately yield high returns and stable cash flows.
Here are the list of actions you need to take today:
Look at your product through customers lens Find out more of your customers needs and try to understand them. People innately prioritize themselves and their needs. They don’t want to listen to the hourly lecture about amazing features of the product you sell. Just learn carefully what is needed and try to offer that.
Analyze leading companies in other industries As mentioned above, there is a rivalry in all spheres. It is extremely helpful to look at how companies from other industries differentiate from each other. Analyzing their strategic steps and applying within your industry will help you to better understand marketing funnels that will lead to sales.
Adjust your pricing If you can’t offer much better service than your larger competitors, find the fixed costs and utilize economies of scale or learning to help you lower the price. Find where the marginal utility is the lowest and set the price there, that way you will capture the largest market share.
Invest in user experience Come up with a logo, brandbook, and archetype of your product. Your product should not only echo the branding, but also stand out for communicating exactly the message you want your customer to hear. Creative advertising will highlight your product and capture attention of your target segment.
If you want to succeed, you have to stand out. Capitalize on your strengths, invest into your weaknesses and predict the future market trends.