According to Luisa Zhou, About 50% of all new businesses will fail within five years. Many business owners and entrepreneurs may be concerned by this fact.
But why do so many businesses fail?
The answer is simple – They are not different from other businesses in their industry.
Try thinking about it. You open a pizza shop in the middle of a street with tons of pizza shops around you. Why should customers buy from you instead of from an existing pizza shop they know and love?
Thinking about differentiating your brand is one of the most critical steps in sales and marketing that many business owners fail to do.
1) Do a research
It may sound obvious. However, many business owners skip this step because it is not an easy task at all.
It will be impossible to differentiate your brand without understanding your competitors and what they sell.
What are the positive things you can take from them, and what are the negative things they have that you can take advantage of and offer something better?
To beat your competitors, you need to be aware of the biggest trends in digital marketing. Learn what the trends are in this post.
2) Think about a strong USP
USP stands for unique selling proposition. After conducting market research, you should be able to tell what your competitors are selling and how. Think about the way you are going to be different from the others.
That’s the time to be as creative as you can. Consider the unique product you offer, or the unique way you sell it, rather than focusing on what your competitors are selling.
The most crucial thing to focus on is the value your customers receive by using your product/service. Think about the unique value you bring to the market. Once you have a strong USP, communicate it to your target audience clearly and concisely through marketing and advertising.
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3) Create a strong brand identity
Brands have personalities. Your brand identity should be visually appealing and deliver the same marketing message across all the marketing channels.
Your marketing message will start to reflect your brand’s values and personality after repeatedly presenting it to your target audience.
Read this post on how to build a strong brand online.
4) Offer the best customer experience
Nothing is more vital than a great customer experience.
It doesn’t matter what products or services you offer and how amazing they are, without a great customer experience, you will struggle to sell them.
To provide the best customer experience, you need to know your customers’ needs and ensure they have a positive feeling when interacting with your brand.
This video shows the formula for the best customer experience:
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5) Be innovative
New ideas and innovations may fail. However, it is worth trying because you can differentiate yourself if you offer something no one else has.
Be aware of industry changes and take advantage of them by experimenting with new ideas and adding product features your customers receive value from.
To conclude,
There is no easy answer to how to differentiate your brand from your competitors. However, if you have a business or wish to start one, following these tips will help you provide unique value to your target audience, raise your sales, and eventually lead your business to success!
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