|Are you in a crowded marketplace? Do you offer a ‘Commodity’ Product – a good or service that customers can get anywhere else? These two questions often go together, and create an ongoing problem for many businesses: How do you stand out from your competitors. Especially when you are the ‘Newbie’ on the block? The one that has just started and the history of your prospects’ community have a head start on you?
Firstly, you must differentiate yourself from everyone else, which takes some research. Type in a Google search for your future competition, find out where they are, how long they have been in business, and what they offer. This will take you some time if you are in a busy industry, but for all of the research you do, you will discover not only why these businesses are successful, but in which areas they overlap and offer the same service as everyone else.
Mostly, they will all be the same, which means you have an avenue to investigate: What don’t they offer? Which part of the marketplace do they ignore, or not serve at all. if you can’t make your business different, then make your clientele stand out. Find new ways to do your business. If everyone in a marketplace is the same, then their fees are the only differentiating factor, which can drive the overall prices down.
Find a way of adding something to your services that no-one else does. This means that you have the opportunity to charge more, but you are offering more, so the price and the value of what you offer do not get confused into the same thing – which they aren’t.
It is important to know about your clientele: Who they are, what they do, what they want, everything. When you find an overall pattern in whom you are serving, you will find another way that you can offer something that they need – you add to your value set, and continually spread your expertise over similar business interests that will appeal to your Ideal Customer.
Use the lessons you have learned, for instance, in marketing and online engagement to put your clientele in touch with each other: Become the centre of a hub of activity, rather than someone that offers a service when it is required. Make sure that your specialty is part of your client’s lives. Ensure that your clients bring you new business. They know people just like them, and as they are being served by you, their friends will like it to. Now, you are not only being unique, and filling your funnel with perfect prospects, they are evangelizing for you, and bringing you more and more business based on what you do so well.
It takes commitment to work this way. Commit to your research, your additional professional education, and your social engagement skills. Often you will wonder if anyone else goes to these lengths. They probably don’t, which is why they are part of the pack, and not a business that stands out in your marketplace. Look for your inspiration outside of your regular industry sources, to what market leaders in other industries do. Find out which of your competitors are reaching the end of their current practices: Moving, retiring, getting out of a certain line of business. What can you pick up from others? Can you start another business stream with this information?
We started discussing how to stand out, and next we will look at how to expand your business. It maybe scary, but you will stand out.