When you start developing a new business, one thing that will undoubtedly stand out to you are the statistics around business failure rates. It is a fact that only 50 percent of businesses make it past the first five years and one-third make it past the 10-year mark. This can be pretty daunting, but with great planning and preparation, there is no reason why your business can not flourish.
There are plenty of reasons why businesses fail, but it seems that in the current climate where everyone is doing what they can to survive in business, lack of differentiation is one that often tops the list.
Whether it’s bikes, boots, or blazers, many sellers that are struggling to differentiate their products often resort to price cuts. And that, of course, means buyers can play one seller against another to get the best price!
Standing out from your competition is critical to your company’s success. While most people understand that concept, far too many businesses fail to put it into practice.
If you want to excel in business today, you have to differentiate your business if you want to stand out and get noticed. Otherwise, you’ll just look like every other penguin in the flock.
If you’re not sure where to start, you’re in the right place.
Below are some ideas on how to stand out from your competition:
1. DELIVER EXTRAORDINARY SERVICE.
Plenty of businesses say that service is what makes them different. However, just saying it is not enough. You have to deliver extraordinary service that you can’t get anywhere else.
2. ADDRESS CUSTOMER PAIN POINTS.
If you want to win customers over, a great way to do that is to alleviate their pain. Delivery/Contacting Customer Services/Speaking to a human regarding issues are all pain points to be considered.
3. DO BUSINESS DIFFERENTLY THAN YOUR COMPETITORS.
With extended market research, if you want to stand out from your competitors, do business differently than they do. Finding holes in their business model is a great way to set your company apart from theirs.
4. FOCUS ON A NARROW NICHE.
When you try to serve everyone, you serve no one. Find your niche customer base, extend your research and hone in on what they want and need.
5. CREATE A POWERFUL OFFER OR GUARANTEE.
A guarantee can make your company seem more trustworthy and likable.
6. SURPRISE AND DELIGHT YOUR CUSTOMERS.
Sometimes the smallest things can make the biggest impact. How can you do the unexpected to surprise and delight your customers? If you do this, you’ll stand out and create fans that are willing to rave and share your products.
There are plenty of additional ways your company can stand out: you can deliver extreme value, give something valuable away for free, create unique partnership or build powerful communities.
But, this list gives you a great place to start. And hopefully, gives you some inspiration to focus on standing out instead of fitting in.