Competitive differentiation is about embedding your unique DNA in everything you do.
Today, we have more choices for products and services than ever before. But these choices feel more like the same. And, companies keep blurring the lines more by emphasizing the same competitive features, “More, Better, Faster, New Improved”. We as consumers are left more confused as ever before…When all product/service offerings appear to be alike, the customer is tempted to pick by random choice, or decide on price alone.
- Give Your Customers Something to Talk About
If you’re ordinary, there is no discernible quality that makes you want to talk about your brand or the experience with your brand. If there is nothing memorable, there is also a higher likelihood that they will forget your brand all together.
- Spread the Word Faster
If you’re extraordinary, the social media channels that your customers are already using will light up with a story about their experience with your brand. One positive experience can spread virally overnight to significantly impact your business.
- Can’t Touch This! Make It Hard for Your Competition to Compete
If you’re the first to enter the marketplace filling a specific need and solving an unmet challenge, you’re going to be the go-to company for that particular solution. It becomes harder for the competition to enter this space, when you already own it.
- Increase Customer Loyalty
If you’re filling a specific need and solving an unmet challenge, your customers are going to be more loyal and less sensitive to actions of competitors, which inevitably will result in greater revenue and increased profitability.
- Become the ONLY Solution for Your Target Audience
By being extraordinary, you send a strong message to your target audience that they immediately identify with—that resonates with them. Your audience feels like you are talking to them specifically, which motivates them to purchase from you and only you.
- Integrate FUN Into the Workplace
When you are offering something that is exciting for you to talk about, knowing how it is positively impacting your community, it becomes more and more easy and FUN to sell. Prospects take in that excitement and enthusiasm and better connect with your product/service.
- New Business Comes to You Naturally
Ask business owners with “raving fans” how they get business, and the answer is “referrals” or “word of mouth.” When you are extraordinary, you’re top of mind; and when you’re top of mind, your customers are more likely to generate new business for you.
So, why don’t companies differentiate? John Koetsier of SparkPlug9 said it best: “If you want to be differentiated, you must say no. There must be certain products you won’t build. Certain markets you won’t pursue. Certain clients you don’t want. These are all clear and undeniable corollaries of choosing certain products that you will invest in, certain markets that you will pursue, and certain clients that you definitely do want.”
As you evaluate your business and your current marketing strategy, are you ready to differentiate? Are you willing to say no?