Many businesses fall into the trap of trying to be everything to everyone. Why just be the best at X, when you can be the best at X, Y, and Z, right? Unfortunately, this approach waters down your message, rendering your marketing efforts ineffective. If your target audience can’t immediately tell what it is you do, what you stand for, and how different you are from all the rest, your brand is destined for mediocrity.
If you wish to break away in the market and come out as the leader in the race to success, you need to ask yourself: What is the one thing that you do differently than your competitors to make your product standout?
Differentiate Your Product by Price. If you decide to be differentiated on price, you can either choose to be the low cost, value provider or the premium provider. In other words, do you want to be Toyota or do you want to be Ferrari?
Differentiate Your Product by Niche. Which segment of the industry is it that you believe you can dominate? Take a look at GoPro who took a conventional video camera and turned it into a rugged device that can be mounted on the body and marketed it specifically to athletes and extreme sports enthusiasts.
Differentiate Your Product by Innovation. What new features, benefits, and advantages does your product have to offer? You do not need to give your product a total overhaul, but enhancing benchmark features and setting a new benchmark in the market is sure to propel your product above the others.
Differentiate Your Product by Convenience. How can your product make life easier for your ideal buyer? You could highlight your product with services that will make it more accessible to customers. Possibly dedicate a toll free number for delivery or pickup services for your product at your customer’s best convenience.
Differentiate Your Product by Service. Customers will not think twice about paying top dollar for value-added customer service and excellent shopping experience. Keep your customer experience standards topnotch and you will never be without customers.
However you decide to differentiate your product from your competitors’, it is essential that your chosen means are strongly impacting to your ideal buyer set. Brand owners will naturally be passionate about their business and product, and this makes it difficult to appraise their product value objectively. Get outside opinion, ideally from a sample of your pool of target buyers. Ask your loyal customers: what made you choose us?
If your product bears no significant distinction from your competitors’, you’ll likely run into low sales figures. Differentiate your product and help customers notice you. The bane to any business’ existence is to blend in with every other similar product on the store shelf.