Standing out from the crowd is one of the most critical components of succeeding in a crowded market. It is possible to turn a profit with stiff competition surrounding you, but you must be intentional, thoughtful and creative in your marketing and branding strategy. Differentiating your brand is not only a smart business move, it could be the smartest business move you ever make.
The great thing about free enterprise is that anyone can choose to shop anywhere, at any time. You must present your business in a way that not only captures a person’s attention but also compels them to spend money. Getting people “through the door” is only one step in this process. From using social media to connect with potential customers to introducing new and exciting products, there are many ways you can do this. Consider the following suggestions as you think about how you could be differentiating your brand:
- Rethink your pricing. From introducing a line of lower-cost products or a la carte services to running sales, there are plenty of ways that you can encourage more spending by reducing your costs. Even offering premium services for higher fees may be a smart way to attract higher-paying clientele, therefore connecting with a certain market that your competition may be missing.
- Offer exceptional customer service. There is a reason why people will pay significantly more at one store rather than visiting the discount store next door — it often boils down to good old-fashioned customer service. You can differentiate your brand from the competition simply by treating your customers like valued individuals, not just a dollar sign.
- Don’t shy away from change. While there is a certain value to knowing what works for you and sticking to it, there is much to be said for making adjustments and changing as needed. How long have you been doing the same old thing? If it’s not really working anymore, why not adjust? Trying something new doesn’t mean turning your whole business upside down; it simply means that a fresh look or a different approach could be the ticket to pulling ahead in a crowded market.
Competing well is a key for any business looking to find success in a crowded marketplace. You can’t sit there and watch your customers turn to other businesses. Fight for your client base by employing creative methods and thinking outside the box. How are you differentiating your brand, and is it time to try something new?
By Meagan Kerlin for Vertu Marketing LLC