No matter the industry, every business has competitors. The key to standing out lies in what makes your business different, where are the gaps in the market? How can you increase your value?
Customers are always looking for more and there will be needs that your competitors aren’t satisfying – Regardless of the companies size! You’ll never be able to please everyone, when a business tries too hard to cover all bases it can become off-putting and go in the ‘too hard’ basket. Have you ever been to a restaurant that has far too many menu options? It’s like that!
The first step: Identify what you have in common with your competitors.
Then ask yourself:
- What are the customer’s needs and wants? What are their unmet needs?
- How are your competitors solving their customer’s needs?
- How can you serve them in a better, more innovative way?
- Are there other problems that you can solve that they can’t?
- What is the customer experience? Who are they? Analyse the experience through their eyes.
For example, your competitor might offer better prices, but the process in applying is long and complicated. In this case, there may be an unmet need in offering a faster service, the customer base value their time more than a cheaper price. This means you can gain a competitive edge by offering a streamlined experience.
Determining what makes your business different is one of the most fundamental marketing decisions for your business strategy. To understand how you can stand out, you need to pinpoint what makes you unique, and then connect this to your customers needs and desires. It takes research. Find the gaps in the market so that you can offer new, innovative products and services.
