Understanding Your Point of Difference and Why This Is A Key Element In Helping Your Business Thrive.
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To keep it simple, what sets you apart from others? Or are you just following what everyone else is doing?
If you’re looking for a little more help, keep reading. I speak about being unique and true to who you are quite a bit, but in reality, it’s sometimes not that easy to not follow the latest trends and to truly understand what makes your business different from the rest. For me, Young Entrepreneurs of England is about simplicity and clarity. Me being a young entrepreneur makes me more understanding to what others are going through. So, how can you understand what sets your business apart from the rest?
Method One: Be a Detective
1. Draw three columns on a piece of lined paper.
2. In the first column, list one of your top competitors.
3. In the second column, note how your products are similar (both use organic ingredients; both cost £10 etc).
4. In the third column, note how your products are different (theirs are made in China/mine is handmade; theirs comes in two flavours/mine comes in 10, etc.).
Repeat these four steps for up to 10 competitors. When you’re done, look for recurring points you’ve listed in the “differences” column. Find any? Bingo. Those recurring points show some major differentiation that lets you easily stand out from the competition and can help you create standout marketing strategies that will truly set you apart from your competitors
Method Two: Just Ask
It’s that simple. Find someone you can ask what makes your product stand out. And by someone, I mean someone unrelated to you. Not your mother or your sister or your partner.
Ask your customers. Ask them why they purchased from you. Ask them if they considered buying from the competition and if so, what made them choose your product instead. Ask them what they like about your product — and what they don’t — and ask why they feel your product is the best choice for them.
Ask these questions to as many customers as you can — preferably 10 or more. Write the answers down, and scan through the list to spot recurring points of difference. To make this process even easier, you could send a quick survey to your last 50 customers using Survey Monkey — your answers will be organized and ready for point of difference analysis. If you are just starting out, try reaching out to your friends or if you have a small following on social media, ask them.
Once you’ve determined your point of difference…
Method Three: Market. Baby, Market.
When you know your points of difference, you have a golden path to sales. You can market what makes you stand out and make sure potential and new customers know what makes you special.
How do you market your differentiation? Mention it everywhere:
- Your website’s landing page
- Your business cards
- Your tagline
- Your wholesale brochure
- Your website bio
- Your product packaging
- Your email signatures
- Your social media profiles
When you define your points of difference and market them well, getting your business noticed is easy. And you’ll easily answer the crucial question potential customers always ask: “Why should I buy from YOU?”