L&A SPEAKS

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 Consumer behavior has changed dramatically over the years given the onset of new technologies such as ecommerce and social media.  Consumers are now much more informed and have higher expectations with regards to product quality and service delivery. ‘Exceptionalize It’ author Lior Arussey summarizes it this way ‘Being exceptional is important now because you have no other choice. 

Customers expect exceptional experiences, meeting expectations is no longer sufficient.’

The availability and easy access to information has added another layer of complexity to the equation as product designs and service offerings can now be duplicated with relative ease. Businesses that intend to last long in the market must take out sufficient time and effort to figure out the best way to stand out from the crowd.  You’ll often see entrepreneurs on social media marketing their businesses but there’s nothing that makes them stand out and give them that competitive difference. 

Competitive difference specifically refers to how a business’s product or service is distinct from what it’s competitors offer.  Generally, there are six key ways to differentiate your business from the competition, those are:

• Product (focus on features, performance, and efficacy) 
• Service (focus on ease of ordering, delivery, customer consulting) 
• Channels of distribution (focus on coverage, expertise, performance) 
• Relationships (focus on courtesy, credibility) 
• Reputation/image (focus on perception communication and advertising)
• Price (by customer, by quantity, by segment) 

Most industry experts believe that one of the best ways for a business to differentiate itself from the competition is to put special and intentional emphasis on your areas of uniqueness or strength. The first thing to do when defining your competitive difference is knowing the niche in which you operate.  Then conducting market research on your niche to confirm what you have to offer that other businesses in your niche don’t, or don’t do the same way as you do.  

This is where expertise in your field will also come in handy because you may know what the upcoming trends in your niche will be; the new things that your current and future clients will want in your products or services. 

      Once your competitive difference is defined, it’s time to create a strategy to ensure 

                    everyone knows what makes your business unique from all the rest.

This is when the market strategizing comes in. The objective of creating and implementing a competitive difference strategy is to make your business stand out from the rest.  Craft your competitive difference marketing strategy by creating a strong brand image using a well-told story which highlights the reasons why your brand is unique. Start with what you are known for, then emphasizing your uniqueness.  Your strategy can be applied to any of the aspects mentioned earlier - product, service, channels of distribution, relationship, image / reputation, or price. 

Marketing can be done using different channels such as search engine optimization (SEO), content marketing, email marketing, social media marketing, word of mouth marketing (WOMM), influencer marketing, offline advertising, partnership marketing, community building. It’s also important to use a channel or mix of channels are known to work for the customers in your niche in consistent manner to reach your audience.   

Lastly, you’ll want to keep in touch with your customers even after you have started making significant sales from your differentiation strategy.  Also, try to get feedback from customers wherever and whenever possible.  It's essential to measure customer satisfaction among your current customers, it helps to know you are truly making progress by meeting the needs of your informed customer base. 

It's essential to give your customers good reasons to come to you, rather than downplaying your competitors, by continuing to emphasize your businesses unique selling points. These points will keep you ahead of the competition and emphasize your competitive difference for long-term success.