It doesn’t matter what industry you are in, there will always be competition. It many industries these days there are indeed going to be lots of other players vying for your customers attention and trying to take your market share.
Many businesses decide that the best solution is to compete with their competitors on price by offering discounts or they invest in expensive advertising campaigns.
For some that may be a solution in the short term but I would argue that in the long term you need to turn to other strategies to help you stand out from the crowd.
Here are 7 strategies your business can use to outshine the competition.
- Tell them about your Why
‘People don’t buy what you do, they buy WHY you do it’ – Simon Sinek
Simon Sinek’s TedTalk and book, ‘Start With Why’, famously revealed the secret behind the success of companies like Apple who are able to charge much higher prices for their products whilst their competitors are all scrabbling around offering discounts.
The difference between Apple and their competitors is that Apple communicates it’s Why in everything they do and that’s the reason their customers love them.
Truly successful businesses don’t just provide solutions to problems, they provide solutions for the soul; they make you feel something.
Successful businesses don’t provide solutions to problems, they provide solutions for the soul Click To Tweet
So what are you passionate about? Why do you do what you do?
Putting this into language that truly resonates with your customers and then including it in your copy, advertising, blogs and posts. It will make you stand out from the crowd because it will be utterly unique to you.
Related Video: Apple Think Differently Ad
- What do your competitors not do well?
It is well worth spending some time doing some research to find out what your competitors might not be doing very well. What is it that your customers are seeking that your competitors are not providing them with?
An easy way to shine in your customers eyes is to do what your competitors can not or will not do.
For example if everyone in your market charges by the hour and your customers hate it, offer a different pricing structure that works for you and the customer.
Related Article: Pick Your Battles To Win More
- Turn bonuses into standard features
In the customers eyes it’s all about how much value you can offer them and how it’s different to all the rest.
Your competitors will have bonuses in their offerings that they believe make them stand out. This could be a product feature, an extra service, a quality standard or even a delivery method.
Provide your customers even more value by offering the bonuses your market is offering as a standard feature in your offering. Then find a way to add even BIGGER value to your clients.
- Deliver an experience that wow’s
You can offer the best product with the best features and run outstanding advertising campaigns but if the experience of dealing with you leaves your customers underwhelmed they not only won’t come back; and if you have irritated them enough, they will also tell their friends!
It’s not difficult to give your customers an experience that wow’s them when there is so much ‘average beige’ out there in the business world. Build relationships and trust with your clients that make sure they know you care.
Just like in any relationship it’s often the small things that matter most, like remembering their loved ones name, celebrating their wins, going out of your way to resolve any issues that might come up, pointing them in the direction of trusted people that can help them with things you can’t and above all really listening to their needs!
- Offer a guarantee that your competitors won’t
Offer a guarantee that no one else in your industry would even think of doing.
Many businesses shy away from doing this, even though they unofficially provide a guarantee of quality or results anyway.
So why not stand proud and shout about it? The results may just surprise you.
- Show your social awareness
People these days are becoming more and more socially conscious. They care about the global warming, the environment, humanitarian issues, poverty to name but a few.
Does your business care about these problems too? If so how are you letting your customers know this?
Your customers want to know that your values as a business align with theirs and that you are therefore a match to do business with them.
Many people are fully prepared to pay a little bit more for their products or services if they know that they are also helping a greater good.
- Be generous with your knowledge
I was listening to a business owner talk at a networking event this week and he was telling us how he had recently won a new client because he been generous with his knowledge.
He had been prepared to do an assessment of a clients system for free, where his competitors had wanted to charge the client thousands just to come out to their site.
He was simply sharing his knowledge by telling the client what needed to be done to fix the system. His generosity built a relationship and trust with the client who was over the moon and immediate asked him to carry out the work.
Most businesses fiercely guard their knowledge and miss out on the huge opportunity to build relationships and trust with their clients and prospects.
Outshine your competitors and build trust with the market by generously sharing what you know.
By using some or all of these tips your business will stand out in the market place like a shining star.
If you would like to receive a complimentary strategy session and gain more ideas on how your business could outshine the competition, simply email Claire at firstname.lastname@example.org with the title: “Fresh Perspective”.
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As well as being a Chartered Management Accountant (CIMA) and ex-CFO with over 20 years experience, she has also worked extensively with small and medium sized business owners to help them grow profitable businesses.
She's also a certified coach, NLP practitioner, Metadynamics TM Consultant and contributor for Kochie’s Business Builders.
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