Today’s shopping experience has never been fast and easy. With just a few clicks, you browse through and buy a beautiful tea set made in the finest Eastern porcelain from China, and have it shipped to your home in Greece – all done in just a few minutes.
Given this real life scenario, launching a business is challenging enough, more so with the myriad of competition in every industry, and still rising at that. As new products pop up, so do new ways to sell or market it. And with the easy access to information and online marketplaces, customers are more informed and more adamant when it comes to making buying decisions.
This is why making a good differentiation strategy becomes essential. Make your customers know you and remember you at the top of their minds with these three practical ways:
Define Your Unique Selling Proposition
As soon as you have your SWOT Analysis, work around it to find the sweet spot where you can position yourself best in the industry, whether you’re offering at the best price point or an added value or convenience to your customers. Create your own space in the market by leveraging on your competitive advantage.
Tip: Don’t let big companies faze you. Small businesses have a head start at customer service. By being closer to customers, they can offer a personalized shopping experience and easily maintain a customer relationship.
Be Updated With Your Industry
Today’s news may no longer be relevant tomorrow, so pay attention to new opportunities that would suit your timing. If you’re selling handmade goods, be in the know of the latest flea market, trade show, or bazaar in town that’s aligned with your brand. This lets you jump in the event’s marketing efforts and spread the word fast. Apart from opportunities, also keep an eye out for threats that could come from competitors, or on the digital space among others.
Never Stop Learning
As products and businesses grow and go through certain stages, you’ll be faced with different perks and challenges that may require you to stumble a few times before you learn. Nonetheless, pursue learning and strive for continuous improvement. Learn from books written by experts, or better yet, find experienced individuals and discover how their thought process grows. It’s the easiest way to learn without committing the mistake. I know this because I have personally mentored a lot of budding and successful entrepreneurs through the 1:1 Coaching Program.