You’re asking yourself the question, “how do you differentiate yourself from competition ?“. You can’t escape it! It can appear out of nowhere and that question terrifies you just by thinking about it. When you’re getting ready to take the plunge, you ask yourself:
Why would a customer buy my product over the competition’s ?
You initially think your main enemy is competition. You may have discovered heavyweights among your competitors within your market and wonder if you have a chance to face them ! What if their advantages are not as impenetrable as you think and you can differentiate yourself ?
Understand your market and build on your strengths to differentiate yourself from the competition
In the beginning, the biggest risk for you is to create a product that nobody wants !
If you have competitors making money in your market, that’s good news ! By the way, this means that the more competitors you have, the more your market must be boiling.
It is also that many approaches exist and that many others can work. You always have the possibility to make your place among your competitors even if supply and demand are thick.
If one day, you meet a contractor or you yourself notice a lack of competition, it means one of these 2 answers :
- The real need to be resolved is not clearly understood.
- The problem simply does not exist
Over time, the global growth of markets especially on the web has allowed the emergence of niche markets, you can :
- Being a specialist in search engine optimization
- Being a Facebook advertising specialist
- Being a Marketing Specialist
- To be a specialist in writing sales pages
- To be a specialist in participatory fundraising campaign management
- Being a specialist in e-mail marketing automation
- and so on…
If you already have deep skills in :
- Content creation
- The creation of a brand
- Public speaking
- Being able to raise money
- Getting someone to change their behavior
- and so on…
All your profound skills are major assets that a beginner can only dream of possessing
With assiduous practice, your arsenal of deep-seated skills will pay dividends in the second or third year. From then on, you’ll have an advantage over your competitors, who may be partially satisfied with their skills.
You can’t reduce a personality simply to its charisma. Venture capitalists who are known for their quantifiable and rational approach say themselves “Bet on the entrepreneur rather than the idea”. The reason for this is that :
You can’t judge an idea until you’ve tested it
t is easier to evaluate an entrepreneur than an idea. Some people are “fighting spirit” and are doomed to succeed even if they have to change their mind along the way. Others can, even if they don’t look it, be unbeatable if you put them up against the right business.
Click HERE to find out how to find your business idea “Find a business idea with passion“
You may wonder how you will build your future economic fortress in your initial plan. How will you, in the next 3 years, build an advantage that will make the next 15 years much easier ? You will always find customers through hard work and opportunity. You will end up making money by working hard to get your business off the ground. It’s only natural! But if you haven’t built an advantage over your competitors, you’re likely to work yourself to death on your desk.
7 strategies to differentiate and stand out from the competition even in an ultra-competitive market
First strategy to differentiate from the competition – Specialize
You have the opportunity to do better than your competitors, who are surely for the most part generalists. There are 2 reasons for this:
- You have the opportunity to do better than your competitors, who are surely for the most part generalists. There are 2 reasons for this :
- Often they started much earlier when there was no competition yet. At the time, they did not need to specialize. As time went on, they were able to expand their service offering with the hope of capturing and expanding their market.
Second strategy to stand out from the competition – Better serve your market segment
You don’t need to be better than all your competitors to make money but you just need to be better at meeting the needs of some of your customers at a certain point in time. This strategy consists of selling a fairly specific product to a market segment.
Third strategy to stand out from the competition – Pioneering a new marketing channel
You probably have existing entrepreneurs in your market who generally rely on their successful marketing channels. This is an opportunity for you to use the marketing channels neglected by your competitors. Many entrepreneurs have built their fortunes for some time on :
- Google referencing
- Participatory financing
- Facebook advertising
As platforms evolve over time, you have new opportunities to find new sources of traffic.
Fourth strategy to stand out from the competition – Bringing your sharp vision to your market
Ask yourself the following questions :
- What is the real problem my client is facing ?
- What is the best solution to address his problem ?
- What motivates his decisions ?
- What will convince him to buy ?
As soon as you adopt a unique vision in your market, you will propose something new to set yourself apart from the competition. Usually, this advantage comes from your lived or professional experience. Thus, you possess skills that are difficult to acquire from scratch. This in-depth knowledge is an advantage over your current and future competitors.
Fifth strategy to stand out from the competition – Develop deep skills
In order to define what a “deep competence” is, it must meet these 3 criteria :
- Your skill is rare : It takes years of practice to reach a state of the art, to be really good at what you do. It’s not something you can learn by watching just a few videos.
- Your skill is valuable : It will directly create value for your customers and facilitate their sales. This is not something you can learn by watching just a few videos.
- Your skill is transferable : It is different from expertise as it can be useful and applied to many other markets.
Sixth Strategy to Differentiate from the Competition – Use Your Personality
Many entrepreneurs do not have any particular advantages on paper except themselves, i.e. their personality which makes their authenticity. As soon as you present your product yourself, it is an advantage that you will be able to exploit in your content and in meetings with your customers.
What’s easy for you and difficult for others ?
You can have facilities that others don’t have like :
- Know how to improvise a speech
- Knowing how to stay calm in stressful situations
- Being able to synthesize a large amount of information
- Connecting with people with ease
You need to identify your strengths to take advantage of them to differentiate yourself from the competition. Your competitors won’t be able to easily replicate all your strengths.
Seventh strategy to stand out from the competition – Building your elusive advantage
When you start your business, you leave with your personality, your talents and your vision. The more your success will be perceptible, the more competitors will be ready to follow your lead. If you’re a solo entrepreneur, you need to start by building an audience through an email contact list.
Click HERE to discover the importance of building a contact list “Contact list – 3 reasons to cherish it“
This is the best way to contact your prospects or customers directly. That is to say all the people who are interested in what you have to say. You can diversify your traffic sources through social networks (Facebook, Instagram, etc) and other sites that will help you develop your reputation and brand.
With a loyal audience, you will have built an advantage to differentiate yourself from the competition that cannot be taken away. There are other advantages for you such as your marketing and the quality of your product to your customers.
To go further…
Stan Leloup In : Votre empire dans un sac-à-dos: Décodez la psychologie humaine pour trouver une idée de business, vendre sur internet, gagner votre vie depuis votre ordinateur [Online] Paper book format available in french on : < https://amzn.to/3g1cHH7 >