Top 5 Strategies to Stand Out in Your Market
The John Lewis department store group built its brand on the tagline “Never Knowingly Undersold”. It had been their tagline since 1925 though earlier this year this was put under review as trading conditions became increasingly difficult. Domino’s went from a little-known pizza startup to the number one pizza chain in the world seemingly overnight because they promised “30 Minutes or Else It’s Free” on all deliveries. To attract attention you have to be different from your competitors in at least one very important way.
Let’s first begin by defining what a strategy is about:
Where your business is trying to get to in the long-term (strategic direction)
Which markets you should compete in and what kind of activities are involved in those markets
How your business can perform better than its competition in those markets
What resources (skills, assets, finance, relationships, technical competence, facilities) you need to be able to compete
What external, environmental factors affect your business’s ability to compete
The values and expectations of the stakeholders who have interest in and power over your business.
The following five strategies will help you stand out in your marketplace, in a good way.
Strategy 1 – Clearly establish your UVP
What unique value do you provide your target market? This is known as your unique value proposition (UVP), unique selling proposition (USP), and by some other catchy acronyms. The bottom line is this – if you’re the best in your marketplace or niche in some important way, the people who value that aspect will always come to you. The best way to stand out in any market is to provide some important value that your competitors can’t and to clearly communicate it to your market.The best way to stand out in any market is to provide some important value that your competitors can't and to clearly communicate it to your market. Click To Tweet
Strategy 2 – Prove that you’re the best choice
You’re going to have competition when you open any type of business. You may actually make the best-tasting pizza in the world. No one is going to believe you, however, unless you prove it to them. Social proof, testimonials, referrals, and trial offers are just a few excellent ways to prove to your potential customers that you can actually deliver on your UVP.Social proof, testimonials, referrals, and trial offers are just a few ways to prove to your potential customers you can actually deliver on your promise Click To Tweet
Strategy 3 – Ask your customers what they want
So many companies offer their products or services without knowing if that’s actually what their prospects are looking for. A simple way to set yourself apart from your competitors is to become better at listening. Consistently survey your target audience. Ask them what they want and then give it to them. This technique is simple to implement, shows your customers that you care, and requires little or no cost in many situations.Consistently survey your target audience. Ask them what they want and then give it to them. Click To Tweet
Strategy 4 – Create a community
There are more than 1 billion people active on Facebook. In your local community, there are membership groups of every kind. People love to belong to something. Look at your business, the products and services you offer, and the value you deliver. Find a way to turn all of your individual customers into a tribe and you instantly provide something your competitors don’t … a sense of belonging.Find a way to turn all of your individual customers into a tribe and you instantly provide something your competitors don't ... a sense of belonging. Click To Tweet
Strategy 5 – Position yourself as an authority in your field
People love experts. When you write a book or start a blog you can establish an authority position. Create a video channel on YouTube, start a newsletter, or create a Facebook group. When you can share information that is relevant to your target audience, your prospects will look upon you as an industry leader.People love experts. When you write a book or start a blog you can establish an authority position. Click To Tweet
By gradually implementing these strategies you’ll soon establish a good reputation in your chosen marketplace. If you need help with your marketing strategies, then take a look at our Marketing Strategy service and book a free focus call to see how we can help.