Feb 14, 2020
Many of us have always viewed running a business as a glorious endeavour. In our minds, the plot is as simple as; set up a business, grab the millions within a short period, then relax and enjoy the money that will constantly flow into your account from the business that is assumed to be running on oiled wheels. However, things are far from rosy in the real business world, which can be best described as tough!
In the cut-throat world of wheeling and dealing, competition is quite stiff, and to become successful, you must distinguish yourself from the crowd by displaying the awesomeness of your brand to potential customers. Add some uniqueness to your product by showcasing the need that you alone can satisfy. Failure to create a niche for yourself in the market place, your brand is likely to get drowned under the noise from your competitors, and your dreams of striking it big in the business world will be nothing but nostalgic memories. Below are ways to improve the value of your brand
1. Discover your target market
Identifying whom to target with your product is among the basics to be considered in business. If you don’t delineate your market segment, you will end not knowing how to tailor your brand to address any particular issue. Now the question to ask yourself are;
With all these questions adequately answered, your company will be in a better position to develop that unique product that will solve the problem of each demographic group. For example, while make-up and hair products will always be trendy among women, the same might not be so popular for a male-dominated group. Likewise, lower-income groups will always appreciate a brand that cuts down on prices. However, the story might be different for higher earners and those with ostentatious behaviours. Such groups people will tend to look down on cheaper items that the poor will appreciate.
2. Make your brand very hard to imitate
You can also add additional value to your business when competitors find your brand difficult to imitate. Businesses that invest time and resources into developing those offerings that are truly unique as well as hard to replicate are always ten steps ahead of the competition. Besides, that element of uniqueness gives the edge you need to distinguish your brand from a million other similar products.
So, take a closer look at your brand, comparing it to the available alternatives in the market, and try to answer the following questions.
Finding workable and affirmative answers to these questions will give you a rare edge over others, creating that uniqueness that will be almost impossible to imitate.
3. Define your distinguishing factor
Competition is an integral part of every business, and we cannot do without it. In fact, it is thanks to competition that you, as a business owner, can think out of the box as the constant presence of a similar product waiting in the wings to exploit your weakness will make you work harder. With that said, your company will constantly find itself going back to the drawing board to pinpoint that particular element, which makes your brand different. It is through this element that they can now showcase that special value the brand can provide.
Try to find out why clients are patronizing the completion more than you, be very objective; all your reasoning should be backed-up with facts. It is not enough to come out and declare that your brand is better, this won’t get anyone very far as customers want to experience those distinguishing factors that make you better than the rest. So, you can try to create a mental picture listing out your uniqueness – even if it will mean admitting that a certain competitor is actually better in a certain area of the business than you.
4. Research Your Competitors
No matter how big your brand grows, you should always have it at the back of your mind that you are not the only one offering such products. Thus you need to know the people you are up against. It is only when you study your competitors and know exactly what they have on offer that you can set yourself apart from the crowd. This underlines the need to know exactly how they conduct their business. This kind of research is not so different from the one you carried out on your target customers; however, the questions to ask here are quite different;
The right answer to all these research questions will arm you with vital information about your market. It will expose the segments that the competitors are not adequately covering and any weakness in their strategy. This way, you will channel more effort and resources towards exploiting those weaknesses. The extra value will naturally follow through additional sales and wider reach.
5. Identify the pain point which your brand solves.
With your target customers well defined and your uniqueness well established, the time has come to discover that certain problem that only your brand can solve. Instead of just aiming to make their lives easier, you can go straight to the specific. There must be that specific pain point that can only be remedied by your brand. It can be saving time or costing less. Your unique selling proposition should be determined in line with pain points as it relates to your prospects and competitors. Just strive to fill that open gap in the prospect's life that cannot be filled by the completion.
6. Repeat Your Success Formula
Any formula that works for you shouldn’t be discarded at the end. These success procedures must be saved and should be repeated in the future for greater results. Let it always be at the forefront of your mind that, documenting any success formula with predictable conversion rates can bring in greater results if repeated in the future.
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