Identifying and communicating differentiators is one of the most important foundations for your business. When you know what makes your business unique, that can be the key to finding the right clients. Learn how to identify differentiators and convey them to your target audience, and your business can start enjoying a strong competitive advantage.
Specialize in a Niche Market
When you specialize in a specific market helps you avoid two major problems. The first is facing heavy competition for market share. The second is having to lower prices to beat other companies who offer similar services or products for less money.
This tactic will help you approach potential clients as an authority in the market. If you identify their needs and gear your products and services to meet them, you’ll be able to better service those needs.
It’s also easier to identify your target audience when you specialize in a niche market. You’ll know who to look for, and who to eliminate if they don’t fit your criteria. Look for a niche market that is currently underserved. Specialization is not only your business ticket to more profit; it’s also a key differentiator that sets you apart from everyone else.
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Offer a Unique Service or Product
One of the easiest ways to differentiate your business is to offer a unique service or product. It should be something that your competitor hasn’t thought of yet. Whether it’s a single service or a group of products in a bundle, this is one differentiator you don’t want to overlook.
Think about what you’re selling. Is there a way to provide something completely different from your competitors? Is there a way to package your services and products in a way that adds special value to your target demographic? This is a crucial step toward learning how to identify differentiators. This will give you a valuable, tangible asset that new clients will be eager to buy.
Take On the Little Guy
A third way to separate yourself is to identify a segment of the market that is largely ignored by your competitors. Smaller businesses are often too small for larger service companies to deal with. Larger businesses look for a certain minimum of profit potential, which often leaves out smaller companies. If you can cater to the needs of the little guy, your business will have one more differentiator.
You can also display objective and professional certifications to show that your people are the top in the field. Identifying differentiators such as certifiable expert service positively impacts how your organization is viewed.
These are just a few of the ways that you can differentiate your company from your competitors. As you learn more about how to identify differentiators, you’ll come up with even more ways to gain a competitive edge.