How to Stand Out in a Competitive Market
Running a business gets more competitive every year. As many new business owners jump into your industry, you need a strategy to help you stand out. Unfortunately, many business owners struggle trying to differentiate themselves from the competition, and their sales suffer from it. Small business owners should constantly try to find new ways to make consumers choose them over their competitors. Here are a few tips to help you stand out in a competitive market.
Have Exceptional Service
Many companies believe they have great customer service, but they’re unable to describe why or how it’s better than any other company’s. In many cases, companies believe it’s simple enough to deliver products on time, but those are just aspects of doing business most customers have come to expect. Most people will only remember the customer service experiences that were terrible and upset them. Still, you can make people remember great customer service, as long as it’s something that truly sets you apart.
Businesses need to make customer satisfaction their top priority no matter what. As a small business owner, you need to look for ways to improve your customers’ experiences continuously.
Make Yourself Known
Businesses that want to stand out need to be known for something. You can become known for something like a unique product nobody else has or become an expert in your field. It’s much easier to stand out when you’re known for one thing. Most entrepreneurs believe that getting known for one thing might pigeonhole them, so they won’t be well respected in a new field if they expand. However, becoming known for one thing can actually help you get a foot in the door with new customers and even investors.
If you’re competing in a niche market, you have fewer competitors and can charge more as a specialist. However, you can also become known for something in an extremely competitive market as well. Even if you don’t have a unique product, you can start to find ways to market yourself to be a trusted source for the media and help your business grow.
Unfortunately, most companies are the same. Their main goal is to make money, and they don’t really care about their customers. Many companies only treat their customers well because it helps them earn more money. Additionally, many companies have hundreds if not thousands of competitors, so it can be challenging to stick out.
Business owners must be able to tell the public why they’re different from everyone else, no matter what that means. However, you shouldn’t give your customers answers they’ve heard a hundred times over. Nobody wants to hear that you deliver your products on time or have great leadership skills. Instead, they want to know why they should purchase products and services from you instead of your competitor, who might even be cheaper.
If you’re not sure how you can be different other than dropping your prices, try to look at customer challenges and build relationships by helping your customer solve problems. Offering your customers value can show them you care about them while giving you an important differentiator.
Have Clear Marketing
Many small business owners are not marketers, writers, or designers, but they choose to take on these roles to save money. Unfortunately, that can be a big mistake and lead to marketing materials that fail to showcase the company and why people should work with them. Additionally, it can lead to unclear marketing messages that nobody will even read.
When you start marketing to your customers, remember you’re an expert, and they aren’t. Never use jargon; instead, speak to them plainly and use clear design to help get the key messages across.
Treat Your Employees Well
One way companies can stand out is by treating their employees well. Word of mouth is effective, and if your employees are happy, they will become your top advocates. Whether you offer unique employee benefits or have a clear recruiting and hiring process, try to make the employee experience memorable. Additionally, you should always aim to treat your employees well. Try offering flexible benefits, including an opportunity to work from home to care for children or allow for more time off so employees can take care of their mental health.
Know Where to Find Your Customers
Having a targeted marketing strategy can help you consistently show up in front of your customers so they never forget about you. You can use numerous sales tools to ensure your customers can always find the products they’re looking for. Additionally, you can start integrating your advertising and marketing strategies with customer service tools to offer a better customer experience from start to finish.
Part of having a targeted marketing strategy involves knowing where to find your customers. If you’re advertising to the wrong people, you can’t stand out to the right people. So instead, take the time to learn as much as possible about your customers so you can advertise to them more effectively.
Give Your Brand a Personality
There are hundreds of thousands of companies out there, but we bet you can only name a few. That’s because most brands don’t have their own personalities that attract their target audience. People prefer to buy from brands they like, even if those brands are a little more expensive than the competition. Having a personality, on socials and your website, also has a level of likeability to your brand to help you stand out.
If you truly want to stand out in a competitive market, you’ll need to consider your customers. After all, they’re the reasons your business will succeed or fail. If you’re not making an effort to provide a quality customer service, giving your brand a personality, or ensuring you treat your employees well, there’s no way you can stand out. In many cases, with bad customer service, treating your employees poorly and having a bad reputation can hurt your business and make it stand out negatively.