Distinguishing your business from the competition is critical to your success. Here’s how:
“WHAT DO YOU NEED TO START A BUSINESS? THREE SIMPLE THINGS – KNOW YOUR PRODUCT BETTER THAN ANYONE, KNOW YOUR CUSTOMER ANDHAVEA BURNING DESIRE TO SUCCEED.” – Dave Thomas, US businessman and philanthropist
1. Solve a problem: Take note of the problems that are common to your clients, and be the best at solving them. Your solutions must be easy to use and provide better results. 2. Narrow your target market: Define the people you serve as precisely as you can. By specialising in serving specific customers, you can focus on the skills or services that uniquely benefit them. Being the best at servicing their specific needs enables you to maximise revenue and build stronger customer relationships.
3. Offer a guarantee: Offer a guarantee so strong, no one else in your industry would dream of doing so. This one frightens some entrepreneurs, but you must have an unshakeable belief in what you produce or provide. Come out and boldly announce that you guarantee results, and see what happens.
4. Do something different: If you want to stand out from your competitors, it pays to do business differently. Finding and exploiting holes in their business model is a great way to set your company apart.