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How to Differentiate Your Business from Competitors

Young Entrepreneur Council /TNJ | 6/15/2016, 11:47 a.m.
Q: If you're not the first in your space, how do you differentiate your company from the other businesses that ...

Q: If you're not the first in your space, how do you differentiate your company from the other businesses that do the same thing?

A: Offer lower prices. "If you're looking to differentiate yourself from your larger competitors, you need to cut the price. We did, and it's working well so far!" Peter Daisyme, Due.com

Focus on one thing. "If you find your company is not in first place in comparison to your competitors, a method of differentiation is to focus on one aspect of your business product/feature and make it the best in your space. The second step is to market the focused product/feature explaining how it is better than your competition." Phil Chen, Wrapify

Improve upon customer feedback. "Just because a company is first in your space doesn't mean everything about them is good. Look for what the customers say and keep an eye on finding the strengths and weaknesses in the space. Once you identify the strengths and weaknesses, get creative and innovate to help differentiate your company from the crowd and offer a solution consumers are seeking." Stanley Meytin, True Film Production

Differentiate at the strategy level. "I'm a consultant, and anyone can offer the same types of services. But not everyone can provide the same level of strategic planning that I offer. There are lots of consultants, and some are better than others. What sets the great consultants apart, regardless of their niche, is their strategy. My strength is in strategy and executing the strategy. What's your strength? That's your differentiating factor." Nicole Munoz, Start Ranking Now

Be controversial. "Doing what everyone else does is comfortable and 'safe.' Stir some controversy and do something drastically different! It takes courage, but focus on one thing you think others are doing incorrectly, or not doing at all, and consistently demonstrate how you're bucking the trend. Then, shout it from the rooftops in all of your marketing and communication." Dan Pickett, Launch Academy

Market your individuality. "Your business branding should be focused on showing potential customers how you stand out from similar companies. Emphasize these aspects of your business's identity and your customers will take note." Simon Casuto, eLearning Mind

Create a niche. "Even if other companies provide the same service or product, you can create a niche by targeting a specific customer group. Decision makers are more likely to purchase the product/service if it is specific to their industry vs. general. So, figure out how you can speak directly to one customer group, determine which features/benefits/messages apply to them and communicate directly." Angela Harless, AcrobatAnt

Make your core values reflect something new. "In the business of luxury mattresses, I'm faced with several competitors who produce good, high-quality products for the same market. However, I am the only one who emphasizes the green technology that goes into making my products. By planting a stake in the ground in advocating for environmental protection, I make my values known to my customers and stand out from the crowd." Firas Kittaneh, AstraBeds