Do you worry about the competition that your business may face? Do you wonder how your new business can stand out from the competition? Do you know who your competitors are? Better yet, are you clear on why you are starting your business and what you have to offer? It is important to remember when you are just starting out that you must offer something unique or special and you must offer a solution to a problem that your ideal client/customer has.
Ask yourself why a potential customer may select your business offering over that of a competitor. There is something that you offer that others don’t, or that they don’t do as well as you or your business. Think all of this through and then define your value proposition – this is what makes your business offering unique and why it is better than the rest. This will help you to determine what helps you to stand out from the competition, whoever they may be—and this is how you create long term success!
- Figure out your unique niche: What is it that makes you special? What sort of product or serve category do you fit into? There is sure to be something about what you are bringing to market that is worthwhile, and it’s time to focus on that. As you build your business model, consider what you are doing all of this for. If you think of why a client may pick your business offering over another, then you can make your offer more enticing and more targeted. It may sound like a huge task, but it’s really about putting yourself into the mindset of your customer and then building up from there.
- Offer value or something that your competitors currently don’t: The old saying is that you have to be “better, faster, or cheaper” to win market share. It’s Business 101 and it may seem obvious, but you have to put some thought into this. Think of what type of value or distinguishing feature your business will offer that helps you to stand out from your competition. This is your value proposition. Maybe you offer your product or services at a lower cost or you can get it to consumers faster, or even customize orders. There has to be something special, unique, or appealing about your business that will help you to rise above whatever competition you may have in the marketplace.
- Create a sense of urgency or something that truly appeals to your target audience: An excellent sales tactic usually pays off well if you insert a bit of urgency into the offer. Don’t make it unrealistic or too “salesy” but if you make it worth somebody’s while to go with you, they will at the very least be interested. Be sure that you speak to what they are interested in whether it’s a coupon, a discount, a loyalty program, or something else that will make them feel wanted as your consumer. These offers are going to change over time, but at this time be sure that they appeal to what your customers want now.
- Know your competition, know everything about them: Having a solid understanding of your competitors is critical to business sustainability. Know who your customers are, what they offer, what they do well, what they do not do well, what their customers are saying about them, their pricing model, their future strategy…find out everything you can about your competition. Once you have this information you can now position your business to learn from what they do well, improve upon their shortcomings or fill a gap for their customers that is missing.
You will find that if you do your research you are going to find your unique niche. If you are thinking about starting your business and think that there are so many challenges to getting started you will find the Ultimate 25 Point Action Checklist to be helpful in getting you started. Your business will be stand out from the competition and you can ensure that you appeal to your target audience. Be sure that you know your competition and then you will be able to build momentum from there.