In business, it pays to be different, but when you’re selling the same products or services as everyone else in your industry, it can be hard to find a way to differentiate yourself that doesn’t include competing on price.
While it can seem like a good idea to begin with, focusing on price alone means you have to work harder to make a profit. It also leaves you vulnerable to competitors who undercut, and you tend to attract a certain kind of customer – those difficult, price-driven customers who will leave you the moment they find a lower price.
So, how do you find your point of difference when you have the same offering as others? Here are five ideas to get you thinking about how you can differentiate your business – without competing on price.
1. Experience or expertise
Take a closer look at what you personally bring to your business and clients that your competitors don’t.
2. Better processes
Are there any key differences in the way you develop, produce (or source) and deliver your products or services compared with the way others do?
3. Exceptional quality and/or consistent results
Can you prove your products or services are of a higher standard, have more value or achieve better results than your competitors? A potential client will likely select your business if you can, even if you are more expensive.
4. A wider range of products or services
5. More personalised and/or quicker service
Do you provide a really quick turnaround on products or services compared to others in your industry? Or a more personalised customer service where your competitors are faceless? Many people will choose a business and pay more if products and services are received quicker and/or they have the convenience of being able to contact someone easily.
The key to finding your point of difference is to get a little creative. Look closely at the needs and frustrations of your prospects and clients as well as what your competitors are doing and, more importantly, not doing. Very soon, you will start to identify your existing points of difference and additional opportunities for you to differentiate.
How do you differentiate your business from the rest of your competitors?
Amanda Jesnoewski is the owner of Velocity Media and a specialist in creating sharp, persuasive messages. As a mum of two, Amanda is also passionate about helping parents in business find greater work/life balance.
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