In business – as in life – it’s important to be yourself. Many business owners that I consult think that they are making life easier for themselves by basing their business model on others already in the market. Or they feel that if they copy an already successful business that somehow that success will rub off onto them. However, all these business owners are really doing is setting themselves up to become ‘just one more player’ in a crowded market.
What you really need to do is look at what’s out there and put your own unique spin on it.
We help a lot of business owners identify the key attributes of their business and what makes it stand out, and the ones that benefit the most from this are those who know what it is that their company is best at, and are confident in their own ability to do so.
It is important to identify what it is that sets your business apart within your industry. Perhaps your customer service can’t be beaten, or you have access to product before your competitors, or you combine a unique mix of services that isn’t available elsewhere? This unique attribute is what is going to make your business stand out, and ultimately make it a success.
Your main goal is to make your business stand out to potential customers by giving them that unique thing that only you can provide. Once you know what this is, shout it from the rooftops (or in business-speak: get some help on marketing your unique values well). You want people to know why your business is so great and what you’re offering that your competitors aren’t.
If you enter the market with the same business model as your competitors, without identifying your individual attributes, the only place you have to compete is price. While undercutting on price may seem like a workable strategy to attract customers in the short term, over the long term what it does is erode margins and devalue the work you do.
Successful brands are those that identify what they bring to the market that makes them unique and makes them stand out.
Have you identified the unique twist that makes your business stand out from its competitors?