Differentiate Your Business from the Competition

All businesses have competition. It may be a business down the street, across town, in another state or even another country. The competition might appear on the internet or in a catalogue. Sometimes the toughest competition is lack of knowledge the business even exists! But NOT all businesses are the same-even if the product or services appear to be the same. Each business provides something unique. The challenge is to know and communicate clearly just what it is that sets your business apart from the competition.Each business provides something unique. The challenge is to know and communicate clearly just what it is that sets your business apart from the competition.

Clarity in these 3 Areas will set your business apart from the competition:

1. 1. Specialization: You cannot be all things to all customers. Too many businesses make the mistake of trying to offer too many products or services to too many types of customers at too many prices in too many ways. What does YOUR business specialize in??
   1. Products/services? - Both you AND your customers must be clear about your specialization.Both you AND your customers must be clear about your specialization.
      What products or services do you provide to your market…really well?
   2. Serving a specific market or customer? - All State Legal Supply specializes in law firms, providing them with all the paper products they need to operate efficiently. McDonalds specializes in providing fast food for people who want to eat quickly and conveniently. What customers are you serving?

   How to turn a feature
   into a benefit.

   It's easy to turn features into benefits, in fact it's essential. People do not care about features until they understand how that feature benefits them. Here is little trick I learned years ago to do that. Simply finish this sentence: "Our Gold Plated Widget (substitute your feature) means you'll get…" and finish it with the payoff to the customer.

   For example, "Our guarantee (good feature) is a 100% no-questions asked money back guarantee, if our widget ever breaks or if you are ever dissatisfied with it, simply return it to us and we'll pay the shipping both ways and give you a brand new widget at no cost or give you your original purchase price back. " (benefit = no risk purchase)

   Now that's a real benefit and your customer can ready understand the value of your "guarantee."

   3. Geographical Area? - Your neighborhood, city, state, country or the entire world. In what geographical area do you specialize?
   4. 2. Segmentation: Clearly define and identify the customers who are ideal for what you sell. Who are they, where are they, when and how do they buy, what value do they want from you and what benefit is most important to them?
   5. 3. Differentiation: Often referred to as Competitive Advantage; Area of Excellence; Unique Selling Proposition (USP) or the best way to think of it in my opinion, Dramatic Product Difference. You have one but can you articulate it time and time again?? Being able to differentiate your business and communicate it clearly and concisely is perhaps the most important of all.Being able to differentiate your business and communicate it clearly and concisely is perhaps the most important of all.
      What is the one thing you do better than anyone else? What do you offer that is truly unique to you and your business? What really sets you and your business apart?

Once you have clarity in these areas, focus your resources (time, energy, money and team) on those prospective customers who are most likely to buy from you. Let them know what “Differentiates Your Business from the Competition” and how that difference translates into unique benefits they can get no where else!!

Get a “Differentiating Your Business Checklist” at http://maclayassociates.com under LINKS.

By Margaret Maclay, the president of Maclay Associates LLC., a certified FocalPoint business coach, speaker and behavior analyst. She works with small and medium sized businesses to improve overall performance, communication and profitability and can be reached at m.maclay@maclayassociates.com