What is one of the most crippling business mistakes? Failing to identify your competitive advantage. Your competitive advantage is the result of your efforts to make your services stand out by providing unique value to customers in comparison to the competition. It's either the extra value or better prices you offer your clients that sets you apart.
First, think about what makes your business unique—identify your business values and brand and embrace them! Live them better than anyone else! They can add immense value to your customers in a way that's different from your competitors. And THAT is what you need to double down on and grow your business around.
Maybe you’re thinking, “What if I don’t know my shine factor?” or “Is my skill not enough?” We have no doubt that you’re talented but business takes a little more than that! If you have music schools on every corner, how is someone supposed to decide you’re the best before they meet you? It’s your unique draw that attracts clients.
Follow these steps to find your competitive advantage:
Conduct a Competitive Analysis! Download your free copy of our eBook, "Creating your Competitive Analysis" to guide you through building your own.
Google the competition! What do they position on? How are they priced? What do they offer?
Visit your competitors. A little recon mission never hurt anyone. Check out our blog, "Inspired by the Competition" to discover how you can improve your business AND take a little vacay!
Are you an expert in the industry? Highlight your credentials and expertise.
Do you focus on a certain type of client? You may specialize in guitar for children or piano for adults.
Is your space different? Maybe your atmosphere is uber comfy and inviting
Observe customer pain points and craft a differentiator that speaks to it
Example: include an online training in your 6-month membership to appeal to people with limited time
Offer a guarantee
Example: “You’ll learn to play ‘Mary Had a Little Lamb’ on the piano in 3 weeks”
Use numbers to drive the point home
Example: If your facility has more resources than your competitor, your tagline could be “Joe’s Baseball: the 11 field academy”
Find out what the customer wants, and give it to them. Is there something your customer mentioned in passing or in an online review that would be a unique addition or create a better, faster or more enjoyable experience? Usually, the best ideas come straight from your customers. We just have to listen.
Don’t promise something you can’t deliver!
Discerning your businesses special characteristic is what makes clients enjoy the experience on a personal level. It’s what keeps them coming back and talking about you with their friends and on social media.
Author and expert in branding, Sally Hogshead talks about how to differentiate yourself and your business from competition in this short video.
Originally published October 20, 2015
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