What differentiates your company from the next one? If you haven’t considered this, now might be the time. There are big advantages for companies that stand out.

Companies that stand out often have:

  • A unique selling proposition,
  • Competitive insulation,
  • Loyal customers who are ambassadors,
  • Pricing power,
  • Elevated transactions, strong margins, and good marketshare.

These companies often lead in their category, have great momentum, and can go toe-to-toe with the top companies in the space. Does this describe how you want your company to be positioned in the market? If so, let’s consider together how to get there.

We share this step-by-step guide for how to differentiate your company in today’s competitive marketplace.

  1. Make sure you offer new value. What is the biggest pain point your customers face? Is there an opportunity for a new product or service that doesn’t exist yet? Or can you create something new to optimize what is already out there? In many industries, there are untapped opportunities. Consider innovation that meets important needs and bring it to market.
  2. Make sure you bring a superior value. For products or services you already offer, make sure you are delivering. There is much to consider here. Can you offer a unique ingredient or special process? Can you provide a better user experience than the competition? Can you leverage data to create a more custom experience? There are so many ways companies can deliver better value. Once you do, ensure you are delivering on this by doing consumer research to ensure your company is meeting customer needs.
  3. Make sure you solve unique problems. If you want your company to stand out, you must solve tough problems in a unique way. Make sure you are listening to your customers so you can understand what their needs are. This will help drive demand and differentiation in a competitive market.
  4. Make sure you are addressing emotions. The best companies appeal to their customers’ hearts and their heads. Emotional connections have a direct relation to loyalty as well. Emotions can mean multiple things. It can be a feeling like the one Nike has created with its brand and helping its customers feel empowered or energized. In contrast, Apple helps its customers feel cutting edge while Volvo or Subaru aims to help its customers feel safe. While each company aims to invoke a different emotion, tapping into emotions can create an connection to the company.
  5. Offer exceptional customer support. Obtaining a sale through a differentiated service or product is one thing, but offering superior customer support following a sale is another. Doing this is a value add for many customers. And today’s customers are savvier than customers of years past. Many of today’s consumers grew up online and today’s companies must offer service and support online as well. Offering continued service and support will help your company stand out. It may also ensure your customers refer others to you in the future.

Companies that have a superior product, services, and support will likely see financial results that will follow. This means staying on top of market trends to continue to deliver better value. The payback will ultimately be worth it.