In commoditized markets doing one thing really well is not enough to create a competitive advantage. There are 9 key differentiators. Identify your top 2 to 4 to develop a sustainable competitive advantage, and stand out in your marketplace.
Change matters, because it affects relevance. A disruption can make your brand irrelevant. When the pace of change is accelerating you have to constantly strive to gain relevance at the expense of others. Here’s how.
A strong brand must own one word in the mind of customers is considered gospel in branding circles. It’s time to challenge this convention. It takes more than one word to create a competitive advantage.
Simple Clarity is the ability to describe your business and what makes it unique in ten words or less. This is deceptively hard, especially for an innovative, growing company. Simple, clear communication immediately differentiates your brand. It demonstrates your company is not only innovative, it’s credible.
How do you differentiate your brand when all of your competitors do an amazing job? Improving your products and services can take you only so far, and niche marketing has its limitations too. Move beyond the tactics and build a community for your brand.
Many industries have a hierarchy, and at the top are the influencers. Octopus Products focuses on their influencers, the designers, to drive sales and grow their brand.
Manufacturing in North America has never been more challenging. Not only are manufacturers competing with cheap imports, they’re also facing steep competition at home. Almag Aluminum differentiates their brand by focusing on speed. Faster is better.
Your firm’s strengths may not be enough to differentiate your brand. Strengths are table stakes. They are simply required to be in the game, and compete in your industry. Differentiation originates out of one identifiable strength.
Companies choose Matcom, because the service is “hassle free.” They stand out in a commoditized sector by creating turnkey solutions. Not all companies value this level of service, but the ones who do love it. There is a real value in reducing the time and resource constraints on your internal team, and delegating non-core competencies. It is liberating to know someone else will get the project done while you focus on satisfying your own clients.
What separates one accountant from the next? Not much, they all deliver similar services. The same is true for lawyers, insurance brokers and financial advisors. When everyone looks the same it’s hard to make a referral. Relationships are not enough to differentiate your brand.
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