When you start a business, you will be full of excitement, good ideas, and a will to succeed. That’s all very important, but what is even more critical is understanding how you intend to make your business different. There will be a lot of competition out there, some of which will have been established for quite some time. So just how can you, as a newcomer, stand out in a crowded marketplace and show your potential customers that you are the right business to buy from? Read on to get some ideas and see which ones are going to benefit you the most.
Narrow Your Target Market
It might sound counter-intuitive, but narrowing your target market is exactly the right thing to do if you want to find more customers, make more money, and get ahead of your competition. If you try to be all things to all people, you will be spreading yourself and your business too thin. No one will really ever know what it is you do, and they certainly won’t know to come to you when they need more specific help.
When you narrow your target market, you can genuinely focus on selling the right products and services to the right people. These are the people who are most likely to buy from you (this can be determined through thorough market research), and therefore it makes sense to focus all your attention on them. You can get your marketing just right, directed at the right people, and make more money this way.
Offer Exceptional Quality
Some business owners want to spend as little as possible, hoping for lots of sales with a small profit margin. Although this can be a tried and true tactic for making money in business, it’s not going to make you stand out from the crowd; you aren’t going to be remembered, and you aren’t going to be recommended (which is massively important).
However, if you concentrate on offering superb quality items you will be remembered. You will be recommended. You will stand out above the rest. This might mean spending out more money initially on custom cable assemblies, tools, marketing, or products, and it will almost certainly mean having higher prices than your competition, but don’t let this put you off the idea. Your customers will be happy to pay more for something that will last longer, especially if you can prove that quality right from the start.
Customer Service Is King
No matter how good your products and services might be, if your customer service is lacking in any way, no one is going to want to buy from you. By creating an exceptional purchasing experience for your customers, you can ensure you are differentiating yourself and that you are the business they will always go back to. They know they will be treated well, have their questions answered, and although they might be spending more than they would with your competition, they’ll feel it’s worth it. When it comes to brand loyalty, a massive 98 percent of people think customer service is what keeps them coming back over and above anything else.
Remember to train your staff well too. When you begin your business, it might just be you behind the counter, going to people’s homes, or on the other end of the phone or email. However, as time goes by and you are becoming more successful, hiring staff will have to be a consideration. If you do this, good customer service training will be essential, or you might find all your hard work is undone by one careless word.
Can You Solve A Problem?
The best way to show people that you are the business to buy from, and what will make you stand apart from the rest, is showing them you can solve a problem. If you can do this, and the problem is one that is causing enough strain in your prospects’ daily lives, you’ll start making money.
You’re going to have to first find the problem and then work out how your products and service can solve it. Make sure you spend a fair amount of time on this, as it could be everything your business – and its success or otherwise – hinges on.
You can create a blog or video channel, for example, that explains exactly what your business can do to help people. You can be active on social media. You can answer questions quickly and knowledgeably. In other words, you have to have the answers, and you have to give them even before questions are asked.
Be Innovative
“You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.” – Albert Einstein.
Innovation is the key to success and will definitely help you be seen more easily than your competition. Standing still and assuming that what you are doing now will be fine to continue for the next few years will only lead to other people overtaking you. You need to constantly be looking at new ways to innovate and become better than you are now.
Far from alienating your customer base, this should actually make them even keener to buy from you, as they know you are not ‘resting on your laurels’ and would rather make leaps forward to make them happy than just assume they will stick around forever. Making these changes and really pushing the boundaries where you can will ensure your customers feel appreciated, and this is not something all businesses try to do.
Create Amazing Offers
An excellent way to differentiate your business is to be confident when creating special offers. If you can truly give your customers something amazing, an offer that they simply can’t ignore even if it might seem difficult to achieve, you’ll certainly stand out.
Be careful here, though. Although incredible special offers can absolutely boost your business’s profile, you must make sure you can afford them. Create a specific set of criteria before you launch the offer and be strict with it. Otherwise, you might find this special offer, which could have been so helpful, becomes the end of your business.