Identify your niche market and find your point of difference.
Buyers love choice – but not too much. But how do you stand out in a crowded market place? Standout and be different – but not too much.
If all companies in one industry offered exactly the same then they would sell the same product, look the same and have the same customers.
Be different and stand out, look different, offer a different product, brand, service.
Imagine going to a food hall and every shop sold the same food. Their survival depends on them being different. It offers consumers the choice of what they would like and allows the retailers to compete in the same space by offering choice. They are in same market, literally, but they can all compete and be successful.
We normally have a favourite when we go to the food hall, but when we see the choice and what is on offer, we may be inclined to try something else.
So, be the same, but different. You can have a unique product that offers something in the market that no one else does – not just pizza, but gourmet pizza.
Phone companies are a great example of this. Mobile phones share the same space – digital spectrum, and people do the same things – talk and share data. Banks are the same, it’s all about money. Petrol stations too – they pump gas.
Customers have a perception of the point of difference between the competing brands and choose to shop there. When one competitor offers something in the market the rest usually follow but they don’t offer exactly the same product or service – it’s similar – just enough to be different.
You need to study your competition to work out what you can do differently and stay in the same market without the perception that you are so far away that you are out of the market. Have a similar brand, message, service or product but make it easy for the customer to find you in the market. Find something that your competition isn’t good at and do it better. Be more visible to a certain segment. Offer something different, in a different way or at a different price.
Be different – but don’t take yourself out of the market. Just be different enough to be recognisable.
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