Stand Out From The Crowd



So there is more than one business locally providing the same product or service as you? This should come as no surprise, in fact competition is good. Competition pushes you forward & generally prevents you from becoming stagnant in your field.
The best way to overcome competition is to stand out from the crowd. There are many ways to do whilst remaining professional & proactive, here are a few:

Features & Benefits

Understanding your product or service & it’s features & benefits is one of the keys to successful sales.

A Feature: Is a special or important part of your product or service.
A Benefit: Is a way in which that feature can benefit your customer, gives advantage, improves quality or helps in some way.

When talking to customers or clients using features & benefits can greatly improve the appeal of your product or service & in many cases give you a  point of difference to your competitors.

Lets look at an example:

Feature: This product comes with a two year parts & labour warranty.
Benefit: The customer has peace of mind over the coming two years in the knowledge that they will not incur any extra costs in relation to this product should a problem occur.

Make a list of your company service or product features & the benefits to your customers. Each sentence should read:
The feature of this product or service is......... & the benefit to our customer is................................
You may have some of the same features & benefits as your competitors but do your competitors know their own, do they explain them to the customer? This alone can make all the difference.

Be Proactive NOT Reactive

One of the great things about being in a competitive market is the need to continually think of new ideas, products or services to continue to develop your company brand. Don’t focus on what your competitors are doing too much. Whilst it is important to have awareness of what is happening in the market place, too much time reacting to your competitors activity is negative wasted energy. Try to think of new ideas that have not been done yet, new ways in which you can stand out from the crowd. Get your positive, creative energy flowing & remember why you started in this business in the first place. If your competitors are way ahead of you or you are losing a lot of business to them.... look in the mirror, find out what people are getting from them that they are not getting from you & ultimately improve your product or service until you are giving your customers what they want.
The same applies to your pricing strategy. Don’t be greedy & price yourself out of the market but at the same time don’t create huge, rash discounts out of panic through low trade. All this will demonstrate to your customers is that you are desperate, which is never a good thing in business. By all means do deals or structured discounts but base them on customer loyalty & get something from your customer with every extra you give so that you both benefit.

Remain Professional At All Times

Do not talk negatively about your competition to/with your customers, regardless of how they or your competitors may conduct themselves. This will not serve you, it will only demonstrate that you are unprofessional & may deter the customer from doing business with you in the future regardless of if your product or services exceeds that of your competitor.

Never make promises you cannot keep. If you cannot forfill the customers need, then tell them this, they will have a lot more respect for you than if you lie & then don’t deliver on your promise. If you say you will be somewhere at a certain time, or you will do something for a certain customer make sure you keep your word. People buy from people first & foremost.

Finally.....

Remember, you started in this business because you saw a gap in the market or an opportunity that other people in the industry maybe could not see. It is always a challenge running your own business but be true to yourself, your product or service & your vision. Forget what the competition are doing, what did you come here to do?
 

Blog Stats

  • Total posts(20)
  • Total comments(0)

Forgot your password?