Becoming an expert in your field is a great way to differentiate your company from the competition. Focus on listening and social monitoring to gain insight into what customers are looking for. According to Deloitte Consumer Review, one-third of shoppers are looking for personalized products and are willing to pay 20% more for them. In many cases, any customization means a minimal increase in production costs, making it a great way to stand out from the competition.
Showing that you care about people and not just about the final result is also important. A CGS study reported that nearly 50% of consumers were willing to pay more for socially responsible products. This can take many forms, including donations to charities, sustainable manufacturing, community programs, and fair benefits and salaries for your employees. Your brand story is also an important asset when it comes to differentiating yourself from the competition.
According to the Harvard Business Review, 64% of customers who say they have a relationship of trust with a company attribute it to shared values. These values are directly communicated through the stories you tell. Here are 30 ways to differentiate your brand from the competition, many of which can be employed when developing your brand strategy. If your brand is the best at something in your industry, you can differentiate yourself by focusing on your experience.
Domino's Pizza differentiates itself through its expert home delivery service and its 30-minute guarantee. Access free articles every week that offer proven brand strategies to grow a very profitable business using the knowledge of big brands and become a highly visible, credible, well-liked and outstanding brand. As an added bonus, you'll also receive The top 20 rebranding mistakes to avoid and the 13 key questions to ask yourself before you start. Product differentiation is probably the most visible way to stand out from the competition. It includes real physical and perceived differences, the latter of which can be acquired through advertising.
Product differentiation can take the form of features, performance, effectiveness (or the ability of the product to do what it's supposed to do), compliance with specifications, or a range of other criteria. This is where most B2B sellers and probably also most consumer sellers spend most of their time and money. If you have a small marketing budget, the smartest and most effective strategy is to move away from a brand strategy and adopt a customer-oriented strategy. Differentiating your company from competitors requires careful consideration of branding and marketing strategies. To stand out from the competition, focus on listening and social monitoring to gain insight into what customers are looking for. Show that you care about people by offering socially responsible products or services.
Additionally, create a strong brand story that communicates shared values with customers. Finally, differentiate yourself through product features or performance as well as through customer-oriented strategies.