12 Factors for Differentiating your Brand
Why Customers buy from you?
There is something special in your product or service, which attracts the customers and differentiates your product or service which is considered as Brand.
“A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer.”
Brand differentiation is quite possibly the goal of any marketing strategy – the tiptop, the keystone. It’s the reason you have a marketing strategy.There are some key factors for differentiating your Business Brand.
Manipulating price may seem like you have a surefire hole-in-one. It seems so easy and familiar. We can walk into a store and decide what to buy based on who offers a better value. In other words, who offers the cheapest price?
If you really wanted to differentiate your product and create brand loyalty, perhaps being cheaper is not the way to go. Creating excessive markups on your brand can do two things. One, they can set you apart as far as quality is concerned. People expect to pay more for higher quality. It goes with the saying, “You get what you pay for.” Two, you can enjoy higher profits. That means less work for more money. In this case, cheaper is not better.
A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
2. Go after a Niche
When you go after a relatively unknown niche, it’s almost as if you have built-in brand protection. If you’re the only one who offers products and services to a particular niche, you virtually have no competition. That is, until someone else enters the market. If someone else does that, then what you do? That’s easy – keep reading.
3. Authority Entrepreneurship
I love this one. The ability to stand out as an authority in your field can garnish more new customers than by any other method. Authority entrepreneurship is an entire field by itself. How do you become an expert? It may go against the grain but here’s how you do it. Give away your best secrets. You can do this through webinars, your blog, or even the old-fashioned way where you stand up on the stage and organize a conference of sorts.
Begin by writing down everything you know about your business. Write down your secrets. Write down what you know about how to do a job, the tools for a job, and give away the best free help you can possibly muster up. By letting people know what you know, you’re setting yourself apart as an expert. You’re getting people to look at you and say, “He knows what he’s talking about.” When any these people stand in need of your services, they’ll think of you rather than flipping through the phone book or searching for similar services on Google.
4. Convenience and Catering
Convenience and Catering can become difficult to master if you don’t know how. This is only difficult because it requires you to go out of your way to make your service as convenient as possible. This can work for you, or can work against you, depending on your marketing strategy.
If you have something unique – meaning something that no one else as – you can make it convenient, but not too convenient. If it’s too easy for the customer, they might not see the importance in becoming a client. However, if you having a hard time differentiating yourself from along several competitors, then making your service convenient will be something your competitors may not offer.
5. Over-Deliver Your Service
Go above and beyond. When you’re perceived as a business that is doing nothing more than the bare minimum, it will be almost impossible to differentiate your brand. It’s like going to the dollar store vs. going to a department store. There are things I can get at the dollar store, but I’d be much more willing to pay top dollar in the department store. In other words, incorporate the highest level of quality you can in your product or service. If you under-promise and over-deliver, your clients will think they are getting a much better value for their money by going to you rather than anyone else.
6. Appeal to Emotions
Emotions sell. When you revisit the drawing board and look at the features and benefits of your product or service, features do little for the customer. Benefits, on the other hand, do all the talking.
Look at it this way. If I had a tire store, I could tell you all about what the tires are made of, how the tires are made, and even go as far as telling the difference between one tire and another. However, at this point, I have done nothing to tell you why you should buy it. I’ve done nothing to appeal to your emotions. Now if I said that if you were to buy this tire, it could keep your family safe because it grips the road better, then I’ve just appealed to your emotions by telling you that you can keep your family safe if you buy my product.
7. Give Back to the Community
Today’s marketplace is ruled by what we call the Millennials. These are the people that were born either in the 1990s or 2000s. They did not experience the economic depression of the 80s firsthand. They did not experience the world where corporations ruled everything. These are our Googlers. They’re the ones behind the Internet and how the marketplace runs today. One of the things that the Millennials love is corporate responsibility.
By giving back to the community, you’re catering to this one weakness of the Millennials. Entire brands have been created by exploiting this one weakness. Beyond making good economic sense, it helps you to build brand loyalty by giving back to the community in one way or another. Need an idea? Consider donating a portion of sales to charity.
8. Limit Availability
By limiting availability, you’re creating a sense of urgency. Now, this goes in contrast to Convenience and Catering, however, you can do both. By putting your service in the 24/7 category and making things convenient, you made it easy for customers to buy from you. By limiting the availability of the same products, you’re creating a sense of urgency. Do you see what we’re doing here?
9. Offer Something Unique
Of course, this isn’t easy to see it through if you don’t know what you’re doing. But once you start to give it some thought, the value of it becomes quite compelling. If you are in a niche that’s unique in and of itself, then whatever you’re offering is unique. However, if you’re in a market that is saturated with competitors, you might want to consider couponing. Not just any coupons – but loyalty coupons.
Loyalty coupons are those coupons that say something along the lines of, “Next time you buy with us, you can get this, this, and this for free.” There are many penny pinchers out there who would love to get something for free, and this is how you do it.
10. Don’t Be Afraid to Step Away from the Status Quo
This is where you go outside of what people expect. And I don’t mean having your copywriter insert a funny joke here and there. You can rebrand your product completely by telling people other ways to use it.
Look at it this way. If I sell you a plastic pitcher, and I said it was great for making your own juice, and you bought it, no one said that’s what you had to use it for. In fact, no one said you can’t take this pitcher, fill it with dirt, plant a seed, and grow a garden. See what I mean?
Don’t be afraid to make mistakes. It’s far better that you try to be bold and fail then if you fail to try at all.
11. Create a New Product by Renaming a Current One
One of the best ways to keep people engaged in what you are selling is to take what you have and rename it. Renaming your product is easier than it sounds. You can create packages by bundling services together and give the package a name. You see this all the time in something as simple as a car wash. Get the Super Sudsy Special – which includes all these different cleaning enhancements – for this special price. Another example is when you see the “Chef’s Special” over in the deli at your local grocery store. By rotating out these packages, you keep customers coming back for more just to find out what’s new.
You’re not offering anything new – you’re just renaming what you currently have.
12. Create and Build Relationships
I saved the best for last. If you really want to create a brand loyalty, then create and build relationships with your clients and customers. Have you ever heard in business that it’s not what you know, but whom you know? This is where that applies. There are some people who remain clients for years simply because they like to know whom they’re dealing with, they like to know how they do business, and they like to know what to expect. I’ve seen this work with mechanics, plumbers, and even waiters. If you can create brand loyalty by getting people to know who you are and letting people know that you care equally about them, you can create clients for life. Moreover, these customers are fiercely loyal. They will refuse to go with anyone else except you.
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