Product differentiation is an essential component in being competitive today. Which means that on occasion you have to study your competition, because if you don’t know for sure what they are offering how can you be sure you are different? By studying your competition you can learn to:
Study your Competition to Identify Gaps in Products or Services
By lining up your products with your competitors you’ll be able to identify gaps in either their offerings or your own. By identifying the gaps you can fill the gaps, improve the similarities and you’ll be able to clearly differentiate your products.
Deliver More and Better Quality
Try out your competition’s products and services to see what you think about them. Figure out how you can make yours better than theirs. If you can also add more information, more features, better design and so forth to your products and services, this will differentiate your products from theirs.
Create Different or Easier Delivery Methods
Is anything clunky, off or quirky about how your competition delivers their products or services? That is a great place to differentiate yourself and your business, remember insurance often use from a dollar a day … which makes it sound much more affordable than three hundred and sixty five dollars.
Provide Free or Low-Cost Companion Products
Offer a “how to” manual or product guide with a purchase, or offer a low-cost or free app along with the product purchase. Alternatively, offer something only customers get from you, such as a forum or special support and help areas.
Get Famous Endorsements
Fame is in the eye of the beholder, so find movers and shakers or so called Guru’s within your niche and ask them to try your product for free in exchange for an endorsement. Be sure you are ready for the truth before doing this, as you should only ever ask for an honest opinion.
Make Your Cover/Website/Product Design More Special
They say not to judge a book by its cover but the truth is, everyone does, make your covers super special by hiring professionals to design exceptional graphics for you and refreshing them often.
Donate a Portion of Proceeds to a Charity
I used to really like this, but now I feel as if it’s simply a clever tactic used by unscrupulous business professionals, however that’s my own opinion. People generally love feeling as if they are doing a good thing when they buy something they already want, so by offering a certain amount to a charity with any purchase can help differentiate your product, and if you are going to do it, be broad with your charity selection or better yet, let your customer select a charity from a list of your choosing.
Offer Exceptional Customer Service
Offer much better customer service than your competitors’ and you will win over more people than you think. People talk about bad customer service more than good, but since your customers travel in the same circles, if one complains about a competitor, the other will recommend your business.
Create Better Calls to Action
Many businesses fail, not due to bad products, or poor packaging, or even due to high prices but rather from not asking for the sale. Be sure your call to actions are more effective than your competition’s and you’ll gain more sales.
Study your competition to improve products and services but never forget to be yourself, the greatest asset any business has is that you are unique and by studying your competition you are simply making the products and services you offer more unique.
To differentiate your products and services from your competitors’ will require that you try out and study your competition so that you know what needs to be done to make your business stand out from the crowd and stand head and shoulders above your competition.