In an ambitious marketing world, it is important for businesses to learn how to differentiate their products and services in order to effectively engage and retain customers.
Companies are constantly adapting to changes in the market and as a result, they adjust what they sell and how they sell it.
Product differentiation is a process used by businesses to distinguish a product or service from other similar ones attainable in the market.
This process is essentially what gives your brand the upper hand. If you can find a way to differentiate your business from the next one that does something similar, you’re already on track for even more success.
Here are 6 sustainable ways your company can differentiate their products in a competitive market.
6 Credible Ways to Differentiate Your Products in a Competitive Market
1. Brand Story
Consumers no longer just care about the brand, product or service they are buying.
They also take into consideration who they are buying the product from, and what that company stands for.
Your brand story is an essential part of building trust with your customers by creating a narrative of your brand.
There are dozens of companies who offer similar products to yours. A brand story makes it easier for clients to connect with you and stay engaged.
Steps you can take to create your brand story can start with determining your company purpose, understanding who your audience is, and making sure your story is consistent and straightforward.
As a business owner, being personal and authentic will help you establish a foundation for who you are and what your company’s purpose is. While the history of your company can play a crucial role in your unique brand story, it’s arguably more important why you started the company than how you started it.
2. Build Relationships
The first way to build a strong relationship with your customers is to have an unbeatable customer service representative team and to consistently ask your audience for feedback.
It is also important to be friendly, respond promptly, listen to your customers, and know your products.
A positive relationship with your customers will help you ensure their return business and loyalty.
You can also conduct an honest anonymous survey or even use your own social media pages to understand what your customers like or do not like about your products or services. Keep each of these effective examples in mind when you are assessing your customer service process and system.
3. Size and Packaging
Your business can create a niche for themselves by selling products in different sizes or packaging varieties.
For B2B Marketers this often comes in the form of product and service bundles or monthly recurring service packages like our Content Builder and Content Builder Pro which include both product deliverables like content, keywords, and reports, with services like strategy, promotion, and link building.
This differentiation can be quite effective, especially when there is a lot of competition. There are many content marketing agencies out there, but fewer that package their service like ours.
4. Influencer Marketing
92% of consumers trust recommendations from individuals above any form of advertising, which is why many companies decide to invest in influencer marketing efforts. Something as simple as
a tweet or Instagram story post can make a difference for your product launch if you choose the right influencer to promote your brand.
Keep in mind that influencers are not celebrities. Influencers are specialists whose followers all have an interest in the same things.
Some ways influencers can help your business are that they could write guest posts, share your blog, and post Instagram or Facebook stories using your product.
Consider researching influencer marketing if you are looking to differentiate your brand.
Clients and customers expect speed, and it is your job as a business to deliver.
Nowadays, speed refers to fast transactions, one-day delivery or immediate customer service. If your business can deliver faster than your competition, it will give you a tremendous advantage.
Speed is the deciding factor for most online shoppers because customers want the purchasing process to be quick and seamless.
If a page takes too long to load or the buying process is too complicated, most buyers will exit and continue to a different site for their purchase.
Whether your company is selling to other businesses or to customers, speed is an important part of the process.
6. Add a personal touch
Approximately, one-third of customers seek customizable products. By simply adding a personal touch to your products or services, it can make a big difference.
Personalization can range from thank you notes to your customers, embroidered products, free samples, discounts or including something extra in a package.
For example, a vineyard that sells custom labeled wine bottles will stand out from a vineyard that sells regular bottles.
A real estate company that sends a personalized congratulations card to new homeowners will build better relationships than one that simply sells a house and moves on.
A B2B company that sends thank you gifts to their clients sporadically will create better connections. Overall, these examples show that personalization in gifts, notes, or thought go a long way, even in the business world.
If you’re interested in learning more about how a content marketing plan could help you, reach out to MIG here.