No matter what industry your business is in, the field is most likely crowded. Even in a small town or city, there might be hundreds of companies offering what seems to be the same service. Think of all the certified public accountants you see advertising during tax season, or even the number of pizza restaurants located along the same stretch of road.
In a crowded field, one of the more pressing issues for your business might be how to stand out from your competitors. Focusing on what makes your company different from the others will help it stand out in a crowd.
Find Your Niche
Standing out from your competition means finding what makes your company different from the others. You might be selling products or offering a service that is very similar to what your competitors are offering, but your method of doing so differs or you’ve found a niche area that the other companies don’t address.
An example can be seen in a company such as Everlane, an online clothing store that focuses on basics, such as T-shirts and sweaters. There are hundreds of other companies that sell the same products as Everlane, but they don’t sell them in the same way. The company focuses on transparency, providing a description of the factories the garments are produced in and breaking down the cost of each garment, as well as the profit the company earns. Since it only operates online, the clothing company is also able to offer high quality pieces to customers at much lower prices, as its overhead is much lower.
Part of carving out a specific niche is deciding what you want people to think about when they think about your company. You can set yourself apart from others in your field by offering a higher quality product, by offering a product that is somehow different from the others, or by working to establish your company’s authenticity with its products. If you provide a service, your positioning and niche might be that you don’t give up until your client is completely satisfied or that you work until the problem is fully solved.
Take a Different Approach
In addition to finding a niche, your company should take a somewhat different approach to the services it offers or the products it sells. Take a look at what similar companies are doing and find what is missing.
For example, if similar firms in your area sell their services as part of a package, you might consider selling your services on an hourly basis or a la carte. Doing so opens up your firm to a new segment of clients, who might not want a package deal or who might only need your services for a few hours at a time. If you are selling products, you might consider offering a more relaxed return policy than similar companies.
Get to Know Your Clients
One way to figure out how to take a different approach or what niche your company can fill is to find out what your clients or customers want. For example, for some customers, price is more important than quality, while others are willing to pay more for a product that they think is high quality and will last them for years to come. Knowing that some customers want value and others want high quality will help you tailor your products or services to meet their expectations.
Knowing your customers and clients can also help you stand out. A customer might want a specific service that he or she can’t find anywhere else and ask you to provide it. If you do, instead of thinking of that service as a one time situation, consider adding it to your repertoire.
There may be a lot of businesses out there, but only one (or a few) of them is yours. Determining what makes your company great and different from the rest will help you stand out in a sea of similarity. The team at New Direction Capital is committed to working with your company to help it find a way to stand out from the crowd. Contact us today to learn more about how we can help you.