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How to Differentiate Your Business

Let’s face the reality of any industry – there’s a ton of businesses in any industry, and almost every one of them offer the very same thing, or a very similar thing. What attracts the attention of consumers is talking about the same thing in a very different way.

Even if you don’t talk about the same thing in a different way, your business can still do very well. But if you can find a different way to talk about doing the same thing, you can shoot yourself to the
top quickly.

So what can you do to truly differentiate your business from the competition? Here are some tips to get your mind going in the right direction:

      • Understand what different is in the eyes of a consumer – Being a “full service” firm or discussing the fact you do things “differently” isn’t enough to convince anyone that you truly are different. Talking about your business in this way does help build its identity, but it doesn’t make you remarkable.
        Voodoo Doughnuts, located in Portland, Oregon, has long lines lasting until 1-2 a.m. They do the same thing as many other bakeries – they make tasty, sweet donuts. But, they make each donut with an incredibly wacky design that makes them new and interesting. It’s just an example of how to do the same thing differently.
      • Research like crazy – If you don’t have a ton of experience in your chosen industry, make sure you research your space well, which ensures you know your competition. The more you know the big picture in which you compete, the more likely it is that you can develop a new way of doing the same thing that captures attention.
      • Exist on the edge – You’ll notice extremes in the industry in which you compete. For example, in the auto industry, some cars are targeted at people who love big, powerful vehicles, while others are very small and are aimed at fuel efficiency. In your industry, learn what the extremes are, and make it your mission to exist on one of them.
      • Always test new ideas on the side – Some people think once you find out what works, do more of it. That type of thinking certainly makes sense. But, especially in today’s rapidly changing society, what works changes very fast. Make sure you dedicate at least part of your budget to testing out new and different ways of doing things. Remember that most of it won’t work, but when some of it does, you may unleash a flood of opportunity.

Any Ideas Come to Mind?
Given all of this information, has anything exciting come to your mind? If not, one thing is true when owning a business – if you set your mind to it, good things will happen.

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