How To Stand Out In A Crowded Marketplace

Having a great product or service is the primary requirement of starting a business. However, excellent quality alone will not help you succeed in an overcrowded marketplace.

At a time when imitation has become a norm, it’s hard to differentiate the brand based solely on the product’s features and benefits. Your product must be visible to the consumers when they are looking for it. You need to develop a sound strategy and a concrete action plan to create a unique positioning in the market.

The following tips can help you create a unique identity without spending a fortune on advertising.

#Break The Rules Of The Game

I am not talking about breaking the law. It is all about breaking the rules of your industry. You can’t expect to stand out by doing what your competitors are already doing. So, don’t follow the crowd. Move in opposite direction.

This is applicable not just in product improvement but in everything you do: Hiring, Marketing, PR, Sales, etc. To get noticed, you need to move in the opposite direction.

#Define Key Strengths And Keep It Simple

Your business may have several strengths. However, your brand must stand for something that resonates with the majority of your audience. But, to create the right positioning, you need to identify one or two core strengths.

You can then build a communication strategy that is centered around the core of your business. Keep it simple and fun to increase the recall value.

#Paying Client Base

While you need to deliver value to your customers, you should also have the ability to monetize the value. A popular belief among tech startups is that they can create a great product that will be beneficial for users and discount it to win the market share.

They expect to generate revenue after the acquisition of a sufficient user base. While this idea has worked brilliantly for Twitter, Google, etc., it need not necessarily apply to your business as well.

You need to make all-out efforts to develop a diverse range of client base who are ready to pay for the services you provide. Also, never pay users to try your product. This has proved to be a disastrous marketing strategy in the past.

#Telling Inside Stories

Don’t depend on PR agencies to concoct a story for you. Build a compelling and true story from within the organization. The true stories may be a little unusual or even controversial.

And it is fine as long as it is not offending users. A genuine controversy can help you immensely.

Conclusion

Google was neither the first nor the best internet search engine of its time. Similarly, Quora was not the first platform to ask and answer questions. At the same time, Yahoo had one of the best products in its portfolio.

However, it could hardly sustain the momentum. This is because building trust is a continuous process that never ends. You need to consistently enhance the product to meet the changing requirements of the customers and at the same time push stories that make a long-lasting impact on your target customers.

Being consistent in your communication is the best thing you can do for your business.

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