When an entrepreneur tries to set their company apart from the competition, they inevitably focus on their products and services. Although what you sell is essential to your business’s survival, it isn’t always what makes you successful. Think about it for a second. If that’s true, why is your rival selling the same thing as you and making a killing?
The answer is simple – they concentrate on factors that are likely to differentiate their brand from other providers. You must do the same, and you can start by factoring in the options below.
Stop Operating in Survival Mode
We’ve all heard the statistics. 20% of new businesses fail within two years, 45% within five years, and 65% within a decade. Overall, around a quarter of start-ups make it to 15 years. As a result, it’s not shocking to learn that business owners tend to be on the back foot from the beginning.
Unfortunately, this invites pressure because it skews the decision-making process. Entrepreneurs who are worried about surviving won’t take the calculated risks necessary to expand. Instead, you’ll play it safe, which is a death sentence. Whether it’s the future of advertising, employee management, or finance management, you should invest in the areas that will transform your company’s fortunes when you get the opportunity. To do it, you’ll need a positive attitude that doesn’t focus on failure.
Invest in Your Employees
Your workforce is the biggest differentiator between your brand and your rivals’ brands since they interact with shoppers more than anyone else in the company. When communication is healthy and proactive, consumers are happy and remark on the high level of customer service. But if obstacles get in the way, people will quickly bounce to another provider while bad-mouthing you to as many people as possible.
If you’re a positive employer, your employees will be motivated to perform to the best of their abilities. As a result, they’ll always approach customers with a smile, find ways to solve problems, and never slack off. Your task is to invest in your staff to ensure they are happy, which you can do in several ways. For example, boosting morale through monetary bonuses or work-life balance opportunities will prevent enthusiasm rates from dropping.
Understand the Importance of Your Social Standing
In 2015, HBR published an article entitled: “Ethical Consumerism Isn’t Dead, It Just Needs Better Marketing.” Fast-forward around seven years, and it seems as if the ethical consumerists have been hard at work. Today, nearly 50% of people purchase clothes from ethical brands, highlighting the importance of morality to modern-day consumers.
The businesses that are excellent at standing out from the crowd usually leverage this strategy since it means so much to their target bases. Whether it’s IKEA working with UNICEF to eliminate child labour or Carlsberg planting sea plants to reduce CO2 in the air, they go the extra mile. After all, they recognise that customers are willing to do it, so they have no excuses.
Setting yourself apart from the competition is about adopting the correct attitude, investing in your employees, and boosting your social standing.
