I am feeling increasingly alarmed at people’s basic understanding of what their business does. Or rather, their lack of understanding. I don’t mean what the business does hour by hour, but how to explain or describe the business to potential clients, suppliers, or partners.
I have run three workshops this week. At every one, the burning issue was “How do we stand out from the rest?” Surely these businesses have cracked that one already. But apparently not!
At the heart of the issue is how do you answer the questions,
“why should people bother to buy from you when they can buy from the competition?”
“What makes you different from the rest?”
Put another way, you need to address the question,
“why and how… do we get which people… to buy what from us?”
I will be brief. We are talking about segmenting the market and differentiating your offer.
You need to know your target customer’s wants, needs and hurts.
You need to understand the competitive landscape.
So, segment your marketplace. All segments are not equal. Each one requires a different approach. You need to prioritise according to opportunity, gaps, and capability.
Ask yourself, what is and will be bought and why? Who buys and why? Are the market segments big enough?
Next, look at how you can differentiate yourself by identifying your unique characteristics and highlighting them. Position yourself in terms of the competition and your clients’ preferred buying patterns.
If you haven’t done the heavy lifting, the deep thinking about how to stand out, then you will struggle. You won’t know who to talk to or what or how. Time for some honest reflection?
Why should people bother to buy from you when they can buy from the competition?