Gaining A Competitive Advantage In The Sea of Competition

Don’t tell them what you do. Tell them why you do what you do and what you do for them. 

As a business owner or service provider, your biggest challenge is communicating to potential customers what you do and how it benefits them. It's not enough to simply describe your product or service, you must also convey why you do what you do and how it fits with their needs and wants. To stand out in a competitive market, businesses often rely on differentiation, niche marketing, and positioning strategies. However, these buzzwords are often easier said than done.

Developing a unique product or service that earns a profit is great, but it inevitably attracts competition who will try to undercut your prices and steal your market share. So, as a next line of defence, businesses often try to position themselves as quality leaders, low-price leaders, or service kings. But this results in a marketing free-for-all, with each competitor trying to outshout the others.

The key to success is not just being different, but effectively communicating those differences to your customers in a way that they will believe and embrace. Innovation lies not just in developing unique products or services, but in how you market and position them to your target audience. By focusing on effective communication and marketing strategies, businesses can stand out in a crowded market and build lasting relationships with their customers.

What is marketing?

Marketing is a crucial aspect of any business, and to understand it, one must realise three fundamental truths. Firstly, all businesses aim to attract and woo customers. Secondly, customers are always seeking the best deal. Lastly, the main objective of marketing is to articulate why a business offers the best deal. These principles apply across all industries, and failing to recognise them can lead to ineffective marketing strategies.

Building confidence in your advantage is critical in marketing. However, many businesses struggle to execute a decent marketing plan, often due to lazy communication habits. People are on autopilot when communicating, leading to the use of platitudes and generalities that leave no impression. These words include cheapest, professionalism, service, quality, speedy, convenient, and best. To stand out from competitors, businesses need to use specific and graphically illustrated terms that articulate their unique benefit - their unique selling proposition (USP).

The USP is the argument that distinguishes a business from its competitors, making it the obvious choice for customers. It is a systematic approach to implementing the underlying principles of niche marketing and unique selling propositions. By crafting a compelling USP, businesses can lead prospects to the conclusion that they would be foolish not to choose them, regardless of price.

In conclusion, marketing is about articulating why a business offers the best deal to woo customers. Businesses must avoid lazy communication habits and use a specific and graphically illustrated USP to distinguish themselves from competitors. By doing so, they can become the obvious choice for customers and increase their chances of success in the market

Build a case for your product or service like an attorney would

Envision your marketing situation as a court case - your prospects are the jury; you are the defendant and you must prove to them without a doubt that your product or service is the most practical alternative amidst all the competition.  Now remember: this is a life-or-death situation.  Under these circumstances, are you going to settle with a defense that says, "we're better, we're cheaper, we're professional or we've got better service"?  Of course not!  You are going to probe your jury to know what they will be sympathetic to and respond to.  You are going to give substantial, quantifiable evidence to back yourself up. 
 

Once you have gathered this information about your business or developed your USP, selling becomes incredibly easy.  You will have the entire framework for any marketing and media you will ever need to create for your business. In effect, you have defined the "Inside Reality" or the "something good to say".  Once you have this clearly defined, you are ready to work on the "Outside Perception" or "saying it well". 

Getting into the minds of your prospects

To successfully market a business, it is essential to understand and connect with the target audience. One way to achieve this is through effective positioning, which involves communicating a unique and compelling message to differentiate the business from competitors. The following are some key factors to consider when developing a strategic position:

• Who you are: Clearly define your brand identity, values, and personality.
• What you do: Describe your products or services in a way that resonates with your target audience.
• Why you're different: Highlight the unique features, benefits, and advantages of your business.
• How you can benefit your prospects: Clearly communicate how your products or services can meet the needs, desires, and pain points of your target audience.

To create a strong strategic position, it is important to identify what sets your business apart from competitors. This could be something as simple as having flexible hours or financing options, or it could be a more complex advantage, such as having exclusive access to new equipment or expertise in a particular niche.

Once you have identified your unique features, it is important to turn them into benefits that resonate with your target audience. For example, a camping lantern with a head-mounting strap may seem like a useful feature, but the benefit is hands-free operation, which is a solution to a problem that customers may have.

When listing the benefits of doing business with your company, it is important to avoid vague and unspecific language. Instead, focus on concrete and measurable benefits that address the specific needs and desires of your target audience. Additionally, it can be helpful to ask customers what benefits they have received from doing business with you, and to use their language to describe those benefits.

When communicating with prospects and customers, it is important to speak in language that they understand and relate to. This means using customer-centric language that emphasizes the benefits of your products or services, rather than simply listing features or vague claims of "friendly service" or "local ownership". By focusing on the specific needs and desires of your target audience, and clearly communicating how your business can meet those needs, you can create a powerful strategic position that sets you apart from competitors and resonates with your ideal customers.