Many start-ups and established businesses alike have one common concern: How do I help my business stand out from my competitors? In a crowded market, it’s important to find sustainable strategies to differentiate your business from others.
Here are 3 ways you can help your small business stand out from your competitors.
1) Identify as specific a niche as you can
Many entrepreneurs identify their businesses as being in a broader industry. Understanding your industry is important, as it’ll help you determine the factors that can influence your business decisions. However, when it comes to standing out, it’s important to find a specific niche. For example, your fitness studio may seem like any other fitness studio to prospective clients. But what if they knew you ran a fitness studio that had a specific focus on designing programs to help people with chronic pain exercise safely? That would really set you apart from your competitors, wouldn’t it?
2) Ask your existing customers for their perspective
Who better to tell you how you stand out than the loyal and happy customers you already have? Depending on your customer base, this can take the form of a casual chat with your regulars, or a more structured customer feedback survey – try a modified version of our quick eight-part customer survey. You may be surprised at the specific things your customers identify as your differentiating factors. Outside perspective can be immensely valuable!
3) Consider a pivot
What if your customers uncover an area for improvement, or give you a great idea for helping your business stand out that you haven’t thought of yet? It may be time to pivot. A core component of the lean start-up methodology, pivoting is a useful way to iterate quickly based on customer feedback. Whether it’s a different platform, new technology, a new product feature, or something else, pivoting can identify a perfect way to help you stand out in a crowded market.
Want to learn more about things like identifying your industry, picking a niche, customer satisfaction, and lean start-up? Check out our industry-leading small business training video program.