As a small business owner you may know your product or service inside out. But do you know how that product or service differs from your competitors?
In order to run a successful small business you need to be able to identify that aspect of your business which helps you stand out from the crowd. Consumers are faced with a wide range of choices and you need to give them a reason to come to you as opposed to your competitors. This problem is amplified with consumers having access to the internet to source information and goods from anywhere in the world.
Understanding and promoting your Key Point of Difference is an important part of generating sales and encouraging repeat sales.
Factors to consider when promoting your point of difference are:
- The needs and wants of your customers. Are you providing a solution for a problem, or fulfilling an emotional desire?
- What are the strengths of your business in providing the product or service? For example, offering free delivery, providing the product or service on time, greeting customers by name.
- Review what your competitors are doing. Take into consideration what the market leaders are doing in your industry and think about how you may be able to adopt or improve on their strategies. Ensure you take into account the needs of your customers.
- Identify the weaknesses of your business and determine ways to overcome or limit the impact of these weaknesses.