HOW TO BE THE LEADER IN YOUR CATEGORY

In business, being 'one of the many' is the surest way to failure. Thanks to the Internet, we live in a borderless shopping world. Just looking at the sharp growth of eCommerce platforms like Amazon and eBay, its easy to conclude people are spoilt for choice.

Differentiating a brand isn't difficult. However, being different for the sake of being different will not yield the desired result. It's shallow and will not stand the test of competition. To prevail and thrive, it's essential to ensure your reason-for-being not only sets you apart but resonates well with consumers.

In this post, we'll discuss the 5 steps to craft your differentiation.

1. Clarify and define your unique value proposition

It's more than just being stronger or faster. In your brand's uniqueness, people must find it to be the best-fit solution for the problem they want to be resolved. Therefore, it's important to have a deep appreciation of their problem. It's the first step, ostensibly the most important, towards clarifying and defining your unique value proposition.

2. What's your mission?

If your mission is to simplify online stock trading, make it evident to your target audience. In the process, outline the benefits of your solution. It's not uncommon for brands 'to shun and shy away' from overtly stating their mission. This happens when they're unclear of the problem they're solving. Use consumer research to pin down your target audience's problem. It may not be as obvious as you think it is.

3. You're not the hero; your customers are

Humility has a big part to play in crafting your brand story. Often, we like to think of the brand as the hero. Successful brands don't portray themselves as heroes. Rather, they focus on helping their target audience to be the hero. For example, with Squarespace, everyone can be a sought after web designer.

4. Honesty

The internet has produced countless 'faceless' brands. In the effort to sell fast and more, brands have taken to "Buy Now!" calls. Armed with seductive money-back guarantees or payment plans, they dig deep into your pockets for a quick sell. Hence, it's not surprising internet scams are rising. People are craving for honesty, authenticity and credibility. They are essential ingredients of emotional connections that build long-lasting and strong relationships. Make this a part of your brand value. When you do, you've added another layer to your unique value proposition.

5. Over-deliver

In the short-run, this may appear costly. But when you even it out over time, you'll realise it's the least expensive way of retaining customers and building loyalty. If you're able to deliver the items within 2 instead of the usual 3-5 days, do so. If you're able to provide 24/7 live support over a period of 5 days after the product or service has been delivered, do so. Communicating your commitment to customers is the premium customers are willing to pay for.

Don't be one of many. Be the only one. To learn how you can achieve that, connect here.