Lack of differentiation keeps you out of the spotlight.
Being “better” than the competition is no longer enough to create sustainable advantage in today’s business environment. To rise above the sea of sameness in your product category, your brand must show it’s different. Let’s take a look at 3 ways to get there.
First mover advantage is the advantage a brand gains as being the first to enter a sector of product classification, just like Amazon was the first company to sell books online. But there are other ways you can be first – first in a geographic area, first to offer a new pricing model, first to advertise in a new channel. Whichever way, being first makes you more likely to benefit from stronger brand recognition and set the standard for other brands.
Own an attribute
Brand attributes represent the essence of your brand. They make a set of characteristics that shape your brand’s identity. And there’s a world of attributes to look into to establish brand differentiation. Whether it’s fast, easy, safe, funny or surprising, your strategy should be to adopt brand attributes that no competitor is talking about. Swisscom differentiates its brand by using the widest network coverage as its primary attribute while Salt puts forward the low-price attribute. Owning a meaningful attribute makes your audience more likely to remember you and have a specific reason to consider you.
Specialize in a target market
It’s become a well-known fact – if you try to appeal to everyone, chances are you’ll appeal to no one. Devise your brand strategy so that it targets a type of customers in particular, like how Badoit targets sophisticated cosmopolitans while Contrex focuses on selling to weight-conscious women. Specialization increases the propensity of your consumers identifying with your brand. This translates to more trust and more loyalty in the long run.
Differentiation asks that you go above and beyond what your competitors do and that you pinpoint something you do that’s unique and distinct. This is a big step in making you stand out from the unlimited choices your customers have.
Contact us today to discuss how we can help you build competitive advantage with stronger differentiation.