No matter which industry your business resides in, it is likely that you don’t have a monopoly on the space. That means there is competition. Competition can be good for both businesses and consumers because it encourages competitive pricing and drives brands to distinguish themselves from the other businesses within the marketplace. However, competition can also create issues for your brand if you do not differentiate yourself enough to create business opportunities for your company.
Differentiating your business from the others in the marketplace is important for many reasons but most importantly, this practice explains to consumers why you are different, better and why you deserve their business.
In order to define your brand’s value points and key differentiators, you must first examine what strengths, weakness, threats and opportunities your competitors possess. Pick the top 5-10 competitors within your brand’s space and closely review what it is about them that makes them unique. Study what they do well and what they could improve, and learn from their mistakes. At Brand Iron, we do this in depth in our Achieve Anything Plan. During our initial BrandStorm session our team examines your brand’s strengths and weaknesses so that we can compare them to other brands in the marketplace and create a comprehensive document containing our findings.
Once you have identified the competition’s differentiators, you can then begin to hone in on what it is that makes your brand unique. Take the time to list out your value points and key differentiators and then make sure that those points are clearly conveyed throughout your brand; in your content, visually and in all of your marketing materials. These value points are what is known as your brand’s positioning. The more clearly you communicate these values to your customers and potential customers, the easier it will be for them to understand why they should choose you over the competition.
Need some help figuring out what makes your brand stand out? Let the Brand Iron team examine your competitors, review your current brand and create an unforgettable new brand position for you to boost brand loyalty and drive revenue. Contact us today to learn more by visiting www.brandiron.net