How to Stand Out in A Competitive Market

Learning how to differentiate yourself from competitors is a common issue many businesses face. Whether you’re competing in an overly saturated market or just trying to find your footing in a niche industry, there are many strategic tactics your business can employ to stand out.

Establish A Memorable Brand
First, consider your branding. Your business’ branding needs to be unique and able to communicate the core values and beliefs of your brand to consumers. Many people make the mistake of thinking they just need a great color palette and aesthetically pleasing font for their logo and that’s it, they’re done. Establishing a true brand image means diving into your voice and tone, defining your values, and ensuring a cohesive, recognizable identity.

Tip: First impressions are formed in 10 seconds or less, so it’s important that your branding captures the attention of your audience quickly and effectively.

Strengthen Your Online Presence
Online presence is a major factor when it comes to sinking or swimming in a competitive market. In fact, 97% of consumers report finding local businesses online first. If you want to be top of mind, your business needs to be accessible across various digital channels, with your website and social media presence leading the way.

As a digital storefront for your business, it’s important that your website be enticing enough that consumers want to learn more about your brand and ultimately make a purchase. As for social media, it’s crucial for your business be represented on the appropriate social networks where you are actively curating effective, purposeful content on a consistent basis.

Stat: Need more convincing? Studies show customers spend 20%-40% more on brands that have interacted with them on social media.

Deliver Exceptional Customer Service
More than $62 billion is lost annually by American companies due to poor customer service. Slow response times, generic/impersonal service, and inconsistent troubleshooting are among the most common issues customers encounter. Therefore, one of the easiest ways to differentiate yourself is to deliver an exceptional customer service experience. Place emphasis on prompt, personal service, ensure consistent polices are in places across all departments, and make conflict resolution a top priority for each and every customer.

Stat: 76% of consumers consider customer service to be the true test of a company’s adequacy.

Offer Customer Loyalty Programs
Rewarding loyal customers is a great way to keep them coming back for more! Considering consumers spend 66% more on brands they’re loyal to, this isn’t a tactic to be ignored. Incentivized programs, redeemable rewards, exclusive sales, special events—your options are endless. Loyalty programs are also a great way to further your brand identity.

Tip: Customer loyalty programs are not one-size-fits-all and vary from business to business. When choosing a loyalty program, consider what makes the most sense for your business and what’s going to provide the most benefit and value.

Give Back Locally
Another great way to establish yourself in your local community is by giving back. This is especially important when we’re talking about brick-and-mortar businesses, since your most frequent customers will be members of the community. Giving back doesn’t always have to entail writing big checks, instead consider small and sincere gestures that will resonate with people. Whether you promote or partner with other local businesses, volunteer your time, host charity events, or something else—your efforts won’t go unnoticed and you will differentiate your business in a positive way.

While standing out in a competitive market is no easy feat, there are tactics that your business can utilize to stay ahead of the game. Not sure where to start? Business House can help—contact us today.