The bottom line is entrepreneurship is not easy. It is a lifestyle. No one is going to push you. No one is going to tell you to turn television off. No one is going to tell you apply for that certification. Everything is up to you, especially separating yourself from others in your industry. This Monday we encourage you to be a part of a community that will provide you access to the lifestyle you always dreamed of. Start with what makes your business different.
Differentiation allows you to provide superior value to customers at an affordable price, creating a win-win scenario that can boost the overall profitability and viability of your business.
Factors to Consider for Differentiation
A difference is worth establishing when it meets at least one of the following criteria:
- Valuable: the perceived benefit exceeds the cost
- Important: delivers a benefit critical to success
- Distinctive: unique or offered in a distinctive way
- Superior: better technology, faster
- Emotional: ties to a core emotion — love, hate, desire
- Communicates: understood and visible
- Preemptive: cannot be easily copied
- Affordable: customers can pay the higher price
- Profitable: contribution (margin times volume) exceeds cost of difference
There are six primary ways to differentiate, including product, service, channels of distribution, relationships, reputation/image, and price. However, not all differentiation strategies are equally effective, and some methods may be more important to invest in than others in order to stand out from the competition. Read on to learn more about these different strategies and the key advantages and disadvantages associated with each one.
For more details go to https://thelonelyentrepreneur.mn.co/posts/differentiating-6-ways-to-stand-out-from-your-competition