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How Your Business Can Stand Out In A Crowded Market

Are you competing in a crowded market? One of the biggest reasons why a business fails to stand out is the lack of differentiation in the marketplace. As Seth Godin says, “in a crowded marketplace fitting in is failing, in the busy marketplace not standing out is the same as being invisible.” The problem with fitting in is that being average in a crowded marketplace is the mark of a dying company. The world doesn't need another company doing the same thing in the same way. It needs creativity, insight, and inspiration. The game has indeed changed where being remarkable is the new reliable. It's being replaced by a customised approach, tailored to each buyer’s requirement to succeed and thrive in today's hyper-competitive world of marketing.

Be different

Being different is fun, and exciting. The problem is that when it comes to truly differentiating your business from your competitors there are two common traps that new businesses fall into too easily. More often than not, many businesses' unique selling propositions or key points of being different are not unique at all. This results in the same, standard, bland selling point that does little to encourage customer action and even less to differentiate the business from their competitors. This is called deficient and defective differentiation.

Deficient differentiation can be borne of fear, resistance, a change, or uncertainty in a business's true value to its customers. Defective differentiation is being different but in a way that does not matter to your customers. The key here is not identifying what factors, traits or benefits your target market actually wants and then shifting your attention that way.

Here are a few tips to being different in ways that would matter to your customers.

Provide excellent customer service

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If you want your customers to find you and talk about you, you HAVE to stand out and be different. And, if you can't do it through your product because you're selling the same thing as everybody else, then you can do it by providing exceptional service. Make people remember you, make people feel like they are welcome and they are part of something.

Your customers are your biggest driving factor. They are the reason for your business to thrives or not, which is why customer service is of utmost importance. Go the extra mile to take care of your customers because it takes a lot of effort for a customer to trust your business. A good review from one customer can generate a few more sales for you, whereas one bad review can ruin the reputation of the business that you took years to build.

If you provide good customer service, they will be more inclined to come to you again when they need something, instead of going to your competitors. Besides, it is more expensive to acquire a new customer versus keeping existing or regular customers. This is why keeping customers happy throughout your business is the right thing to do.

Hire the right people

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Hiring the right people for your organisation will go a long way for your business to stand out. Look out for employees that can bring long-term gains to your company, or have the potential to grow your business and come up with creative ways to ensure your business will stand out, which will give you a competitive edge against your competitors. This will ensure sustainable growth for your business.

"Sustaining growth requires you to share your momentum with others. It demands that you have the best interests of others in your team, and colleagues throughout the organization, at heart. Driving sustainable growth can never happen alone. It not only demands a strong team, but also collaborative departments/business units that work together to make up a strong ecosystem with the right intellectual capital." - Glenn Llopis.

Embrace change

To ensure your business stands out from the rest, it is important that you keep up with the times, and take the right steps and use the right strategies to improve your business and sharpen its competitive edge. When a business stays complacent or too comfortable, its competitors may very likely win the race.

It is important to keep up with today's fast-paced technology and know the latest trends among customers to market your business to where your audiences are. Selling your products online is also a way to increase the visibility of your products. Build an e-commerce store or list your products in a well-known marketplace so that it will be more convenient for your audience to buy from you.

One of the best ways in order to realise these strategies will be to take out a loan, which can do wonders for your business in terms of expansion and improvement. Yes, there are other ways to get funding besides applying for a loan, like perhaps through an angel investor or a venture capital fund. However, these sources would usually want equity in the business before supplying funds to the business owner. The dilution in equity of the business may result in conflicting growth strategies that may relieve the business owner of majority control in the direction of expansion they would like to steer their business in. A loan is one of the sources of funding where business owners will not have to give up any equity in the business in order to receive the loan, in which creative strategies and business decisions will be at the sole discretion of the business owner (bearing the condition that the business owner repays the loan efficiently).

If you are looking for a bank loan for your business in Malaysia, try applying for an OCBC Business Term Loan, which requires no collateral. Get financing amounts from RM50,000 up to RM600,000 at a tenure of financing of up to five years to repay the loan with attractive interest rates between 5.50% p.a. (Effective Interest Rate 10.01%) and 10.00% p.a. (Effective Interest Rate 17.27%). Enquire now at https://www.ocbc.com.my/BusinessTermLoan

Category

Finance