For businesses that are entering an existing market, it can be tough to stand out from the crowd of competitors that have already made their mark. Although other companies may have a market advantage of being established brands in their industries, there are opportunities for businesses to differentiate themselves and grow their market share; should they be daring enough to leverage proven branding strategies and tactics that will set them apart from the status quo. Differentiation is the key to overcoming the barrier to market.
Below are a few ideas to improve the brand awareness of your business.
Specialising in a micro niche
This is the most important aspect to focus on if the business wants to stand out from the crowd. Even if the business offers several products, they need to become known as the go to company for their ‘specialty’.
Identify what is the product or service that you offer that is in a micro-niche. What is it that makes you credible? And why is what you offer fantastic? Once you identify this, you will be able to tailor your business’s promotional strategy in line with the unique and special advantage that you have over your competitors.
Sell the idea of the business from the inside out
Let what you do inside your business reflect on the perception of what you do outside of your business. Your office should reflect the working culture that you have within the company. This is from the look and feel of the interior, to the stationary and documentation that is presented by the company. Each aspect of the business must add to the overall experience that the customer or prospect can take away with them to recall or share their experience.
Our friends at Classic Color Copying, one of the Melbourne’s leading printing services recommend having strong quality prints that represent the perception of your company well across any documentation that you share internally and externally for your business.
Country of original branding
The ‘Country of origin’ factor can still impact the perceived value of a product or service. Many restaurants capitalise on the country of origin factor to differentiate themselves in the restaurant market. When seeking customers in a hungry crowd, the differentiation in a country’s cuisine can make a restaurant ‘stand out’ in a busy restaurant marketplace.
In other industries, the country of origin can increase the perception of authenticity or credibility with the product or service, thus allowing the business to charge a higher price. Other examples of the country of origin effect include:
- French fashion products
- Japanese electronics
- Italian cars
- Sri Lankan tea
In most cases, customers are already educated about the production strengths of that particular country and this can be leveraged to the business’s advantage.
People can easily associate with celebrities that they are familiar with in their market. You can leverage a celebrity directly via endorsements or indirectly by associating your product or service with a reference to the celebrity. Celebrity leverage can be with a person, group or by referencing popular culture such as music or movies.
Go the extra mile with customer care
Whatever you know about your competitors caring for their customers, do it better. Seek to go above and beyond when you are caring for your customers by growing and maintaining a customer relationship that will nurture referrals.
Tell people that you are thankful for their business. And pay attention to the small things like addressing people by their name or remembering their birthdays. The more you do, the more people will remember you, refer you onto others and help your business develop a positive perceived image in your market.
First mover advantage with new technology
Jump onto emerging trends that can help the business grow quickly to reach the same level or even surpass their competitors. When new technology is released, all the other companies should be on a level playing field with the new technology. This provides an opportunity for businesses to take a competitive advantage in the new medium. For example, Instagram has exposure millions of users, as does Youtube, SEO and Paid search marketing.
Furthermore, people are using smart devices much more. There are also opportunities to use augmented reality and mobile device applications to encourage interaction and sharing that will increase your market share and make you stand out from the crowd.
These are a few ideas that can allow your business to create a long lasting impression to stand out from the crowd over the long term. So don’t hesitate, take action and make a difference to your business today!