As the economy begins to reopen, competition will be fierce. What will make you stand out from the crowd?
Today, virtually every company across the globe is being hit with unprecedented change, with COVID-19 forcing organizations large and small to rethink the way they do business. Meanwhile, some companies simply can’t keep up with the abrupt economic halt, with several already unfortunately filing for bankruptcy.
To say the least, the competitive landscape is changing at an exponentially fast pace. As your company works to reinvent itself to remain relevant in a post-pandemic world, why should customers choose you over your competition?
Now, more than ever, clear differentiation between your company and others in your industry is key. Not only will it better help your customers understand the value you can deliver, but it might just give you the edge you need to emerge from the economic turbulence a leader.
But what exactly does clear differentiation mean, and how can your company achieve it? We’ve got the answers for you below.
Avoiding marketing fluff.
When creating marketing content for your business, it’s all too easy to throw in some superfluous adjectives and over-used industry jargon and call it a day. “We’re industry-leading experts!” “We deliver 360-degree results!” “We’re a partner you can trust!” Sound familiar?
While indeed, this type of content does fill in the empty space on your website or brochures, it doesn’t add much value. A potential customer will read this, and likely be left with more questions than they started with. “You’re experts in what?” “What kind of results do you deliver?” “Why should I trust you?”
Identifying your differentiators helps you avoid this type of marketing “fluff”. Rather than relying on the buzzwords that your competitors are likely already using, you should be promoting what makes your company truly worth doing business with. Uncovering your difference, however, is easier said than done.
Ask five different people what makes your company unique and you’ll probably get five different answers. Some of them might have merit, while others might fall into the “marketing fluff” category. Often times, people think that identifying your company’s differentiators is an exercise in creativity. Here at Moncur, we’d argue that it’s a strategic endeavor, one that should be based on data.
What does it take to identify your difference?
- Resources dedicated to focusing on the project at hand — Identifying your differentiators is no small feat. As you can see from the steps below, it can be a time-consuming endeavor that’s often best suited for a team that can focus on the project without distraction. Consider partnering with an external agency that specializes in strategic brand messaging, like Moncur, to take the burden off of your internal team and supplement your expertise in the right areas.
- A deep understanding of the competitive landscape – You can’t even begin to define what makes you different until you know what others in your industry are saying. A significant amount of research should go into pulling together a relevant competitor list, assessing their marketing materials, and identifying common themes within your industry.
- Insights from entry-level employees, technical experts, visionary business leaders, and everyone in between – From surveys, to group brainstorming activities, to one-on-one interviews, there are many ways to collect insights from your team. What’s most important is that you get a broad scope of insights from every corner of your business. As mentioned above, people will likely have many different answers to the question “what makes our company different?” – but with enough data, you can begin to see trends emerge.
- Insights from customers—both old and new, disgruntled and happy – Internally, your team may think your company does several things exceptionally well, but the real truth lies in your customers’ experiences. Often times, they’ve actually worked with some of your competitors, so they can tell you first-hand where you’re excelling, where you’re falling behind, and most importantly—what you’re doing differently.
- Often, an unbiased, outside perspective – While not required, the process of defining your differentiators is often most successful when done by a third party. In many cases, internal marketing experts already have a preconceived notion of what makes their company different and may have a hard time coming to an unbiased conclusion. Additionally, it’s much easier to get honest feedback from both internal employees and external clients when the data is collected by someone outside of the company.
When identified successfully, your differentiators can be translated into marketing communications that will truly speak to your customers’ pain points. Your brand will be well-positioned with content that is aligned with your industry, yet elevates you above the competition. And with the coronavirus sparking change among businesses across the globe, there’s no better time to get started than now. Contact Moncur today to learn how we can help you identify your differentiators and communicate them to the world.
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