I recently consulted with a small business that was having difficulty maintaining a steady stream of customers and revenues. There is a very crowded marketplace for this business’ services, i.e., many other businesses offer very similar services in the same geography and some are franchises of much larger chains, and therefore, likely have access to marketing activities available through their central organization/office.
After assessing this small business’ competition — something I do as part of my standard pre-work for a conversation with any organization looking for assistance with their marketing — I pointed out to this small business owner that, if they had any chance of succeeding at all in their over-crowded marketplace, they would really need to identify what differentiates them from their competitors, particularly since they did not want their differentiator to be lower/better pricing than their competitors. Then, they would need to market and create awareness of that difference.
A caution and a challenge regarding identifying and promoting your difference from competitors — your differentiating attributes must be something your target audience values, and if you’re the high-cost provider of a product and service, then, in addition, your target audience has to value those attributes significantly enough to be willing to pay extra for those services.
I attended a Webinar this week on how to grow a successful consulting practice. While as a marketing professional, I have spent countless hours trying to identify, and then figure out how to promote, program/product/service differences for a variety of organizations in a variety of industries, the Webinar was a good reinforcement that as a consultant I need to heed the same advice I give my clients. I’ve got to offer something unique and different from all the other management consultants out there. Fortunately, I launched my business with that awareness and understanding. You can learn more about why I view my organization to be different from my competitors by reading Results’ first newsletter.
My husband and I are big fans of Ray Davies of Kinks’ fame and of his song “I’m Not Like Everybody Else“. There are many benefits to not being like everybody else, and for a small business owner they can be huge financial ones, as long as not being like everybody else and the reasons for it, are favorably viewed by your target audience.
Here’s to knowing your value!
Pingback: A Year In The Making | Results Communications and Research
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