If you are a business owner then you must be well aware of how difficult it is to start a business and how difficult is to manage it and keep it going. The latest statistics show that only 50% of the businesses survive for more than 5 years while only 1/3rd of them pass the 10-year mark.
While counting the reasons of business failure, there are many that lack proper knowledge, absence of proper strategies, incapable staff, lack of mentors and support networks, and many others. Among all these reasons, the major one that contributes towards the failure of a business is the lack of uniqueness and differentiation.
As consumers have plenty of choices, you need to provide them a reason for buying your services or products. As they would be spending their hard earned money, they would definitely try to find something different or something extra. So, try to differentiate yourself from others and give the customers a chance to trust you.
Here are 5 ways you can stand out among your competitors:
1. Deliver something extraordinary
What most of the businesses claim is they offer different services from their competitors. Always remember that saying it is not enough; you need to prove it by delivering something that your competitors are not providing.
You can offer them customized service plans so that they can choose the service as per their requirements, make their purchase trouble-free, provide them the lifetime warranty for your products and on-going management (for some extra period if not for far long) for your services. You just need to deliver something extra they are not getting and it depends on your business that what you can provide to them.
“Always deliver more than expected.” – Larry Page
2. Address customers pain points
Most businesses fail due to lack of the right goals and right plans for achieving them. If you have set your goals to sell products or services worth the particular amount of money then you have set them wrong. These goals will let you focus on the things you want to achieve.
But, if you want to be successful in your business then you need to work according to the needs of your customers. Along with examining their requirements, you need to address their issues. There are some common problems that customers face for a particular service or product; what you need to do is offer them solutions to their problems through your business.
In short, rather than focusing on your earnings first, you should focus on the pain points of the customers as it will let you win their trust and retain them for longer.
3. Focus on the quality
Once an entrepreneur remains successful in having a perfect start of his business, he thinks of expanding his niche rather than first excelling more in what he is already offering. This is the biggest mistake he makes. It distracts his attention from the main services and puts effort into promoting the new one. As a result of which, he does not excel in any.
A good idea is to do a few things in an excellent way rather than doing a multitude of things in a poor way. When you excel in a particular thing, people are more likely to believe in your specialization.
4. Have your own personality
Knowledge and focus are the two main aspects of every business, so try to have them. As a startup, you would be looking at the experts of your industries and then doing the same things and the same way they have done. No doubt you need to learn from them but always remember that you should not copy them otherwise, you will not be able to be different.
Therefore, have your own personality; learn from successful professionals of your industry and then think about the ways you can implement those things in your own way. This will not only help you to do something different but will also let you show your unique personality.
“Don’t be afraid to assert yourself, have confidence in your abilities and don’t let others get you down.” – Michael Bloomberg
5. Always be there for your customers
Your relationship with the client does not end once he has completed his purchase. You need to be present for him even after that as he can face some problems with your products or services. So, always ensure good customer support. It will let you show your credibility, win his trust, develop good relationships with him and retain him for the future. Hence, customer support is the main aspect you would be focusing on.
Consider these tips while creating a strategy for your business and stick to that strategy. Along with that, always try to deliver the best to your clients, if you want to be the best for them.