CFO Services | What Makes Your Business Unique From Competition
Entrepreneurs need to Define what makes them unique from their competition says CFO Services. Because this can impact and even influence their marketing plan. And their entire business plan as a whole. Therefore, entrepreneurs need to not only know what makes them different from their competitors. But to do it at a very high level.
One of the most important things that a business owner can do when they are figuring out their marketing plan is to understand who their ideal and likely customers are. This can be done says CFO by figuring out who is purchasing their products and services and why.
Every time a customer purchases a product or a service from a business. They are solving a problem that they have says CFO services. For example, people who are purchasing food or groceries are solving the problem of needing to feed their families.
and depending on what problem they are solving, can help an entrepreneur figure out who their ideal and likely customers are. When they also figure out what their differentiating factors are. They can send that message out to their ideal and likely buyers. Who will start taking their business where it makes sense to, because of what’s important to them.
How an entrepreneur can figure out their differentiating factors. Is simply take some time one day to sit down and write out a list of all of the ways that an entrepreneur’s business is different from their competition. it doesn’t have to be huge ways that an entrepreneur’s business is different. And is most often going to be small things. That they can do to an extremely high level.
Some examples could be ensuring that their staff has more training than any other business. Or once they’ve hired extremely experienced staff. The fact that they have more years of experience at their business than any other competitor.
Quite often, a great differentiating factor would be the convenience of the business. Because where they are located, can influence the customers they get. For example, a business selling to Residence might want to set up their business in a shopping plaza close to a residential section of the city.
If an entrepreneur is targeting other businesses. Opening up in a commercial section of the city is just as important says CFO services. Or, a convenient location might have more to do with the businesses that are surrounding the area. For example, a store selling gourmet cookware. might choose to open up beside a Gourmet Grocery Store.
Once an entrepreneur has a list of all of the ways that they are different from their competitors. They should narrow down the list to about two or three things that they are going to focus on doing exceptionally well says CFO Services. If they try and do everything well. They won’t do everything as well as they hope to. But if they focus on just a few things. This can help them find customers who find that to be important.
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One of the most important aspects of an entrepreneur’s marketing plan according to CFO Services. Is what message they are going to consistently send out to their ideal and likely buyers. That message is typically why they should purchase their products and services from the entrepreneur’s business. Instead of their competitor’s business. And that could be a multitude of different things.
They should have a no brainer offer says CFO services. To entice people to try them out. But also, a business owner needs to know how they are different from their competition. So that they can sell their products and services in a way that allows them to stand out.
If entrepreneurs do not have a business plan. They are putting their business at risk of not being able to sell enough products and services to stay viable says CFO services. Because one of the main reasons why entrepreneurs in Canada fail is because they can’t find enough customers.
Industry Canada did a survey and found that not only did half the entrepreneurs in Canada fail. 42% of those failed entrepreneurs said that not being able to find enough customers was the reason why they failed. And 29% of failed entrepreneurs say they ran out of money.
This means if an entrepreneur can generate Revenue in their business as soon as they open the doors to their business. And keep increasing that. They can overcome these two odds to help them succeed.
However, entrepreneurs may not realize all of the differentiating factors that might make them stand out over their competition. And can be very frustrating for some business owners to think of. Therefore, CFO Services says that entrepreneurs who can think of any ways that are their business is different can be counted.
For example, even branding can be a differentiating factor. If it allows them to stand out from their competition. This is extremely beneficial for oversaturated markets. Or for businesses that have a lot of competition already.
The Branding might be extremely bold, use brights or unusual colors. Or have I do need style or sense of humor. If these things are going to help a company get noticed as well as be remembered. Branding can definitely be included in a business’s differentiating factors.
A niche customer base is also another differentiating factor that can be very powerful. If a business is focussed on serving a select whew. They can easily Target those few. In order to make their marketing message.
A great example of niche markets that can be a differentiating factor. Might be an optometrist who specializes in children. Or a contractor that specializes in building restaurants. They will get to know that niche market so well. That they can anticipate their needs and once. That they will become an expert in that area. Which will be why customers will want to take their business there instead of somewhere else.