3 Tips for Identifying Your Business Differentiators

November 2022
In running a successful business, it is crucial to understand how to stand out from your competitors. This is especially true if you’re in a crowded industry. In what ways does your business provide value to customers that your competitors don’t?

You have to determine the specific aspects of your business that set it apart from your competition. These cannot be basic things like, “We provide excellent customer service,” or “We do excellent work.” Instead, dig a bit deeper into what makes your company shine.

Below are three straightforward tips for identifying the differentiators of your business. Then, once you’ve figured them out, you’ve got to make them known to your customers so your business can thrive.

Market Research

Analyze your business and how it compares to what your competition is doing. You have to allow yourself to see beyond what you think differentiates your business from the competition to figure out what truly does.

This involves looking into all the details of your industry. Find out the services offered by your competitors, including the types of customer service they offer. Look into their marketing strategies. Research the evolution of the industry. For example, how has the industry changed over the years, and why were those changes made?

Once your research is done, you’ll have lots of information on your competition that you likely didn’t have before. Make a list of all the things your industry competitors offers your business offers. Next, make a list of all the things your business offers. With these lists side-by-side, you’ll be able to determine many of your true differentiators.

Ask Your Customers

Your customers are an invaluable source of information. They have insight that other forms of research can’t provide, as they are the ones who receive the service in their everyday lives. They can also provide insight that might be hard to recognize from the inside.

Ask your customers what they value about your business as well as what ways they think you could improve. Ask them what the ideal service from your company would look like. Ask them why they chose your company over others.

Using this unique information, you can more easily determine some of your differentiators.

Add the Differentiators That Are Missing

After you have done the research to determine your current differentiators, consider adding some that your business may be missing. These are things that neither your company nor your competitors are offering.

Here are some examples of the kinds of differentiators you could add to make your business shine:
  • New and unique technology in your industry
  • Hyper-specialization in one or two of the services you offer
  • Staff that is especially credentialed and knowledgeable
  • A business model that is unique to your company
  • Hyper-focus on the needs of your most active consumer base
After identifying your differentiators and adding any that were missing, make sure you’re communicating them to your customers and also living up to them in the day-to-day reality of your business.

Schedule a free consultation with us today to discuss setting your business on the path to success!