5 Tips to Make Your Business Stand Out
According to a study by McKinsey, 58% of a brand’s consumers do not remain loyal to the brand in the long term. Reasons vary and may include poor marketing, unoriginal selling points, mundane products, and better offers by competitors.
In a world where the competition among businesses is rife, differentiating and building your own identity can be a relatively arduous task. But it is not impossible, as history has proven with big brands like Coca Cola, McDonalds, and Gillette; all of whom built their brand identities to command a significant share of the market. Effective differentiation is a challenge many small businesses face, as they are forced to compete against larger, more established brands.
Here are five tips to help your business stand out from the crowd and ensure you’re on the right track to making your brand grow.
1. Exemplary Customer Service
Treat your customers like royalty by attending to their desires and giving them what they want. Customers have an expectation of great service and will not put up with waiting in long lines or receiving poor responses from representatives. Around 75% of customers state that they consider customer service a true test of a company’s competence. Well-known companies with great customer service include Amazon and Hyundai. But even small companies seem to be doing much better in this area, as they have discovered the loyalty-generating power of remarkable customer support.
2. Unique Branding
Ten seconds is all it takes for consumers to form a major first impression of a brand. Find a way to stand out from your competitors. For example, the world-famous coffee chain Starbucks uses a mermaid for their logo. Nothing significant to the brand, but it differentiates the brand from competitors. Brand colour is another factor that increases brand recognition; stick to consistent branding colour and font helps improve that. Think of McDonald’s golden arches or Coca Cola’s vibrant red. When 90% of purchasing decisions are made subconsciously, brand recognition matters.
3. Rewarding Customer Loyalty
Keep consumers loyal by constantly rewarding them. 83% of customers say loyalty programs make them more likely to purchase more from a particular brand. Take Starbucks, for example. They have created a rewards program that keeps customers coming back via feasible mobile app for points on every dollar spent, free drinks, refills, and many other perks. As much as you want new customers, loyal customers are 17 times more likely to recommend your business to family and friends and contribute greatly to your ROI. As existing customers already know and trust your business, you don’t have to spend as much on time and marketing efforts to get them to purchase from you.
4. Strong Online Presence
In the current digital age, 97% of consumers find local businesses online first. Hence, it is essential you build a strong online presence if you wish for your business to succeed. Ensure your local SEO is up to standard so that your website is visible in top results of search engines for consumers to seek. Have a good VEO strategy so that consumers can simply use semantic search to search for your brand. Have your business listed in as many directories as possible. Create engaging content on social media as much as possible for consumers to learn more about your brand and engage with your brand.
5. Differentiation From Competitors
Finding and exploiting holes in your competitor’s business model is a great way to differentiate your company and stand out in the market. For example, a direct-to-consumer brand named Warby Parker found ways to disrupt the supply chain to bring quality products to consumers at a lower price. It’s easy to get caught up in the excitement and pressure of your new venture and forget that you have competition. There could be other entrepreneurs building similar solutions, so check out review sites and forums for insights on the weakest points of your competitors’ products and services. This can provide you with a competitive edge in your market to avoid or improve upon your competitor’s shortcomings.
In need of more content? Check them out here: https://www.hudaccounts.com/blog