Episode 94: Standing Out in a Crowded Market
What was discussed?
Quote of the day: “Hard work helps.”
How does a business differentiate itself & get customers to choose them over the competitors?
You don’t want to be the cheap alternative, the low-cost provider, or the place that people go simply because it’ll cost them less. That’s not the ideal way to build your brand or the financial stability that you want to build. You need to stand out, which you can do in a bunch of different ways.
One of the most important things to have is a Unique Selling Proposition (USP). You can develop this proposition in a lot of different ways, but you do need to develop one. For example, you can be the fun dentist in the area that has videogames in the office and provides a fun environment for patients. You can do this by speaking in the community, at conventions, or writing a book. You can volunteer and are known as the business that volunteers in the community, which is a great way to set yourself apart.
The best way to develop your USP is to be somebody and be somewhere. The people that make the most money in your market aren’t necessarily the most skilled. They’re not being paid the most just because of their skill. They’re being paid for who they are and the reputation they’ve built.
How do you apply this to the local market level?
Business owners who can apply this to their business are able to be extremely successful. For example, one dentist regularly travels to third-world countries to perform dental surgery on patients who would otherwise not have access to it. This gets him coverage on local news stations and papers and gives the community an insight into his work and his practice. He’s developed a relationship with the press that allows him to get on local news when he needs to. If you can be the person that the press goes to whenever they need a dentist or doctor’s perspective, you’ll have developed a way to stand out. The dentist who has great brand exposure, brand recognition, and has a great community presence will succeed in gaining new business.
Think of the thing that you do that can help you stand out in your market. It doesn’t have to be travelling to third-world countries, but it should be unique! Have a specialty and be known for what you do.
If you need assistance with finding your niche, contact us today so we can see if we’re a good fit for each other.
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