5 Strategies To Differentiate a Brand
When you are in a business with a lot of competition, there are two options to stand out: either compete on price, throwing yours down and juggling your bookkeeping, or appeal to some stronger element that set you apart from the crowd.
Brand differentiation is one of the most guaranteed recipes for success. There are strategies focused on the differential that you can offer and that other businesses don’t. When you can efficiently promote the unique qualities of your product or service, you attract more consumers.
You can invest in marketing, change your product to suit a certain market niche, or simply change the way you package and sell your products to tell a story that will appeal to the consumer.
To help you get started, these are five strategies for differentiating your brand from the competition.
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1. Set Different Price Points
You can always throw your price down and charge less for a quality product to stand out from your rivals. On the other hand, when you find a successful way to make your target audience pay more for a higher quality product (or something produced in a differentiated way), you can profit more by selling less.
Successful brands do just that: they sell a higher quality product/service and charge more for the customer experience. The latter, in turn, doesn’t mind paying a little more for something he knows is of recognized quality.
For example, if you work in the fast-food business, you can differentiate your products by investing in healthier ingredients or in a new, more exotic flavor. You may be surrounded by other restaurants selling cheaper food, but it’s your “something else” that will attract customers.
2. Pick a Niche
If you’re in one of those businesses that do a little bit of everything but never specialize in anything, change now. A brand can be differentiated by choosing a niche and becoming the best at it.
Meet with your partners or workers and try to decide what you want to be known for. Identify the strengths and weaknesses of your brand or products to decide what is worth specializing in. There are many niches out there waiting to be filled by quality products/services that nobody is offering.
For example, have you ever noticed the amount of gourmet, artisanal pet foods in a market that only had industrialized options until yesterday? Well, someone had this idea before, so you too can think of a profitable niche and explore it before your rivals.
3. Offer A New Experience
Here are three simple ways to do it:
- Find out who your customers are and what exactly they need
- Customize your product or service to create an emotional connection between it and the consumer
- Offer a differentiated customer experience responding to questions and criticisms immediately and with personality
It’s like luxury clothing or accessory brands. Some people prefer to pay five times as much for a particular brand’s product because they sell not just a wardrobe item but a consumer experience that will stand out.
4. Designate An Icon
You certainly remember a certain clown associated with a fast-food chain or a particular tiger associated with breakfast cereal. This is another important lesson: every successful brand manages to differentiate itself by designating a recognizable icon or mascot.
Already have an icon, but it didn’t work? Re-evaluate if it’s not time to rebrand and assign a new mascot, which can capture the attention of customers in certain niches or age groups and attract them to your business.
Remember that you can also build loyalty to a brand with a real icon, like a sport or music star. This costs a lot more, but at the same time, those celebrities will become associated with your product and reach a much larger number of potential customers.
5. Popularize An Idea
“Just do it,” “Don’t leave home without it,” “It gives you wings.” The list of famous taglines associated with some well-known products and brands is enormous. Popularizing an idea or slogan is another way to differentiate yourself from your rivals.
It takes a lot of creativity to appeal to consumers’ emotions, sell experiences instead of products, and create slogans they will remember. Maybe you need to hire a marketing agency to help with creating or associating an idea with a brand.
If you’re in the Big Apple, look up a content marketing agency in new york.
Everything That Makes Your Product Unique
A good brand differentiation strategy can help you create a legion of passionate customers. They will remember your company not only for the product or service it sells but mainly for the positive experience they had and the values your business shares.
You can stand out from the competition without the need to enter a “price war” (on the contrary, you can even charge more!) To do this, you need to understand your potential customers and deliver what they want and beyond.
Differentiating yourself is not easy, and sometimes it takes time. But by adopting some of these strategies, you will certainly be one step ahead of your competitors.