When you think about your business environment, are you the big fish a little pond? Or perhaps you are the little fish in a big pond? Your competitive environment is an important consideration when strategising for business growth. When conducting an analysis on your competition, you must consider:
- NWho are your direct competitors?
- NWho are your indirect competitors?
- NWhat do they do better than you?
- NWhat do you do better than them?
How to stand out AT EVERY TOUCHPOINT WITH CONSIDERED, THOUGHTFUL BRANDING
To gain the advantage of being in a small pond you must be considered reputable, influential and expert at what you do. But how do you do this? Here are our top tips to help you stand out:
- NHave a strong brand that visually sets you apart. Professional branding is what initially draws people in. This is the hardest part of convincing your customers you are the best option.
- NIn a crowd where everyone (your competitors) is shouting the same thing, shout something different and LOUDER. Whilst you may be offering the same or very similar services as the person next to you, be sure to word it differently and position your audience to believe what you offer is superior.
- NHighlight your USI (unique selling point)
- NAvoid "we offer services/products to suit everyone". You don't have to please everyone, and THAT'S OK
Townsville Businesses, we are talking to you!
For those reading who are located outside of Townsville, Studio Nu is located in a regional town of North Queensland called Townsville. It is the perfect example of a small (geographical) pond, with the opportunity to become the big fish. Let’s say you are a business model that is limited to selling to people in-person. This may be any business in the hospitality industry or health and beauty service industry. Your customers need to be physically present to consume your services.
Given that Townsville is small in population and size, there are far fewer competitors than those businesses operating in big cities. This means you have more of an opportunity to become the big fish, the go-to for your industry and the most trusted provider. But how? Check out The Physio House. Their strong branding has created a competitive edge in the Townsville health industry.
Just as we said above. Firstly, we want you to check if you LOOK the best. If people were walking along, which store and branding looks the best? Is it you? If not, how can you change this?
Do you need to refresh your branding? Easy. Chat to the team!
Secondly, how are you talking to your consumers? Are you hard to find or are you everywhere and ensuring you are at the forefront of your customers minds. You should be.
Need a communications strategy? Easy. Chat to the team!
Thirdly, are you the best at something? Or are you trying to be “ok” at everything? Define your niche and your audience and be the best at one, not the second best at some.
Need help defining your niche? Easy. Chat to the team!
We are here to help you stand out. We want to help you thrive and be the best at what you do. Talk to our team over a free discovery call to see how we can help you.