Differentiating your brand from your competitors is vital to the growth of your company. While most businesses have well understood this concept, too many entrepreneurs don’t follow it. As a result, statistics on business failures are grim: for instance, only 50% of companies survive past the five-year mark, while one-third live to see their 10th anniversary. Several reasons account for business failures, with lack of unique branding being among the leading factors.
If you would like your brand to thrive in a competitive industry, you can’t ignore brand differentiation. Otherwise, you may struggle to convince customers to choose your brand over others. Practicing the following tips can help you build an outstanding business.
- Offer amazing customer service
About 33% of customers admit that they will switch brands if they had a bad experience with a business. In the current business atmosphere, losing customers due to poor customer service isn’t an option—76% of consumers rate customer satisfaction as the most significant test of a company’s trustworthiness.
In a 2017 survey by Talend, 57% of participants listed “unresolved negative reviews” as their top reason for breaking ties with companies. Failing to provide an important experience to your clients can harm your brand image and impact your customer retention rate. Studies have shown that 14% of customers will gladly return to a business that addresses their pain points.
- Establish a unique online presence
A whopping 97% of customers meet local businesses over the internet, which means launching a unique mobile-friendly website for your business can give your brand a competitive advantage. Rather than going with traditional CMS platforms, you may want to create an outstanding online presence using the JAMstack approach to build your website.
Unlike conventional WordPress sites, JAMstack websites don’t depend on one host server to manage databases and respond to user requests. Instead, pre-rendered static HTML content is created and distributed through a CDN, allowing JAMstack-built websites to perform well across multiple fonts.
- Choose a narrow niche
Entrepreneurs that try to run multiple businesses at the same time risk failing. This is particularly true for individuals offering service-oriented businesses. Instead of trying to serve all classes of consumers, consider choosing a narrow niche.
Adopting a vast range of business models may not be cost-effective for your company. Besides that, it can also make it harder for customers to know whether your brand is truly professional. The best way to speed up your growth is to define your target consumers narrowly.
- Be innovative
Always strive to add extra value to whatever services/products you offer. Improving your quality standards through innovation will allow you to increase your customer satisfaction and deliver better results. All industries evolve with time, and so should your business.
Even if your company offers similar services to your competitors, find innovative ways to deliver your solutions. The faster you can get new solutions, the better your chances of outshining your competitors and dominating the market.