What differentiates my product from the competition?
It is a simple question that we can’t answer until we know more. Why?
It’s because you literally have to understand what you’re up against.
When my clients come to me and ask for advise on how to stand out from business competition, what I would do is actually look at all of their competitors and track their pros and cons.
What I try to find is a gap in the marketplace.
We’ll use our business as an example, wherein our marketplace is providing growth services to businesses.
Most oftentimes, people will hire someone to do that, but they don’t get the results they want.
Also, they waste time because they did not get the results they want.
So, in our business, what we are looking to do is say, “Hey, our competitive differentiation would be – We Guarantee Our Results!”
And no one does that.
Again, it really depends on your market: who’s out there and who are you up against.
Here’s what you should do:
1. List them out.
2. List their pros and cons.
3. Find the gaps.
4. Own that gap.
And that’s when you differentiate your product from the competitor.
That’s my Key Takeaway, answering questions from established executives and entrepreneurs to help them in their business growth.
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