How To Distinguish Yourself From Your Competitors

Let’s make one thing really clear at the outset – most of your competitors look and sound exactly the same.

Why?

Because they are like 95% of all businesses – they are “followers.”

It is often said that “95% of the world’s wealth is held by 5% of the population.”

And there’s a very good reason for that.

Michael Gerber summed it up in his famous book, The E Myth.

He said that most of us have “technician skills,” some of us have “management skills” - but very few of us have “entrepreneurial flair.”

So if you feel that you fall into the categories of “a good technician or good manager,” recognise that’s not enough.

There are a million good hairdressers, accountants, landscapers, dentists, butchers and bakers.

Most of them fall into a “sea of sameness” when it comes to marketing their services, as they are “followers” and simply stick to what is comfortable, even if it is boring and mundane.

Given that my business is called The Institute Of Wow, it will come as no surprise to you when I say, “The quickest way of distinguishing yourself from your competitors is through wow factor marketing.”

You see, if you don’t have a product advantage like Apple’s iPhone and you don’t have a systems advantage (like Disneyland or McDonald’s), then you need to do what Richard Branson does and create “a marketing advantage.”

After all, Richard Branson’s planes are exactly the same as those at Qantas and other airlines.

However, Richard Branson has cleverly positioned his Virgin brand as “very different” from his competitors by using “wow factor marketing techniques.”

Have a look at your products and services and if you believe that you don’t have a “product advantage or systems advantage,” then you certainly should seriously consider spending more time on learning the craft of “wow factor marketing.”

The “online world” makes “price comparison” easy and instant.

So if you think you are going to distinguish yourself from your competitors by “price,” get ready to be beaten by a competitor (either online or offline) 5 minutes later.

Start thinking outside the square.

Stop being a “me-to” business and start being bold, creative and “unlike” everyone else and appreciate that the big money is made in “marketing.”

No one gets rich keeping books, mowing lawns, changing light bulbs or cleaning tools.

The money is made in creating “marketing systems” that deliver a predictable result.

In other words, don’t be “technician driven” and continue being a slave to your business.

Create a marketing “system” that not only distinguishes you from your competitors, but also is easily repeatable and doesn’t involve your “hands-on participation.”

Here are some tips and examples:

  • Consider making things bigger – home theatre television, Biggest Hamburger in the land, Biggest Ever Guarantee, Biggest Number of Features.
  • Make it smaller – the iPhone, mini jelly beans, mini scooters and skateboards, mini vehicles, smaller hairsprays for handbags, mini children’s book and mini battery razor.
  • Make it different  - add stuff to your products or services so that it’s difficult for consumers to do “price comparisons.”

An example would be vehicles with free DVD, GPS and vibrating seats.

Or free coffee with a sandwich, bonus conditioner with the bottle of shampoo, complimentary Disney toy with the packet of disposable nappies, free coffee table with every lounge suite and a free toy with your Happy Meal!

  • Make it faster - Netflix online movies, 60 minute dry cleaners, 2 hour car service, hospital “fast executive physicals” and drive through coffee shops.
  • Make it slower – “hand-wash” car washes with cafes, 60 minute massages that go 90 minutes and 5 day holidays that go so slow, they stretch to 7 days!
    Cruise companies promote “slowness” to their advantage!
  • Make it a “cult” – people love being members of tribes, so take the lead from Nutrimetics and Jenny Craig – and create your own loyal followers.

Apple have been extraordinarily clever at creating their worldwide tribe of “raving fans,” even creating their own language.

Members of tribes will pay almost anything to remain one of the family.

Spend some time creating “wow factor marketing differentials” for your products and services and reap the benefits of being one of the 5% of worldwide businesses that stand out from the crowd!

 

John Dwyer, CEO, The Institute Of Wow
Phone: 07 55 919 566
Email: john@theinstituteofwow.com

 

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