Unless you are Elon Musk who brings up revolutionary products, we all develop simple problem-solving solutions. Since it is an open market anyone can build a similar product. What I am trying to say is there is lots and lots of competition today. Let’s say you built product A and someone else built the same product. Now, customers have confused about whom to choose. You have to differentiate your product from your competitor. If there are same product why people will come to you. There should be something different and more value. You must set your Unique Selling Proposition(USP).
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A unique selling proposition is a statement you choose to embody that differentiates your products and your brand from your competitors.
Either it is Digital Marketing or Traditional, you have to be different and better than competitors. If we go on explaining this all – it will be a very long article. So, we will explain in points.
How to Make Product Better Than Competitor
1. Price Differentiation – If you can reduce the price of the same product and feature. You can differentiate your brand from competitors.
2. Niche Differentiation – Focus on the smallest market possible and be the leader in that niche.
3. Add more value – Value=Time*Product*Service*Price
You have to give people a reason to choose you. Why people should choose you instead of your competitor. You can use any of the above 3 methods to place yourself in the eye of your competitor. Moreover, you can do amazing Marketing Strategies to beat competitors.
One of the best way I have found to make yourself different from competitor are:
1. Making Product 10 times better than Competitor
2. Introduce Revolutionary Technology
3. Create Marketing Strategies
4. Hire the best employees
There is a good book on Creating Yourself Different – Blue Ocean Strategy. Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant.
