Week 5: Differentiate Your Business
Now that you understand your market and product it is extremely important to understand how you are going to differentiate your product. Below are __ different ways to stand out from the crowd and increase sales.
1. Product Innovation: Clearly, when you can add features or functions to your product, you can command a higher price. List 5 ways you can make your product more innovative.
2. Packaging: Sometimes all it takes to re-energize and differentiate a commodity product is to change the packaging. How can you improve the packaging or delivery of your product?
3. Pursue New Market Niches: Are there some new market segments you haven’t focused on and are below the radar screen of your competitors?
4. Generate More Referrals: It never fails to amaze us in our revenue-generation engagements with clients how many of them absolutely love referrals but do nothing to cultivate them. List current or NEW referral programs that you plan to integrate into your marketing strategy.
5. Figure Out What You Can Guarantee: We all know we have to deliver on client expectations or we are going to have to refund their money. What do you plan on guaranteeing?
Weekly Goal: Identify what your business does different! We will begin to work on telling the story shortly.
Need help figuring out how to differentiate your business?