5 Things You Have That Your Competitors Don’t
As a small business owner in a small town (or even a big town), you probably know a lot of people, including your competitors. Despite the personal rapport you may have with them, you ultimately want to be the one that comes out on top; the business that customers flock to.
But, with all of that competition in the market, how do you stand out? How do you make your ideas unique and your products extraordinary?
We have some ideas for you. Direct Capital understands what it’s like to have competition. The finance industry is large and we work every day to show how we stand out and rise above. One way we do that is with our competitive loan options and rates (see the infographic below). The other way is through expanding our expertise into not only financing, but as a trusted advisor. We provide tips to small business owners like you on other ways you can help grow and improve your business.
5 Ways to Set Yourself Apart
We want to start this off by saying you may not want to necessarily crush the competition. We get it – You just want to outsmart them and ultimately keep your business afloat.
We say crush because we believe in crushing – and overcoming – obstacles. Setting yourself apart from the numerous competitors in your market can be your way of crushing obstacles.
- Dare to be yourself: Yes, we’re playing on the phrase “Dare to be Different” because we believe the key to actually being different is by first being yourself. You alone are unique. Your ideas, your thoughts are what have the ability to stand out in a crowded marketplace. Think about why you started your business in the first place and how you can expand on your original idea. The one thing you can count on your competitors not having is you!
- Look from the outside in: As we’ve said in past posts, we love giving you tips on how to keep your customers happy. Being able to view your business and products from their perspective is just another way you can do this. You want to provide and sell experiences, not just tangible items. Why do people buy luxury brand vehicles? Any car will get you from point A to point B? It’s the experience you get while driving that nice, fast car that keeps you from buying a “regular” car. Ask yourself what kind of feeling and experience you want your customers to have when they choose your business. Then, look at your products and services and see if they measure up.
- Use social media: The truth is your competitors are probably doing this too. But – you have loyal customers; customers that will join you in the social media conversation. Don’t ignore them, engage with them! Use your social media platforms to showcase your product, your personality, your sales, and anything else you think your customer base will care about. Social media is no longer something you can ignore. It may even be beneficial to you to bring on a dedicated social media manager so you never miss a thing. (And guess what – if you need a business loan to have the extra cash so you can bring on a new hire, we’ve got you covered!)
- Go the extra mile: And do so in your own way. Believe in yourself because you know your customers, your market, and your industry better than anyone. Use that knowledge to your advantage. What will it take for you to go the extra mile? What’s something that your customers won’t expect, but they will love? It could be something simple – like an open line of communication with you, the business owner. Maybe it’s complimentary coffee or water; or maybe it’s extra help with the buying process. Whatever it is, start implementing it now. Show your customers you are more than just someone looking to make a profit off of them. When your competitors make them feel like just another dollar, your customers will recognize you as the business that cares; the one that goes the extra mile.
- Don’t be the best, be the only: Being the best at something is a hard feat. And being the only one to do something seems even harder, but it’s not. Think about it. If you are creating something new – something fresh and unique – you will be the only one out there that’s doing it. No one can beat it, because it’s your idea. It’s what makes your business what it is. Now, doesn’t that sound better than being the best?
Get started crushing those obstacles and winning the competition battle with these 5 tips. Then, come back for more information on Direct Capital and how we can continue to help your small business grow!