This phrase highlights the importance of making your business stand out in the minds of customers. Notice the emphasis on customers, not on you.
If your business manages to stand out in a meaningful way to your customers, you’re more likely to increase your revenue and, perhaps, find greater personal satisfaction (assuming money equates to happiness—though that’s debatable).
Let’s say your business is just moving along, and after reading this, you think: “Wow, I need to stand out!”
How do you do that? Here are several ideas:
- Prices
Most businesses focus on price, but this is often a mistake. Someone else can always undercut your prices. If price is your only differentiator, you’ll end up in a race to the bottom—commodity hell—where businesses slash prices until some go bankrupt, restoring order by default. - Promotion
Promotion is a real game-changer because it includes advertising, websites, trade shows, and more. The key question is: Which promotional method convinces your customers to choose you over competitors? Focus on the one that works for your audience. Be cautious, though: don’t let your ad agency get so creative that your message gets lost. - Service
Provide as much service as you can afford—not necessarily top-tier, end-to-end service unless you can sustain it. We offer courses on different service strategies, including “Extreme Disservice” and full-spectrum customer care, to help businesses evaluate the best approach for their resources. - People
Hire the best people you can afford—even if it feels like a stretch. Look at companies like Chick-fil-A and Chewy: their employees are consistently polite, knowledgeable, and focused on service. The right people make a world of difference. - Product
Stand out by offering more product variations, innovative solutions, or by stocking more items than competitors. However, innovation must matter to your customers—if they don’t care, it’s not valuable. Keep an eye on the profitability of additional offerings, as diminishing returns can creep in. - Other Bold Moves
You can also try unconventional tactics, like themed uniforms (think Hooters), eye-catching building colors, or outrageous TV commercials.
The Bottom Line
Figure out what works for your business, try it, and fail fast if it doesn’t work. When you find the winning formula, stick with it—but stay vigilant, as competitors may eventually disrupt your strategy.
By focusing on what resonates with your customers, your business can carve out a unique and lasting niche in the market.