If you sell essentially the same “stuff” as your competition, fold up your tent and head home. And do it fast. There is little real world success for “me too” things, whether they are products or services. Both are practically doomed to failure. To survive and thrive, your things have to be different. Or at least it seems to be. Like any good marketing guru, he will be quick to tell you, “Make a difference!”
“A rose is a rose is a rose”, or so the saying goes. But even roses seem to appreciate the importance of differentiation, the value of being different, even slightly, from other roses. A lighter or darker shade, a sweeter or more delicate aroma. No two varieties are identical. If only merchants and service providers were so aware of the importance of differentiation.
There is definitely real value in looking different because how, and to what extent, your stuff looks different from your competition can often allow you to charge more for what you sell. Surprisingly, that is true even if their “difference” is not real or significant.
“Live the difference,” proclaim the French with their shy and complicit smiles. It is true that they are talking about the difference between men and women. But those words can also be applied with surprising results to the business world.
Let’s take a closer look at that “real value” that I mentioned just now. Real value, believe it or not, doesn’t have to be real. It also doesn’t have to include value. “Perceived value,” the things that you can convince a potential customer or customer that are true about your stuff and that your competition doesn’t offer, are often more important than the actual value of your stuff.
Where does that perceived value come from? Any company that offers things for sale, be they products or services, has to create them. Not you personally, but certainly a talented marketing employee or third-party service provider should be able to do that for you.
How is perceived value created? Using words and pictures, that’s right. Words alone can work well, as long as they are the right words delivered correctly, such as in a one-to-one sales pitch or even a radio commercial. If your message is seen and heard by potential customers or clients, the right words, plus the right images, can work very well together, reinforcing catalogs, websites, TV ads, and brochures, for example.
At some point, your company has to plant that idea of perceived value, like a seed, so to speak, in the minds of your potential buyers. Assuming the seed is planted correctly, your potential buyer’s mind will provide all the necessary nourishment for that seed to grow and take root, whether there is real value there or not. Why? Well, the expression I use when I teach is. “Perceptions are reality!”
So, ask: “How can I differentiate my product or service ‘me too’, create the perception that my things have more value than what my competition sells?
Start with the basics, then expand from there. The three things that most buyers look for, and that most sellers focus on, often to the exclusion of everyone else, are price, quality, and service. One way to differentiate yourself, if you can do it profitably, is to offer a lower price, better quality, or better service.
If you can find a way to offer all three, your business will almost certainly dominate the category in which it operates – selling gadgets, cars, or hand tools, for example – and be highly successful in the process.
Doing all three is a no-brainer, right? Except it’s rarely possible. Unless you have invented a more efficient process or less expensive materials. Those things don’t happen that often. So, it’s time to put on your thinking cap and ask yourself, “How else can I tell my ‘me too’ stuff?”
If you are selling a product, here are several ways to achieve it: offer new sizes, color options, a unique design, a satisfaction guarantee, a menu of delivery methods, even free delivery. Make a list of all your options, try them one at a time, and be sure to measure and record the results of each test so you can determine what change did or did not make a difference.
Differentiating a service business isn’t that easy, but offering more convenience (24/7 service, for example) can be a start. A satisfaction guarantee is also effective. For home painters, cleaning services, and the like, being able to say that you have a license, bond, or insurance can increase your professionalism and therefore your perceived value. The same happens with vehicles in good condition, if that is how your people arrive to provide their service. Well-uniformed workers can also differentiate your employees from the competition.
Just as “me too” products or services can kill a business, the ability to differentiate can be the catalyst a business needs to increase profitability.