Differentiation

Having segmented the market with the aid of psychographics, we have a truly differentiated product offering. But what if this is not enough? If a product stays in the market long enough, imitators are sure to follow. Here are three ways to continue differentiating your product from the competition:

  1. Leverage your company’s background – Is your firm located in an out-of-the-way area that makes it unique? Use that as a product attribute – Coors distinguishes its beer as using Rocky Mountain water.
  2. Use a new market category – When you segmented the market, did you create a new product or a new product category? Make your new line a market to itself – New Zealand-based Icebreaker didn’t just create a new kind of wool clothing, it invented the Merino category.
  3. Go where the competition won’t – Find out what your competitors are afraid of and use it to your advantage. Advertise in ways you know the “other guy” would never consider – Burger King’s “creepy king” was a risky advertising maneuver, but it gave BK a unique position as the edgy fast-food brand.

There are several other strategies you can use to differentiate your offering. Most of them depend on who you are and what you do. Take a few moments to look deeply at your product, why you offer it, and who your competition is. Knowing both yourself and your opponent will help breed innovative strategies to gain market share.

What strategies have you used to differentiate yourself from others in the past?