How to Identify Your Key Point of Difference

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Big business marketers know that one of the most important elements of a successful marketing plan is knowing what makes you stand out from your competition.

Before they spend any money on marketing tactics they work out what sets them apart and importantly what is meaningful to their target market. In big business marketing as well as small business marketing, your key point of difference is the basis on which you develop your brand positioning.

Developing your business or brand positioning is very important as it is the core for all your communication with your customers, suppliers, business partners and employees. It is how you want your customers to favorably perceive your brand and/or business in relation to your competitors.

There is a simple process big business marketers follow which you can easy use for your small business even if you are just starting out.

Step 1

The first step is to have an understanding of your key customers’ needs and desires. The key is to find out what they are really wanting from your and your competitors products or services. If you have customers talk to them, if you are just starting out consider doing a simple market survey. Their needs and desires will have a rationale (eg. deliver service on time) and emotional (eg. peace of mind) element as after all we are talking about human beings and they will always be more loyal to a brand or business that they feel more emotionally attached to. Just think of the brands or businesses that you are most loyal to and this will help you with discovering your own key point of difference.

Step 2

You need to determine your key strengths and weaknesses versus your competitors in relation to the key customers’ needs and desires. To make it easier just look at the 2-4 major competitors and always include the market leader. When looking at your strengths and weaknesses just examine those areas that differentiate your small business from your competitors.

Step 3

The next step is to look at the key features (i.e. what your product does or what your service provides) and benefits (i.e. the positive values your customers receive such as cleaner teeth or peace of mind). The key is to have the key features and benefits that link back to your customers’ needs and desires better than your competitors.

Once you have gone through the three steps you should be able to choose the one key feature and its benefit that will give you your key point of difference which you can maintain and develop it over time.

Remember you do not have to identify your key point of difference alone, if you have employees, business partners or work with consultants and agencies they can all assist you to get into the hearts and minds of your customers.