Unique2

Five effective ways to differentiate your business

"In order to be irreplaceable one must always be different."

Coco Chanel

 

The business industry is a very competitive ecosystem to survive and be productive. However, organizations can effectively make an impact and build a reputation in a competitive marketplace by reinforcing strategic objectives that promote their business uniqueness. While creating and sustaining uniqueness is crucial in determining success, organizations tend to struggle with crafting strategies that will reinforce their uniqueness in the industry.

Every leader’s goal in any industry is to be regarded as one of the best. This common drive makes the environment very intense as organizations are constantly improving their infrastructures to effectively compete and scale performance. In the process of competing with top organizations, effective differentiation is one of the main challenges most organizations face.

Here are five effective ways organizations can adopt to create and sustain business uniqueness in a very competitive environment.

1) Focus on WHY:

It is very easy to lose sight of the significance of why an organization exists, given the hectic and demanding nature of running a business. While keeping track of the spreadsheet and improving revenue is important, understanding why a business exists is of greater importance. This is so because it is the “Why” that helps create a strong unique value proposition that powers business uniqueness and performance.

Findings from a survey on over 12,000 employees conducted by an engagement and performance firm Energy Project, revealed that 50% of its respondents felt their work lacked meaning and significance. This implies that clearly defining a ‘why’ also determines employees’ attitude to work. Also, findings from the study further reinforce why leaders need to define their “Why” and communicate them to their members of staff, to sustain uniqueness in the competitive environment.

2) Build Brand Reputation

Brand reputation plays an indispensable role in determining the overall success of any organization. Building a brand reputation is a crucial aspect of creating and sustaining business uniqueness, as a good reputation will further strengthen the organization’s performance against competitors.

Organizations should build a strong brand reputation by sustaining brand consistency, in the product and services they offer to their customers. Organizations can also build their brand’s reputation by being an expert in their industry and sustain a good relationship with customers by ensuring customer satisfaction and loyalty remain their leading priorities.

Nothing gives an organization a profound reputation amongst their competitors than gaining the confidence and loyalty of customers in the products and services they offer.

3) Deliver extraordinary customer service and experience

An effective way of sustaining business uniqueness whether it’s a small or a large enterprise is to provide exceptional customer service and experience. For any organization to stand out and yet be productive, it must make customer service and experience it’s leading priority.

Prioritizing customer service and experience in an organization does not happen overnight, but if effectively implemented in an organization, it brings about delivering a very unique customer experience and in the long run build brand loyalty, trust, credibility, and most importantly establish brand’s or organization’s uniqueness.

According to the survey done by PWC 73% of the people pointed out that customer experience is an important factor to make their purchasing decisions. Findings from the American Express survey revealed that 58% of customers will spend more with companies that provide excellent customer service.

Organizations should offer one-of-a-kind customer service and experience by first identifying the need(s) of the customers, fulfilling them, addressing their pain points, and consistently providing value. This goes a long way to build a trustworthy relationship with customers. Organizations should perceive customer service and experience not just as a department, but as an attitude.

4) Deliver fast and high-quality products/services.

In a competitive environment reinforcing an organization’s uniqueness is very crucial, as it can forge a deeper connection with customers and improve brand and business credibility in the marketplace.

Delivering high-quality products/services is important to create and provide value to customers. It is one of the most important tasks and plays a significant role in customer satisfaction and retention. According to a survey by Deloitte, 71% of people look for high-quality products when buying. Another survey by Yes Marketing found that 57% of Gen Z directly linked quality to brand loyalty. While delivering high-quality products is important, on-time delivery of products is also important in creating and sustaining business uniqueness. As per a recent study, 61% of people are willing to pay more for same-day delivery. Hence, organizations should prioritize and implement an efficient delivery system and deliver high-quality products/services to stand out from the competition.

5) Be Innovative

Whether an organization is into delivering products or offering services, being innovative is essential in creating and sustaining business uniqueness. By being innovative, organizations should continuously seek ways to innovate their products and services to suit customers’ needs and further drive innovative changes within the business industry.

Findings from McKinsey research revealed that over 70% of top executives affirmed that innovation is one of the top three drivers of organizational uniqueness that help organizations to achieve strategic objectives. Organizations should also avoid a rigid business structure that will resist innovation and changes in the products and services the organization offers. An innovation-driven organization has more chances of succeeding and exceeding the organization’s performance and productivity.

Final Thoughts

The business environment can be a difficult ecosystem to thrive and compete effectively. Fortunately, organizations can optimize their performance by leveraging on the strengths of their uniqueness and effectively stand out in the marketplace. Therefore, leaders should design strategies to strengthen their business uniqueness and at the same time improve the organization’s capability and performance.

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