Entrepreneurs are driven by different motivations, but success is the ultimate goal to strive for. But achieving success can be challenging, what with all the competition around. In any field, whether you are starting an e-commerce business, a home-based financial company, or blog, there are always rivals to deal with. Standing out from the crowd is what an entrepreneurial mindset aims for. You want a product that will not only measure up to others in the same sphere, but offer something different as well. Give your consumers a reason to seek out your product. Why should a customer choose your electronic gadget when they enter a store instead of the hundreds of others that cost the same price? Answer that question, and you have identified what sets your brand apart. So, how can you get to that point? Here are entrepreneurial cases that will help you find more ways to set yourself apart.
Identify Opportunities in Existing Markets
In a world where demands are always changing, there is always a new market to fill. One problem with some entrepreneurs, is trying to cater to a market that is already saturated with nothing different to offer. Steve Jobs is one good example of an entrepreneur who entered a heavily flooded market and found something missing. When Apple came to be, the market was full of other cell phone manufacturers with the likes Nokia already leading the pack. Instead of doing what everybody else was, Apple came up with something new.
From the iPhone to the iPod to the iPad, Apple set itself apart in a way that no one else could. When everyone was struggling with feature phones, it made touch screen a reality. Granted, touchscreen technology was in use long before that, but Apple popularized it in smartphones. With its first iPhone, the company gave consumers something they didn’t even know they were missing. It did not stop there, as the iPod and then iPad were next in line and have become just as popular.
Another great example of such a mindset is exhibited by Sam Phillips, the Sun Records founder. When Sun Records was founded, Rock n’ Roll was already a popular music genre. However, Sam Philips concentrated on finding the right talent and presenting it to the world. It is how the company discovered names like Johnny Cash, Jerry Lewis, Elvis, and Carl Perkins.
Add More Service/ Features
Facebook can be used to point out many entrepreneurial firsts, but what it did best is offer better services. You can’t say that Facebook was the first social network. Sites such as hi5 and Friendster were already in use long before it came to life. What Mark Zuckerberg did was create something better. Initially, Facebook was only for students to connect with each other, but with increased features, it became and continues to be a global phenomenon.
The sites that were there may have been meeting some social networking needs, but they didn’t quite have all the right components. With different elements, such as likes, pokes, and now even reactions, Facebook allowed people to express themselves better and connect across continents. Tweaking your product just a little bit can make all the difference to consumers. Even when a customer thinks they have what they need in one product, seeing another that has just one more feature piques their interest. Highlighting those extra features on your product or service should be part of marketing.
Personalize your Product/ Service
People love to feel appreciated, and some entrepreneurs fail in this regard. When consumers have a lot of alternatives to select, customized services and products offer a certain appeal. With large data that companies have access to now, thanks to the internet, it has become very easy to personalize your products. A site like Amazon has mastered the art of personalization. When shoppers buy a product, they get recommendations for other items that may suit their needs. When users return to the site, they get ideas based on previous purchases.
The bike company Trek now makes it possible for shoppers to build their bikes from scratch, and Longchamp has a self-design version of the Le Pliage tote bag, which is quite the popular brand. The build-your-own feature has particularly been profitable for bespoke furniture companies. Allowing customers to be part of the design process gives them the chance to be part of what they consider the perfect product.
Good quality will always be one of the priorities for consumers everywhere. Whether it is a product or service, people will always want something that meets the highest standards. You can make your brand unique by being consistent with the quality. Take Murano chandeliers, for instance. Murano glassmakers have been in existence since the 12th Century, and the quality is just as good today.
The Waterford brand by the Primrose brothers is another example to consider in this instance. George and William found ways to produce some of the best quality crystals in the world and even though the original factory closed, Waterford remains synonymous with greatness. By insisting on the best materials, highly skilled workers, and superior techniques, you can have that as well.
Innovate for Unmet Needs
Just because one product or service is working does not mean sitting back. Innovative ideas are rewarded greatly in today’s world. Don’t just wait for others to set the bar for you to match it. Create something new that will have people talking about your brand and company. The tech industry has some of the most innovative enterprises. They give people services and products that they didn’t even know they needed.
The company Netflix came out of nowhere and changed how people get their shows and movies drastically. A few years ago, a most people couldn’t do so without cable, and now, they can’t live without Netflix. Google is perhaps one of the greatest innovations of this era. It is the foremost search engine across all spheres. Tesla has been number one on Forbes lists of most innovative companies for two years, and with good reason. The auto manufacturer has made a name for itself for releasing one innovation after another, particularly in electric vehicle components.
A product that caters to unmet needs will always have a chance to thrive if the innovation is done right. It is why companies have budgets for R&D. There is no room to lag when dealing with competition. Analyzing different markets is essential if you are to discover opportunities for new ideas.
Brand like a Superstar
How you sell your service or product contributes to its success. You may not even have the best product on the market, but the branding can set it apart. Don’t just wait for consumers to stumble upon your product, go to them. Some of the biggest entities in the world have succeeded because of their branding.
Coca-Cola is one of the best branding examples out there. Of course, other beverage companies provide the same products, or even better ones, but don’t enjoy the market dominance that Coca-Cola does. It is because the enterprise invests in branding. You see black and red on a bottle and you think Coca-Cola. The advertisements are some of the best anywhere because they appeal to emotions and deliver strong messages.
Celebrity branding is one way that big companies have put their top brands on shelves as well. Take Under Amour, for instance, which is designing a new line with The Rock. Nike, Adidas, Pepsi, and Puma are just few that are using famous faces to move merchandise. It may not be possible for some entrepreneurs to afford this type of branding, but that is not the bottom-line here. The point is that branding should involve significant effort. Just posting a few ads on your site and writing a blog may not be enough. Creativity is what drives good branding.
With so many problems in the world, it is not uncommon for companies to associate themselves with particular goodwill causes. Having a social significance helps shape the perception that potential consumers have of your company. An entrepreneur can partner up with any number of causes like Underfit has done with the Juan Rose Foundation. IKEA is another brand that has joined efforts with UNICEF to fight child labor.
Differentiating your brand from the masses may not be easy, especially in an industry where there is too much competition. Knowing the various avenues you can take to provide a unique product solves half the problem. If you have a great idea, expect competitors to catch on, and that means finding ways to remain consistently top of the bunch.