If you’re tired of working for someone else and you’re thinking of starting your own business, getting the proposition right is crucial. Determining what makes your business different to whatever else is on offer will be how you sell your new venture to your market. It needs to be real and in demand which means it needs to be based on market research.
The uniqueness of your business might be anything from the method of delivery, the experience, the product or you yourself. Whatever it is that makes your business unique, exploiting that uniqueness through marketing strategies will help it to stand out from the competition.
In today’s blog I look at 6 ways to add difference to your business proposition. This is not an exhaustive list, however, it should kick start the juices when brain storming ideas of your own.
What makes a business is unique?
Creativity
Does your idea challenge your market to look at your product or service differently? Thinking laterally about your wares, whether in terms of production or execution, delivery or presentation, will help you stand out. If what you’re offering is no different to the competition, you could end up with a ‘me too’ business.
A ‘me too’ is just another business delivering more of the same. Your market may already be well served by your competition who may be established and trusted alternatives. For a ‘me too’ to be successful outstanding sales and marketing and often big budgets will be needed. So a unique business proposition is crucial for most small business start ups if they want to be around for the long term.
Feasibility
Blue sky thinking can be fun, but its useless if the ideas you settle on are not practical and realistic. You would need to go through the process from production to execution to test your ideas. What resources and skills might you need and what challenges might you face?
Market Demand
Is there a demand for what you’re offering? This is where market research comes in. Its something that is too easily overlooked but fundamental in getting the business proposition right. Does your uniqueness solve problems or address gaps in the market? If your idea is truly unique you may be creating a new niche or trend.
This could be what makes your business a success but you would only implement your unique idea if you are sure your market is prepared to spend money on it. This is why thorough market research is never a step you should miss.
Five ideas for unique approaches to businesses
Customisable Subscriptions
If you are selling a product that is consumable or likely to be required more than once, a customisable subscription model might be worth considering. This isn’t just for retail outlets that might offer discounted prices to customers who regularly receive their products through the post. It could equally apply to beauticians, coffee shops or hairdressers.
A coffee shop subscription might include a certain number of coffees a month for a set price which should be at a discount to in shop prices. Loyalty programmes have proven to be highly successful but uniformly available at most coffee shops. A subscription model would need to be more attractive than a loyalty card or possible to use in conjunction.
Any business area which is used regularly by customers could consider a subscription model to guarantee repeat business.
Eco friendly and environmental awareness
The business world has latched on to the growing concerns about the environment, but an original or market tailored idea could set you apart. For instance, collaborating with local producers who use sustainable products could lead to positive publicity by association.
The mode of delivery
Mode of delivery could be to your home, place of work or in a public place such as a pub. It may represent a completely unique idea or just be unique for your market. For instance, offering mobile pet grooming or catering services may not be unique. But if they are unique to your area and your market is geographically defined, this would count as a unique business idea.
Virtual reality experiences
Virtual reality (VR) has already become incorporated in the education, property and tourism sectors by forward thinking businesses. But the potential for VR in retail, manufacturing and the service industries, both on and offline, is promising. Imagine a hairdressing business that can show people what the hairstyles might look like on them before they decide on the cut. Or how clothes will look on a potential customer, whether or not they are currently in stock or even available. VR would enable businesses to customise products in manufacturing, tailored to market demands.
Cater to market needs
Consider how you might tailor your offering to your customers’ needs. Good market research is important to get this right. An example might be a catering business specialising in different dietary needs, or one that offers unique pop up dining experiences. Understanding what your customer really wants and needs will help you tailor your offering. Never be afraid to think creatively about how you will provide what your competition perhaps is missin
And finally…
If you want to make your mark in a competitive market you need to think creatively. This might involve how you plan to add value and difference while creating and delivering your wears. You would need to consider how you will address market needs and add value in a way that enables you to stand out from the competiton. If done well you will be carving your personality and brand on to the minds of your market. And that’s the message that will enable your business to thrive and survive for the long term.