It is very hard to escape competition in the market place. Even if you have developed a new type of product, you will have imitators before you know it. Establishing the things that make your product different from the competition will help you solidify your customer base, as well as attract new customers.
Your customers have many choices to choose from when buying a product. They want to know why they should buy the product from you, and not from someone else. Take a moment and think about the answer to that question. Once you have the answer, convey this message in all of your marketing materials.
What type of features does your product have that your competitors' products do not? Let's say you sell cosmetics; perhaps each product comes with a mirror in the lid so the customer can easily apply it, where ever they may be. If you sell a digital product, such as a how-to guide on planning a party, you can provide free checklists or a Top 10 list of theme ideas.
What kind of benefit does your product provide your customers? Is it going to save them time or somehow make their life easier? Using the above example of selling cosmetics, you could play up the time saving features of all in one products or pre-made kits. Using the example of the how-to guide, a benefit could be that the guide is easy to read and can be adapted for planning children's parties, family reunions, and more.
For some people, price will play an issue. However, the majority of people will pay a slightly higher price if they feel they are getting a better product. Before you undercut your competitors, make sure that your target market won't mind paying a higher price. For example, start out by charging $19.95, and if your product isn't selling as well as you would have liked, drop the price to $14.95 and so forth.
For many people, the quality of your customer service will also help your product stand apart from the competition. You can let your customers know you appreciate them by following up with your customer correspondence in a timely manner, providing helpful, free information, and occasionally offering customer-only events.
Setting yourself apart from the competition is a very smart business move. Over time, your product can develop a reputation of its own. People will know that your product is the product for them, and will start coming straight to you. They won't need to even look at your competitors' products.
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Especially for solopreneurs and consultants, the personal story is often a good way to stand out. Many famous people rehash rags-to-riches stories, but you may be able to find something unique about yourself and your life that nobody else can say about themselves.
For example, I've lived in several countries and cultures already and each one of my kids was born in a different place in the world.