As any hustler knows, competition in business is fierce. The internet and globalization have helped to make it much easier for you to start trading with consumers or other businesses, whether they be in your city or on the other side of the world.
That’s great for you as it means the world really is your oyster. But it’s also great for anyone else who wants to try their hand at being entrepreneurial too, including your competitors. And while there is plenty of pie to go around, it does mean hustlers have to hustle that little bit harder to get ahead.
There are plenty of different ways you can do this, but a good approach is to find a unique angle from which you can pitch your products or services. Something that’s specific to you that sets you apart from all of the other businesses operating in your market.
Marketers often describe this as your unique selling point (USP) and it’s a way for you to develop a sustainable competitive advantage that helps you attract customers and keep them coming back time and time again.
But how can you find a unique position for your business? This depends on how your business operates, the types of products or services that it sells, and who it sells them to. However, here are some of the main positions that you can take.
Offering Something Others Can’t
Few businesses sell products that can’t be purchased from elsewhere. For example, every car manufacturer sells vehicles that have four wheels, a method of propulsion, seats, and a steering wheel. In the same way, every supermarket stocks a selection of ready meals that can be cooked in a few minutes and eaten just as quickly.
Those cars and ready meals may all serve the same function but they’re still positioned differently.
After all, you wouldn’t consider a Ferrari 360, a Ford Focus, and a Tesla Model S to all be the same. They might all meet the basic definition of a car, but they serve very different purposes.
In the case of Tesla, Elon Musk’s company is offering something that others can’t. It’s an electric car that is both better for the environment and also cool, it also has features like autopilot and a better network of charging stations.
We can see the same with online casinos. While they don’t sell physical products, they do need to find ways to stand out from the crowd. One option for achieving this is to offer a range of unique variants of classic games like roulette, such as high roller roulette and 20p roulette. By doing this, they can appeal to different types of players, rather than trying to offer a one-size-fits-all solution.
Be More Convenient
In the modern world, time can often be as (or more) precious than money, especially for people who lead busy lives trying to balance a career, relationship, and other interests. For that reason, many consumers are willing to spend more on products and services that will save them time.
This can be seen in just about every market. Convenience stores are named so because they are usually closer to where people live or work than larger big box stores that can be found outside of town centres.
They stock fewer products and charge higher prices, but this doesn’t put people off who just want to grab a few essentials on their way home or who don’t want to drive a long distance to pick up some groceries that they’ve run out of.
Convenience can also come in the form of fast shipping, a streamlined ordering process, or even a dedicated agent who can take care of certain things for them.
Lowering your prices can certainly be a way to stand out. It’s a strategy that works well for low-cost airlines like Ryanair and discount supermarkets like Aldi, but businesses should be careful about how they use it.
Just lowering your prices to attract more sales can create problems. It can spark price wars among your company and your competitors, leading to everyone making less money. It can also eat away at your profit margin and lead to an increased workload for you and your staff with nothing to show for it at the end.
However, when implemented well, charging less than your competitors can help you to stand out. It works best if you can also lower your COGS and overheads below what your rivals pay to buy and produce their products, allowing you to always undercut them.