Businesses in Perth and beyond today face an increasingly competitive landscape, with countless companies vying for the attention of a discerning customer base. Making your business stand out requires more than a robust product or service. It requires a unique point of difference (POD)—a distinctive element that sets it apart from competitors. Keep reading, and our Marketing Tips will guide you through the process of creating a compelling POD for your business.
Understanding Your Point of Difference
Before diving into creating a POD, it’s crucial to understand what it entails. In essence, a Point of Difference is the unique value proposition your business offers, distinguishing you from your competitors. It could be an innovative product feature, superior customer service, or an exclusive partnership—anything that gives your business an edge over the competition.
Identifying Your Point of Difference
The journey to finding your business’s POD begins with self-reflection. It requires an in-depth understanding of your business’s strengths and weaknesses, the unique value you bring, and how you’re currently perceived in the market.
Some things to ask yourself:
- What are our strengths, and how do they align with our target customers’ needs?
- What do we do differently than our competitors?
- What is our unique story?
- What does your business stand for?
- What makes your product or service valuable?
- Who needs your product or service?
- What are the consequences of not having your product or service?
- What can be added to improve your product or service?
By answering these questions, you’ll start to form a clear idea of your POD. Deep diving into this and spending some real time considering and answering these questions should help you figure out your point of difference and start to answer some of your market segment questions.
Understanding Your Market
Once you’ve identified potential PODs (Yes, it might be more than one), it’s essential to understand your market and competition. Creating a detailed competitor analysis for your Perth business can help you see how your offerings stack up against others in the market. Next, look for gaps in their strategies, products, or services that your business can fill.
After all, they could offer a similar product or service but not the correct market. This gap is a potential POD, a unique selling proposition that can give your business a competitive edge. But be careful; if your only point of difference is the market you’re advertising into, your competitors can pivot fast and take some of your market share.
Validating Your Point of Difference
After identifying potential Points of difference and understanding your market, it’s time to validate your findings. Market research, including surveys and focus groups, can provide insights into what your customers value most. It also allows you to test different PODs to see which resonates most with your target audience. Remember, a compelling POD is not just unique but also meaningful to your customers.
If you don’t have a captive audience to use as a focus group, even using some short-run Facebook or Google ads can garner some good data. Just make sure to document results and tweak audiences for more meaningful data.
Communicating Your Point of Difference
Once you’ve validated your POD, it’s time to communicate it effectively. Your POD should be central to your branding and marketing strategies. Your unique selling point should be consistently communicated from your website to social media platforms and everything in between. Unfortunately, this is often where a lot of Australian businesses go wrong. I’ve seen and helped create many PODs for clients, only for them to spend less than $250 on marketing. If your Perth business’s Point of Difference is that good, spend some real money on getting the word out.
Use storytelling to make your POD more engaging. Customers connect with narratives; a compelling story can create your unique value proposition more memorable. So make sure to weave your POD into your brand story, showcasing how it adds value to your customers.
Real World Point of Difference Example
This is more than just an article that tells you what to do without giving you some evidence from the real world. For example, one of our clients needed help creating a value-adding POD for one of their product lines, Filter Service Kits. The market is saturated with kits offering prices for very low (possibly poor quality goods) to high-end brand name kits. After researching and discovering more about how customers use the kits, we identified a group of products that almost every customer would need or use while doing their vehicle service. Creating a small bag with these products, which were all low costs, and adding them to the service kit provided a value-added proposition that no one else in the market was offering. Long story short, after getting the word out, this client saw an almost 400% increase in sales over six months.
Leveraging Your Point of Difference
A POD isn’t a set-it-and-forget-it proposition. Instead, it should evolve as your business grows and market conditions change. Regularly revisit your Point of Difference to ensure it remains relevant and compelling. Furthermore, your POD should guide your business decisions. It’s not just a marketing tool; it’s a strategic framework that can inform product development, customer service, and even operational choices.
Don’t Wait; start Planning Out Your Point of Difference.
Creating a point of difference is crucial for Perth businesses navigating a competitive marketplace. It’s about understanding your unique strengths, identifying gaps in the market, and communicating effectively. A compelling POD sets you apart and creates a deeper connection with your customers. It tells them why they should choose you over countless others vying for their attention.
We’ve made your life even easier. You can find a printable Point of Difference PDF to help get you started right here!
Remember, the key to a successful POD is its relevance to your customers. No matter how unique or innovative, it will only give you the competitive edge you desire if it resonates with your audience. Therefore, always keep your customers at the heart of your POD creation process.
By crafting and leveraging a compelling point of difference, you can carve out a unique space in the market, setting your business apart from the competition.
Want help planning out your Point of Difference and Marketing Campaigns? Reach out to us here.
