How Can My Business Stick Out in a Saturated Market?
We waited 30 minutes in line. We fanned ourselves in the warmth of the California sun and debated which flavor doughnut was best. In honor of National Donut Day, the team took a break to celebrate midday, but we had no idea we’d be standing in a long line at 11:15 on a Friday morning. This was because we weren’t standing in line for a doughnut, we were standing in line for a Sidecar doughnut. It was less about a delicious confection of sugar, as much as it was indulging in an experience.
And an experience is the foundation of a powerful brand.
How can I stick out in a saturated market when my business has so many competitors? I get asked this question quite often. As in, all the time. I’m sure the entrepreneurs who opened Sidecar asked themselves the same question, but they answered it by flipping the script entirely. They don’t compete with doughnuts, they define their business as a community connected by doughnuts. That difference? That’s how they foster their brand.
Last week I hosted a free online branding class and I explained how creating a specialized experience defines your brand, regardless of how many competitors your business has. Your business should offer a product or service targeted to a specific group of people, be provided in your unique way, and use copy to attract customers who trust you’re solving a problem, helping them achieve something, or diminishing fear. Once you define your market, define who you’re unique qualified to service and define your purpose, your business will immediately stand out.
Make no mistake: This is hard work. But the good news is that it pays off and if you don’t believe me, just ask the thousands of people who stood in line for half an hour for doughnuts from Sidecar. They waited longer, paid more, and chose its doughnuts because they weren’t buying sweets, as much as they invested in an experience. And an experience is the foundation of a brand and the catalyst to mind-blowing growth.
I look forward to seeing how you specialize your business soon!
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