If you’re in business, competition is something you can’t do without. In other words, competition is a “necessary evil” of doing business. It does not, however, mean that competition in your business area is a bad thing.
On the contrary, when there are several competitors in your niche, it shows that you’re on the right track and that there’s money to be made there. What you must do, as a business owner, innovator and Motherland Mogul, is figure out how you can stand out from your competition.
You need to ask yourself: “If I must have competitors, how do I make sure I’m able to stand out? How can I be visible to my potential customers and clients? How can I meet my revenue expectations?”
In this article, I’m going to share with you a quick way to combat that. I’ll be sharing two case studies of how companies were able to stand out from the competition by thinking out of the box.Ask yourself the following questions if you want to stand out from the competition Click To Tweet
Guideline: How to stand out from the competition
First things first, look at the top 10 companies/competition in your industry. Make sure you take note of the following:
- What are they offering?
- How do they offer it?
- What are their price points?
- How is their customer service?
- What is their packaging like?
Then, ask yourself:
- What are their strengths?
- What are they doing that you should emulate?
- Do they have any weak spots?
- Is there something they are doing that you can do better?
Finally, determine how you can leverage all this information to be different. Ask yourself:
- How can you do things differently without undermining the value of the products and services you sell?
#MotherlandMogul tip: Sometimes, all it takes is improving the experience your customers and clients get doing business with you.
Got it? Alright, now to the Case studies.
Case Study #1: Rebecca Minkoff Stores
I stumbled across an article about Rebecca Minkoff in Inc. Magazine. If you prefer the tl:dr version, here’s the story in a nutshell.
Rebecca Minkoff launched her brand of ready-to-wear accessories, handbags, and footwear in 2005. From the start, she knew it won’t survive as a regular store. So, she set out to create the perfect shopper experience.
When shoppers enter flagship stores, they are greeted by a digital touchscreen wall that displays the latest runway selections, offers style suggestions from Rebecca Minkoff herself and can even take drink orders.
Then, each item contains an RFID tag that detects when a shopper enters a dressing room. When the tag is scanned, an image pops up on a mirror with suggestions for complementary accessories.
Talk about innovative. Rebecca Minkoff really did create a unique shopping experience.How to be innovative and come up with new ways to stand out from the competition Click To Tweet
Case Study #2: The Trunk Club
The Trunk Club is a subscription service for male fashion. Here’s how it works. When you subscribe, a consultant gives you a call and talks with you to find out your “style”. Then, each month, you get a trunk box (miniature size, of course) containing selections for the month. Each item is packed attractively and have price tags on.
As the consumer, you have the choice to take what you want and return the rest. Whatever you don’t return, they bill to you. If you can’t imagine how this would work, check out this guy here as he receives his first trunk box.
Bottom line is this. The Trunk Club is another innovative way of standing out from the numerous online shopping sites out there.
Go through the guideline above again and begin to come up with new ways to stand out from the competition.
One last thing. The two examples I gave happen to be in the fashion industry, but there are many companies out there in various industries being innovative and coming up with new ways to stand out from the competition.
Now, it’s your turn to think outside the box. Go on, I know you can do it!
#MotherlandMogul tip: What cool innovative ways have you seen companies use to stand out from the competition? How can you replicate them?