The only way a brand can achieve success is through a well thought out differentiation strategy. This article focuses on the concept of brand positioning and differentiation. It is my hope that after reading this article, you will gain new ideas and avenues to use to your advantage as you are drafting a marketing strategy for your brand.
Differentiating a brand has several options, and this depends on the inner capabilities of your company, and also, a competitive environment plays a big role. This article will focus mostly on how you can gain competitive advantage through product differentiation.
The 3 Important Questions about Differentiation Strategy
You are now set to develop the differential strategy, but before you proceed, ask yourself these questions:
Am I the first brand to use this differentiating idea?
Ask yourself if the idea is original. If it isn’t, then you should drop it and look for something original
Am I capable of delivering on this competitive advantage over a long time frame?
It takes persistence, patience and determination to successfully implement a differentiation strategy.
Will my differentiation idea benefit the customers meaningfully?
Your idea should be meaningful and benefit your customers. If it isn’t going to add more value to them, then it would be better to drop it.
These questions are vital because they will help you in the long run.
What Is Product-Based Differentiation
This strategy means that you will be using the features of the product you market to make your product standout from other competitors you have.
Is Differentiating On Products The Right Strategy For My Brand?
This strategy works best for companies focused on product innovation. It will be difficult for companies marketing a commodity such as oil, steel and natural gas to implement this strategy.
How to Differentiate on Product
Consumers value and look out for many benefits when they purchase a product. Hence, you need to look at what will make a meaningful difference. The following ways will assist you in creating a differentiation.
Features of a product
If your product solves the same problem faster or cheaper, then it is worth paying for. It is very vital to make known the cross-benefit ratio before adding a product feature and use it as an element of differentiation.
A great way to make your brand stand out from competition is the process of manufacturing it. Your product’s ‘secret ingredient’ can actually make the difference.
Another top attribute that can be used to make your brand standout from competition is performance. Look for a way to improve the performance of your product so as to stand out from others.
When your product is attractive and unique, then it will make it special. Make the design of your product pleasing to the eyes and unique.
To conclude, there are many other ways of achieving a product-based differentiation, and the examples listed above are just a few among them. Depending on the capability of your company, there are unlimited options you can go after.