How to Differentiate Your Product
In the world of business, where a particular product can be marketed by different producers, the need for differentiation cannot be overemphasized. Differentiation of your product simply means setting out your product to stand out. It is what makes you stand out in the business world and makes customers notice you. Whether you are creating a whole new product entirely or one which is already in market, you need to differentiate your product. Unfortunately, in the business world today, this is an act often overlooked, especially by newbies who just hopped into the world of business. They most times simply jump directly into marketing a particular product without paying attention to differentiating it from those already in market. As the need for differentiating your product becomes more paramount in the business world, this article pinpoints and briefly explains some ways by which you can differentiate your product and make it stand out from the crowd.
- Differentiation by Niche
A niche can be defined as a specific area which you are particularly interested in or skilled in. A niche is not the same thing as an industry. It is a more specific term than that. For example, the production and marketing of bags is an industry but the production and marketing of school bags is a niche. Some individuals will use the term “jack of all trades, master of all”, but in reality this doesn’t exist. In fact, business analysts have recognized and advised that the smaller the niche, the better. Choosing a particular niche makes your customer well aware of the particular product you specialize in. It also gives them a sense of confidence in your product and overall it brings out the professionalism in you.
- Differentiation by Origin
Another way you can differentiate your product is by origin. This means the original raw material you used in producing the finished product. For example, you can differentiate the plates you are marketing from your competition by stating it is a plastic plate, a ceramic plate or otherwise. This way, your customers tend to know the particular one you are specialized in.
- By Innovation
You can also differentiate your product by the new features it carries and how it is beneficial to your customers. For example, you can produce a thermosflask and the innovative feature about it can be that used for both cold and hot water. Differentiating your product is the key to highlighting your brand and quickly explaining your competitive advantage to the consumer while your product is sitting next to others on the shelf. Being different can help you stand out from the rest.
- Differentiation By Price
This is another way you can make your products stand out. You may be producing the same kind of product as your competition but your own product can become unique if you specify the price it is sold for. This technique is mainly used for businesses that are just starting up.
In conclusion, it is of prime importance to always differentiate your product. Either it be an existing product, or a new one which has just been introduced into the marketplace, differentiation of your products will make you stand out from other producers.