5 Ways to Position Your Product/Service Above the Competition in the MarketPlace for Success

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Ever wondered the real meaning of SUCCESS? Or the fact that a company becomes more successful than its competitors in the marketplace.

In the world of business, wealth is measured in terms of real success. The revenue from sales and the corresponding expenditures are key metrics to watch out for. Numbers are like words, put them together, and they tell the story of the business, based on facts.

There's no doubt, competition in the marketplace has become stronger as the markets keep getting crowded with several products competing for customers' attention. In this post, I'll walk you through 5 ways to position your product or service to be able to rise above the competition.

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BECOME A BRAND

In the minds of customers, branding adds value to your company or product through the combination of name, image, logo, colours, and packaging.

Branded products usually outperform other products that solve similar needs in the market. The act of branding is an important way of creating a differentiated tangible product or service.
Becoming a brand simply means differentiating yourself from other businesses.

Brands make the decision to "purchase" much easier.
Brands foster loyalty and repeat businesses.
A brand is certainly the best defense to commoditization. So try to build a brand, and not just a business.

DO MORE: ENSURE TO GO A STEP FURTHER

The marketplace is filled with products, sitting on a shelf and competing for customers' attention against a whole shelf of other competing products. Companies who become more successful were simply able to position their products against the growing competition in the market.

Increasing your market share becomes paramount if you really want to generate more sales revenue. That is why successful businesses are using several possible growth-hacking moves to strategically create a new customer. They call it "creative marketing strategy."

Let's take a look at few examples:
(1) Auto-responder giant, Aweber, still offer a 30-days free trial, for any new customer. This simple strategy has grown their number of active customers over the years.
(2) Dropbox used its "smart referral program" to successfully growth-hack their business.
(3) Some businesses offer discounts from time to time, to gain more customers.
(4) Many great authors have often given out hundreds of free copies of their work, in
exchange for a review. And this often trigger more sales on the long run.

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COMPETITIVE PRICING STRUCTURE

Businesses offering products of different prices and sizes, are more able to attract both high, middle, and low income earning customers.

Indomie, the biggest noddle makers in Nigeria, is leading the competition in the local market, offering over 8 different product brands of different sizes and prices.

Mobile phone manufacturers have also been using same competitive pricing structure to match all levels of income earners, and in turn sell millions of phones across several countries.

The idea of having different price ranges for your products can position your business on the path to survival in the face of competition.

OFFER GUARANTEE/MONEY-BACK RETURN POLICY

This feature have been used by many manufacturing companies for several years to significantly boost their sales volume.

Customers quickly jump into the band-wagon once they become aware of the guarantee that comes with purchasing and using the product. Most companies offer a year warranty for portable products, and more years for heavy equipment.

Businesses who are bold enough to offer money-back return policy have found a way into the heart of customers.

However, offering these features is a true test of the integrity of any business. Failure to be able to live up to these promises will have negative impact on the business.

UNIQUE VALUE PROPOSITION (UVP)

Recently, a lot has been said about the unique value proposition. Meanwhile a great number of business owners have not heard about it. Many others are faced with the challenges of being able to create a perfect unique value proposition, geared towards success.

The UVP is the anchor of your business brand. It is a simple, clear, compelling message that states why your product is different, and worth a customer's attention.

The UVP defines more of the benefits of the product to the customer, other than just mere product features. Simply find a way to tell customers what they stand to benefit from purchasing your product. This is the essence of having a unique value proposition.

"Abundance," in the marketplace has driven the competition over the rooftop. For almost every human need, there are several products and services competing for customers attention. "The smartest thing to do, for business owners yearning for success, is to strategically differentiate their business, product, or services to rise above the market competition."

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