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It has never been easier to start a business. The economic, technical, and legal conditions that exist today mean entrepreneurs have far lower barriers to entry than in the generations that went before them.
High speed internet allows access to customers, suppliers, and information within seconds. Large customs zones, like that the EU’s Customs Union and the United States–Mexico–Canada Agreement (formerly NAFTA) also mean that the cost of trading with businesses and individuals in other countries is much cheaper.
Initiatives like business incubators, improved access to finance and support ensure that today, almost anyone can start a business.
That does come with drawbacks though. While all these factors go in your favor, they also help other entrepreneurs, leading to increased competition in the market. Therefore, it has never been more important to find ways to differentiate yourself from these competitors so that you can stand out from the crowd.
If you’re a business owner looking to find ways to help your business shine, here are some of the ways you can do it.
Bring Exclusive Products To The Market
No matter what industry you're in, you will almost certainly have competitors that offer something similar to you. There is no way of escaping this as it's how our capitalist system works and it helps to push businesses to offer better services and prices to their customers.
However, you can sometimes gain an advantage over your competitors by creating an exclusive product that others can't copy. This could be a new invention that you patent, a unique way of delivering your product, or a better overall customer experience that is difficult for someone to replicate.
In the iGaming industry, most companies offer a similar set of games to their customers so they have to work hard to differentiate themselves. One way some brands have done this is by creating exclusive online casino games like Mount Riches! and Stars Lineup that players won't find anywhere else. If the users like them, they'll remain loyal to a particular brand and come back for more.
Create a Personalized Approach To Customer Service
Many people long for the days when they had personal relationships with all of the shopkeepers in their towns. When the butcher knew you by name and remembered what your favorite cuts of meat were, or when you could go to the book shop to ask for advice on what to read next.
Big chains and online shopping made it difficult for these types of businesses to compete, particularly on price.
However, personal service is still something that businesses can use to stand out from their rivals. Some customers will always be incredibly fickle, choosing to buy from whoever is cheapest, but others will appreciate the relationship you build with them.
You don’t just have to offer a personal service in face-to-face settings, this can also be done online. The key is to just be in a position to listen to what your customers want and provide carefully considered responses that help them get what they need. This is something that Plan B Passport does, by holding initial consultancy appointments with potential customers to understand their needs before providing a tailored service to help them obtain residency in a different country.
Differentiate Your Business By Offering More Convenience
There’s always someone willing to do what you do for less money and there’s very little you can do about that. It rarely makes sense to get dragged into a price war with your rivals as it’ll mean you both end up losing money as you race each other to the bottom.
Customers are often willing to pay more, either for better quality or more convenience. This is why gas stations next to major freeways charge more for fuel than one that’s near a town center and it’s why milk will always cost more in a convenience store than it does in a larger out-of-town supermarket.
If you can make life easier for your customers they could be willing to pay more and would be less likely to switch to a competitor.
Amazon is a company that has come to dominate the online retail space by providing fast and easy shipping, a catalog that’s almost limitless, and the ability to shop from anywhere. If you can find a way for your business to offer similar levels of convenience, you will stand out from your competitors.