You Can BOOST Profit If You Differentiate Your Business

PART 2

The way humans are wired, we most times need some reasons or motivation to make a decision or take an action, including buying a particular product. If there are not enough strong reasons, the likely hood that a particular product will be chosen is very slim, except of course a customer becomes dissatisfied with his or her usual choice.

The other motivation for a customer to abandon a product and cleave to another is when the new choice stands for something that is both unique and relevant but which the other product does not offer

From experience, hitting the differentiating idea that will transform your business into a brand could be daunting, yet it is a task that must be dealt with for the business to make its mark and stand out. Once the differentiation aspect of the branding job is sorted, every other thing falls into place.

Thus, my all time advice to entrepreneurs is to take time and discover what exactly it is that can carve a niche for your business. There is really no point in rushing to the market place only to be one of the many-without any form of distinction. As rightly pointed out by Jack Trout in ‘Differentiate or Die’, “to be different is to be not the same. To be unique is to be one of a kind”. He couldn’t be more right.

What‘s more? It’s only brands that are clearly differentiated that make the big bucks. Need proof? Ask Tastee Fried Chicken (succeeded in differentiating itself with its chicken’) and then ask the many other fast food outlets that are struggling to make a name. The truth is, without differentiation, there is no brand.A brand is only so because it is different from all others.

So, the ability to differentiate is the basis for any branding endeavour. To avoid this is to avoid reality. To avoid this is to put the business on a path to nowhere. The competition is fierce and only a clearly defined brand will pull the naira out of customers’ pockets. So, as Jack Trout puts it, you either you differentiate or die.

This article was submitted to me by: 

Mrs. seun Ogunleye, Managing Director of Thots & Works Centre for S.M.E Brand Development,Lagos.

You Can BOOST PROFIT If You DIFFERENTIATE Your Business

PART 1

Have you been having sleepless nights over how to further boost profit in your business amidst competitors? Well, the solution is not far fetched. Perhaps, a little effort at creating a product or service that stands for something in the minds of your clients will do. According to Jack Trout, to be different is to be not the same. To be unique is to be one of a kind.

Do you know that it’s only the businesses that are clearly differentiated in the market place that make the big bucks? Well, if these sounds unclear wait till you’ve finished reading this article.

 Let me start by calling to memory when my eldest sister was getting married many years ago, there was no Event Planner or Manager around to take up the task of ensuring that the wedding ceremony went smoothly. She and other family friends were all the planners needed. And I must say it was a beautiful event, going by the standards that obtained then.

But what do you have today? A proliferation of event planners, event co-ordinators, event manager, event designer (and don’t ask me how their job descriptions differ because I don’t know!). At times I jokingly wonder if there are enough events to go round all these event outfits.

This proliferation is by no means restricted to the Events Planning industry alone.  In Lagos alone, there are loads of make-over artistes as there are shades of eye-shadow, not to talk of fashion designers, stand-up comedians and so on.

While I am overjoyed at the plethora of choices customers now have in these line of businesses, I have discovered that only a few of them  stand for something different in the minds of the people, especially the customers they desire to attract. 

The way humans are wired, we most times need some reasons or motivation to make a decision or take an action, including buying a particular product. If there are not enough strong reasons, the likely-hood that a particular product will be chosen is very slim, except of course a customer becomes dissatisfied with his or her usual choice. The other motivation for a customer to abandon a product and cleave to another is when the new choice stands for something that is both unique and relevant but which the other product does not offer.

From experience, hitting the differentiating idea that will transform your business into a brand could be daunting, yet it is a task that must be dealt with for the business to make its mark and stand out. Once the differentiation aspect of the branding job is sorted, every other thing falls into place. 

To be continued...

This article was submitted to me by 

Mrs. Seun Ogunleye Managing Director of Thots & Works Centre for S.M.E Brand Development,Lagos.