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#BusinessAdvice: 5 Tips to build your brand and create a competitive advantage

If you want to give your company a competitive advantage, build your brand! Improving your brand awareness and reach are powerful ways to make your business stand out from the competition and spur growth.

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In a crowded marketplace, it can be difficult to make your products and services stand out clearly from the competition. This poses a real challenges around profitability and can hamper your sales. According to the University of Western Cape, approximately 70% – 80% of SMME’s fail within the first five years in South Africa. From a financial perspective, they face challenges around cash flows. From a marketing perspective they face challenges related to brand visibility, lack of clear strategy towards their target market and not having a unique service offering.

The following tips will empower you to build your brand, increase visibility and stand out from amongst competition, developing your own unique competitive advantage!

1. Build your brand for competitive advantage with a value proposition tailored to market needs

A unique proposition that is in demand is essential. If you offer a perfect service or product and there are lots of other companies that do the same and at the same quality, it’s not easy to boost your sales. But when you give real value to your clients, you win their loyalty. To do this you need to identify the customers main problem and connect the value of your product or service to this problem as a solution.

2. Build your brand for competitive advantage by focusing on your existing customers

Reaching out to your customers on a weekly or monthly basis, even just to check up and ask how they are doing personally and professionally. Adding value to your services could go a long way. Also create a referral program where they can let other people know about your product or service.

3. Build your brand for competitive advantage by focusing on why your customers buy

Are your customers price sensitive or feature sensitive? Price sensitive customers are those who view price as a serious factor in purchasing. Feature sensitive customers are customers who look for key features in the market that could make their lives or operational processes easier. Conducting customer surveys could help in knowing what they looking for and improve your service, as a response to the ever-changing business environment.

4. Build your brand for competitive advantage by differentiating your brand from the competition

Does your product stand out from other similar products offered by your competitors? The more unique you can make your offering, the better. You can differentiate by features, price, customer service etc. to make sure you’re the stand-out option for customers in the market.

5. Build your brand for competitive advantage by maximizing value and upselling

Upselling is simply the process of selling add-on services to your clients. Usually this would be an additional service that complements the original service. Focusing on upselling services your client really needs, is a great value for money proposition. For example, a client comes to you for a logo design for their new business but also needs a website. You could package these two services for the price of one. Creating value and convenience. The trick would be to create a package that meets their needs and value that is placed higher than the price. Cost to Benefit. The benefits of your service offering need to out way the price.

Get in touch to explore more ways to develop your competitive advantage to unlock business growth.

build your brand for competitive advantage

If you would like to understand your place in the marketplace and find more ways to unlock business growth, arrange an advisory session today. We’ll help you identify and appreciate the strengths of your business. You may email us at info@kettleconsulting.co.za or call 011 025 1446 (Johannesburg) and 021 003 8000 (Cape Town)

Insight by:

Aziz Ndara

Management Consultant

Kettle Consulting (PTY) Ltd

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