In order to succeed as a solopreneur you must differentiate…But HOW? Below is a list of 7 solopreneur strategies to differentiate your business.
Assess those in your marketplace as well as your unique interests, passion, skills, and resources and focus on at least one way you can differentiate yourself.
1. Cost Leadership – while not typically considered a differentiation, it can be a sustainable advantage. Solopreneurs can offer certain services or products to niche at lower prices if they are able to keep overhead lower than others. This could be a way to attract more customers towards your business, and not your competitions.
2. Branding and Marketing – Perceived differentiation (here’s an entrepreneur.com article with solopreneur strategies – 5 tips for branding) Making your business appear unique is vital. This can help gain more customers, by ensuring that your marketing is personalized towards your target market. Achieving this can be difficult, which is why some companies opt to use top digital marketing agency providers in their area. However, branding and marketing can be done by yourself if you feel confident. If a business wants to have branding displayed on some physical promotional material such as a booklet, they may wish to reach out to a saddle stitch booklet printing service like Printivity. There are other promotional materials that can also be impactful too. For example, some companies sell and give away bottled water that features the company name and branding on the label. Thanks to businesses like Custom Water, branded bottled water is surprisingly affordable to source and can be purchased time and time again with ease. For more details about using bottled water as part of your solopreneur strategy, go to customwater.com.
3. Innovative Processes – New, unique, efficient. (E-myth argues for efficient solopreneur strategies)
4. Unique Technical Expertise – Be the master at something to appeal to your target market.
5. Patents – Invent something. Seek Problems. Seek Solutions. Experiment.
6. Intellectual Properties – Create something. Content. A tool. A resource. It doesn’t have to be extremely unique…just yours. Make sure your business offers something that other companies in that field don’t. This is one way to give yourself a slight edge, meaning your business may appeal more.
7. Talented Human Resources – Hire the best when you outsource. Make sure you are the best at what you do.
Survival and success means finding a need and delivering it in a way someone else isn’t. This is differentiation. Competitive advantages through differentiation can lead to long term success. So don’t just read this list and say, ‘I think my business has #3.’
Ask yourself the following questions:
- What does my business do that my competitors don’t?
- What do I get praised for in my business?
- How do customers view my business?
- How can I WOW my customers?
Take 20 minutes and write down answers to these questions. Then brainstorm how to increase or leverage these differences in your daily business. You might just be surprised at the long-term results. Let us know what solopreneur strategies you use to differentiate your online business.