In the world of personal service firms, you’re likely to witness trends and various buzzwords over the lifetime of your career. And while some may prove to be fleeting, quickly replaced with new ideas, there will be particular concepts with which you’ll want to be very familiar. Brand differentiation should be at the top of that list. Sometimes referred to as “competitive advantage,” it all boils down to this notion: in order for your firm to be successful, there must be some aspect that sets it apart from others. What does this mean exactly, and why is it so important? Let’s explore.
No Firm Is an Island—and the Tide Is Always Changing
In order for your personal service firm to start on the path to successful brand differentiation, it’s very important to understand that your firm likely isn’t the only one of its kind. In almost every field there exist several firms with similar offerings and services. Understanding that clients have choices will be key in determining how to best set your firm apart from the competition.
Just as important is the recognition that the market landscape is ever changing. Client needs will evolve, and in order to remain competitive and relevant, firms will need to adjust. What once made your brand distinctive may no longer be effective in gaining the attention of today’s prospects. It’s vital to embrace the shifts in the market. Personal service firms that are successful not only in reaching sustainability, but also achieving considerable growth are those that are receptive to market changes. They are constantly innovating and evaluating how to best serve their current customers and reach new ones. Make sure that your firm is following suit and positioning itself for success by continuously revisiting strategies and practices.
The Value in Brand Differentiation
Brand differentiation is probably the single most important factor when marketing your firm, so it’s crucial to give it adequate prioritization and constantly revisit it. We mentioned above that the differentiators of days gone by are no longer effective in today’s marketplace. Before, companies tended to primarily market themselves by identifying such characteristics as “exceptional customer service,” “a proprietary process,” or “excellent employees.” The problem came in the fact that every firm claimed to have these characteristics—and when all are the same, no one is special or offers a unique competitive advantage.
As such, personal service firms of today need to take a hard look at any and every characteristic that might set them apart from the next firm, and determine what they can possibly offer that would boost their value in clients’ eyes. Additionally, it is beneficial to also primarily target those audiences that are the most likely to seek out and invest in your services. We’ve mentioned this before—when determining an audience to aim for, oftentimes firms are better off narrowing their target rather than casting a wide net. The same can be said when developing your brand differentiation. These days, it’s good to recognize that niche markets run the show.
So how do you become a firm that has a corner on a niche market? It all comes down to specialization in one or more aspects. Perhaps your firm is focused on finance and accounting. Are there any specialized industries that you are poised to serve? Or maybe your firm has come to understand the needs of a particular demographic. Put this to work for your clients and be the service provider they can trust to reach this group and help expand their customer base. As you can see, it’s no longer effective to simply have adequate performance across the board. To truly stand out for clients, your firm must do a stellar job in a specialized area. And as you might have guessed, combining areas of specialization—say, focusing both on a particular audience and a specific industry—will render your firm even more unique and elevate you further above the competition.
The Path to Successful Brand Differentiation Starts Here
Determining how to best position your firm and develop effective brand differentiation is a challenging process. A quick look at your competitors may reveal who is already underway in gaining an edge on the market—and also how much work you may need to do to gain traction. We are here to provide the support you need in establishing a plan and garnering visibility. Our services are aimed at discovering your firm’s competitive advantage and how you may address a specialized area of the market. Contact us today to set up a consultation.