#010: Differentiated vs. Distinctive

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Transcript

Matt Willis 0:00

Welcome to two a million and beyond. This is Matt Willis. Differentiated verse, distinctive. Starting a new business is a race against time to cash flow. In an effort to be chosen above the competition, many seek to differentiate themselves in corporate speak. Starting a new business is a race against time to cash flow. In an effort to be chosen above the competition, many seek to differentiate themselves. In corporate speak, this is referred to as your unique value proposition or UVP. The problem is you're trying to create a factual, logical distinction, but your potential customers will never care as much as you think they should. Differentiation can be defined as offering a different product or service, or variation thereof. To become the most logical option to a portion of the addressable market, the vulnerabilities of differentiation. Differentiation requires at least one component of your product or service to be different than your competitors. And other words, your reinventing the wheel, at least in part. Ideas of how to differentiate can lead business owners to have a dangerously inaccurate ambition for their business. Your potential customer is likely familiar with and comfortable doing business with a company like yours the most. The more different your offerings become, the more confusing, and as the saying goes, a confused mind always says no. Yes, your differentiation could actually be creating friction for your would-be customers. So why do companies like Apple Grow and other quote unquote better companies flounder into obscurity? 77% of Mac buyers can't name how Mac or Apple is differentiated from similar electronic devices. Put another way, 77% of Mac buyers pay five times the price of a$200 Chromebook, but can't give a logic based reason for why. Is a Mac different from a Chromebook of course, but Apple's notoriety is foremost because of the distinctive brand they have built. Distinctiveness, pulling the curtain back on who you are as a person or company, and what your core values are. Since his 1984 campaign dubbed the Greatest ad ever made. And through to its iconic think different campaign. Apple's marketing hasn't been based on how it is different from Windows, Dell, Chromebook, et cetera. Apple has grown to prominence because they present themselves as the ideal machine for those who want to break out of monotony, be creative, and change the world, the differentiation then follows behind the scenes. Marketing to connect with and relate to people's emotions and desired future outcomes. Worked for Apple and it can work for you too. Here in Boise, veterans Plumbing is distinctive by hiring only veterans. When I saw their ad, I thought I'm going to spend about the same amount of money whoever I hire. So I want my money to go to people who have served our country. The distinct feeling they invoke in their customers is pride in their country and a sense of altruism for support. The distinct feeling they invoke in their customers is pride in their country and a sense of altruism for supporting those who served. They do the exact same type of work as their competitors, so they're not differentiated, but they are distinctive, and unless they're quality of work or service plummets, I plan to continue to give my business to them for years to come. Becoming distinctive can actually be much easier and less expensive than the cost. To differentiate it takes one finding. What makes you distinctive. Two, articulating how your distinctive in a compelling way that connects with people. Three, shouting it from the rooftops. If you find someone who can effectively amplify your distinctiveness, you'll have someone who can grow your business by multiples.