Standing out from competitors in business!

[CTO114]

Competition is one constant when it comes to venturing into something that will be profitable at some point. Once it has potential to yield profit, then a lot of persons would venture into it, creating either a healthy or unhealthy competition

Even looking at crypto right now, you could see that although Bitcoin is far ahead of the rest, there are still other potential competitors.
Well let's stay on course.

How do you then stand out from existing or potential competitors?
You stand out by choosing one strength and committing to it completely, instead of trying to be good at everything. That single decision does more for a business than any amount of extra features or services ever will.
A lot of business owners think standing out is adding more, more features, more products, more of this and more of that.
Research from Lippincott found that only 5% of brands are considered unique by their customers, and that includes  companies spending heavily on marketing every year. Trying to compete on everything usually means being remarkable at nothing.

Here the part that actually moves numbers. Businesses seen as both different and meaningful to their audience grow revenue about five times faster than brands that are not. Different alone is a gimmick. Meaningful alone is forgettable. You need one strength that is genuinely yours and genuinely matters to the people you serve.

Back to the crypto space, even Bitcoin has its strengths
, it doesn't digress into programming or applications like other cryptos. When we talk Bitcoin, we're talking; fixed supply, decentralization....

[Joy_learns_crypto]

Competition is one constant when it comes to venturing into something that will be profitable at some point. Once it has potential to yield profit, then a lot of persons would venture into it, creating either a healthy or unhealthy competition

Even looking at crypto right now, you could see that although Bitcoin is far ahead of the rest, there are still other potential competitors.
Well let's stay on course.

How do you then stand out from existing or potential competitors?
You stand out by choosing one strength and committing to it completely, instead of trying to be good at everything. That single decision does more for a business than any amount of extra features or services ever will.
A lot of business owners think standing out is adding more, more features, more products, more of this and more of that.
Research from Lippincott found that only 5% of brands are considered unique by their customers, and that includes  companies spending heavily on marketing every year. Trying to compete on everything usually means being remarkable at nothing.

Here the part that actually moves numbers. Businesses seen as both different and meaningful to their audience grow revenue about five times faster than brands that are not. Different alone is a gimmick. Meaningful alone is forgettable. You need one strength that is genuinely yours and genuinely matters to the people you serve.

Back to the crypto space, even Bitcoin has its strengths
, it doesn't digress into programming or applications like other cryptos. When we talk Bitcoin, we're talking; fixed supply, decentralization....

Bitcoin is not a business it is not in any competition with any other cryptocurrency, there is no business owner of Bitcoin that is looking to make profit from Bitcoin, as a holder of it you are the owner although it is still not a business for you because you don't take any business strategy that will affect bitcoin.

Back to the other part, I concur that to stand out in business doesn't mean you should add more but to really stand out you need to have product and service that stand out from your competitions.

[Fortify]

Otherwise known as a "unique selling point" or USP. This has been well known for a long time and pretty much every business needs to have one. If it's a hairdresser the USP is usually a combination of distance (customers generally exist in a certain radius) and quality (the hairdresser has a strong reputation earned over time), but that is still a rather generic business. Some businesses are able to create innovative products which then get protected by trademarks/patents/copyrights and they are the only ones who are allowed to distribute it, which gives them a monopoly for a certain amount of time, at least if no one solves the problem in a different way. Then there are economies of scale, you cheapest widget on the market might be $0.10 and a factory can produce 100k a year. If a bigger competitor comes along with a factory that can produce 1 million a year due to scale and cost savings, they might be able to make the widget for $0.05 instead and generate a big profit that way.

[Asiska02]

When you’re coming into a business or space that has already being existing for a very long time, the best thing to do is to find something different from what they do, find something that people needs and those businesses are not providing them.

People don’t do research, they don’t know that just researching can really help boost their business and sales. Competitors are always looking for ways to edge their existing business but not many of them stick to it to see where the outcome will lead them to.

When we want to relate this with bitcoin, it has already gone far ahead of its competitors, they can’t beat the reach. The uniqueness of bitcoin doesn’t fit it into what we can call a competitor, it is just too unique the way it is and we may never get to see a worthy competitor of it soon or even never in the future.

[Cryptomultiplier]

A business that starts out with a business plan or products or services they aim to deliver makes any competition trying to copy it look fake, because at the end of the day every business stands out with the kind of products, services, niche, branding, marketing campaign that it focuses on, whereas those trying to cope may find it quite difficult to be unique in any of the above characteristics I mentioned. Even if they do same effortlessly, they can never appeal to same niche and in service delivery.

This makes Bitcoin standout among other cryptocurrencies we have today because while they are trying to capitalize on the knowledge and style Bitcoin uses, they only end up creating fakes or a different product altogether that appeals to a different kind of persons.

[Rruchi man]

How do you then stand out from existing or potential competitors?

Recognize your business edge and leverage it; have business/trade secrets.

I consider having business/trade secrets most important because if you share all the information about your business, especially with every person, even if the person is not yet in business, the person may consider starting up that exact kind of business, and because you've shared your business/trade secrets with them, their business may take what you have already and do better with it, taking your customers and crumbling your own business. If you do not have business or trade secrets It will not be long before you share your business edge/advantage with your competitors just because you're trying to be completely open.

[Die_empty]

When you’re coming into a business or space that has already being existing for a very long time, the best thing to do is to find something different from what they do, find something that people needs and those businesses are not providing them.

People don’t do research, they don’t know that just researching can really help boost their business and sales. Competitors are always looking for ways to edge their existing business but not many of them stick to it to see where the outcome will lead them to.

When we want to relate this with bitcoin, it has already gone far ahead of its competitors, they can’t beat the reach. The uniqueness of bitcoin doesn’t fit it into what we can call a competitor, it is just too unique the way it is and we may never get to see a worthy competitor of it soon or even never in the future.

A simple addition like after-sales service or home delivery could be the addition that will make a business different. I remember businesses that were the first to take advantage of the internet for online orders. They attracted lots of customers because it made sales easy. Just making you customers to easily access and receive products could be the niche.

Some cryptocurrencies, apart from Bitcoin, have some qualities that make them unique. Monero offers users more privacy since it offers some level of anonymity.

[Ever-young]

Your illustrations are cool i must say.
You know every business has their unique areas because if it doesn’t has, then the entrepreneur isn’t ready for business.
Business itself requires strategy, if everyone use Same strategy then it’s no longer a strategy. You talked about adding products not helping but sometimes it does. It’s called business diversification i.e adding related goods to your already existing products and sometimes diving down to the real root where it all started from.

Finding something that makes you brand unique is very crucial and you must find it yourself as an entrepreneur. Your competitors will always lie to you because while they want you to progress they also wants to be better.

Relating it to bitcoin, I don’t think there is a competition here niether is it a business. Chasing sovereignty is personal and aswell open for everyone. Just see it as gaining independence i.e having custody of your own asset.

[Botnake]

If you want to be on top of other businesses and get an edge over other competitors, then you have to promote uniqueness of your own brand rather than adapting what has been already established in the market. Do not chase the same strategies and business kinds and techniques, but focus on how you will outpace the competition and take advantage of the rest.

With bitcoin, you know there are competitors who are trying to imitate the image of bitcoin, yet they fail in the long run because bitcoin will always stand out in the long run despite of its highly volatile and unstable price, while the other coins once they face the bearish season, most of them can hardly recover after and end up dead and useless coins.

[nara1892]

Stand out does not always mean adding features, products or anything else, in my opinion that can make something more visible stand out is when you have a difference in the appeal of the same business competitors, provide benefits and a real sense and also different to buyers, but on the other hand this is also inseparable from the promotion or smart advertising, I see some businesses do promotions in a brilliant way that indirectly makes potential customers feel that this is the most appropriate choice, so it's not just a matter of quality but also how to promote it must also be different.

[mirakal]

Its hard to stand out from those existing potential businesses but if you have a clear USP (Unique Selling Proposition) and focus on that specific niche, then maybe you can create a huge difference among the rest that could lead to stealing attention from the public audience. You don't have to be a copy cat and follow the trend what they have started, you just have to set your own unique brand that could build deep trust and connection to your potential buyers.

The whole business market is full of competition, you just have to be competitive on your own way.

[Rgram]

Standing out is simply a trademark for me, not the one you seal on packaging though but, as a secrete ingredient or recipe to the commodity you’re putting out there for purchase. It’s would always remain a unique identifier and what certain customers would always look out for or use to recognize your brand. It’s actually vital in business from a market standpoint, it adds value to your product when matched with related commodities in the market.

[Oasisman]

Competition is one constant when it comes to venturing into something that will be profitable at some point. Once it has potential to yield profit, then a lot of persons would venture into it, creating either a healthy or unhealthy competition.

One prime example is when a business booms somewhere, a similar business model will soon rise near the radius of that place. So, yeah, competition is always a thing not to overlook when you're in business.

How do you then stand out from existing or potential competitors?
A lot of business owners think standing out is adding more, more features, more products, more of this and more of that.

Why not? I mean, if it is necessary.
An established business just can't remain profitable if it doesn't make any innovations, whether by adding features to its service or product. That's one basic rule to keep your business afloat. The world is changing so fast, you either get left behind or adapt to changes and trends, but that doesn't mean a business needs to completely change its product to fit into the trend. It's just that "adding" more over time is kind of necessary for any business to thrive in tight competition.

[Kelward]

When you’re coming into a business or space that has already being existing for a very long time, the best thing to do is to find something different from what they do, find something that people needs and those businesses are not providing them.

People don’t do research, they don’t know that just researching can really help boost their business and sales. Competitors are always looking for ways to edge their existing business but not many of them stick to it to see where the outcome will lead them to.

When we want to relate this with bitcoin, it has already gone far ahead of its competitors, they can’t beat the reach. The uniqueness of bitcoin doesn’t fit it into what we can call a competitor, it is just too unique the way it is and we may never get to see a worthy competitor of it soon or even never in the future.

A simple addition like after-sales service or home delivery could be the addition that will make a business different. I remember businesses that were the first to take advantage of the internet for online orders. They attracted lots of customers because it made sales easy. Just making you customers to easily access and receive products could be the niche.

Some cryptocurrencies, apart from Bitcoin, have some qualities that make them unique. Monero offers users more privacy since it offers some level of anonymity.

Customers don't just want satisfactory services they want more value than what they are paying for and that is what will give them delightful services, it is that delight that will always make them to come back to your product. Aside from selling a product which every other competitors are doing if your business can offer home delivery at no extra cost, have warranty for your products, have customer services where they can get feedbacks with prompt response to customers needs I'm sure that the customer base will surely increase.

Another simple way that company owners can stand out among their competitors is to treat employees very well because they are the ones that will attend to your customers, pay them well, treat them with respect as you would to your customers and organize quarterly or annual trainings for them.

[Davidloki]

In a business sector, nothing beats doing something productive differently. There are different applicable strategies to different business and one might not work for the other, depending on the nature of the business. When a business solves a general economic problem, there is no limit to how much profits would be generated from that business, so the focus should be producing an item that solves problem over venturing into a business popularly known by many businessmen.

When a product has limitless satisfaction, there will always be demand for that product. This should give any business a better edge over other businesses.

[Marvelockg]

How do you then stand out from existing or potential competitors?
You stand out by choosing one strength and committing to it completely, instead of trying to be good at everything. That single decision does more for a business than any amount of extra features or services ever will.

The rule is simply to be intentional about your business such that regardless of the competitors you have, your brand still stands out in it own unique way. No matter how strategy and good your competitors are, if you build a system where anyone that comes into your space experiences this sense of ease and warmth,  you will succeed even if you are building by the side of a big competitors.

Don't try to be different from everyone because chances are that they are equally getting things right. just ensure that regardless of how good your competitors are, that you have something that anyone that comes into your space will take home and that will point them back to your brand. your greatest competitors are equally afraid of you in some way.

[slaman29]

Otherwise known as a "unique selling point" or USP. This has been well known for a long time and pretty much every business needs to have one. If it's a hairdresser the USP is usually a combination of distance (customers generally exist in a certain radius) and quality (the hairdresser has a strong reputation earned over time), but that is still a rather generic business. Some businesses are able to create innovative products which then get protected by trademarks/patents/copyrights and they are the only ones who are allowed to distribute it, which gives them a monopoly for a certain amount of time, at least if no one solves the problem in a different way. Then there are economies of scale, you cheapest widget on the market might be $0.10 and a factory can produce 100k a year. If a bigger competitor comes along with a factory that can produce 1 million a year due to scale and cost savings, they might be able to make the widget for $0.05 instead and generate a big profit that way.

I remember in the alt seasons this was what alllll the altcoins did. They said they were unique. And tried to sell that.

The only problem is instead of solving user problems or issues, they just looked at Bitcoin and tried to make up the flaws and fix that instead.

Remember how 99% of alt networks claimed to be fast and cheap tx compared to BTC? And look at them now, Tron and ETH, supposedly fast and cheap are now way more expensive to send than BTC.

I think many projects confuse real USP with marketing USP

[Oyoyoma_yu]

There is always a better way one one can engage in business, and possibly do better that other people doing the same business with you. Standing out from the crowd means doing something very different, and positive. This will eventually attract customers to your business, and at the same enhance business growth. In any business you are doing, delivering good products, and rendering quality services is very necessary, your behaviour towards is what will attract them to petronize you. The growth, and success of a business is not determined by how much you have invested in your business, some one with a good business strategy will grow from a particular business, and own a business empire while someone without good business strategy will depreciate because he lacks the qualities of an entrepreneur or a good business man.

[hmbdofficial]

Competition is normal when there is value in a market, and bitcoin also exists alongside many other cryptocurrencies. However, bitcoin has a different design focus. its protocol has a maximum supply of 21 million BTC, and its network does not depend on a central authority to operate.

I also agree with the point about focusing on a core strength. Bitcoin is not designed to provide every feature found in other crypto projects. its main focus is a decentralized monetary network, with properties such as limited supply, permissionless participation and resistance to censorship. other projects can focus on different uses cases, so comparing them only by the number of features they offer can miss the actual differences in their design   

[Soldroplet]

In a business sector, nothing beats doing something productive differently. There are different applicable strategies to different business and one might not work for the other, depending on the nature of the business. When a business solves a general economic problem, there is no limit to how much profits would be generated from that business, so the focus should be producing an item that solves problem over venturing into a business popularly known by many businessmen.

When a product has limitless satisfaction, there will always be demand for that product. This should give any business a better edge over other businesses.

I really like what you said, because to be honest, there is nothing different in doing what everyone else is doing in business. First, you have to see what problems people face every day, and if you can understand that problem well and provide a simple solution to it, then real opportunities arise.
For example, the food delivery business is not only selling food, but also reducing the problem of people's time. However, business is not only successful if there is demand, but also has to keep in mind the cost, competition, and changing needs of people over time. So for me, the most important thing in business is to present something to people that people have never used or that is really useful to people and they feel the need for it again and again. Because if you can understand people's problems well and find a solution to the problem accordingly, it can be evaluated much more than following something popular.