In the fall, I attended a Denver Start Up Week talk on how to differentiate yourself in a saturated market. The speakers were a slew of marketing gurus for what is arguably the most saturated market in Colorado: craft beer. As I sat and listened, I realized that the greatest thing Chad Melis (Oskar Blues), Matt Neren (Cultivator) and Shannon Berner (Great Divide) had in common was not their love and understanding of delicious Colorado beer, but rather their ability to cultivate and shape their brand’s story to be about something far beyond a simple (or complex, hoppy, fruity…) beverage. Here’s what I learned:
- Commit to asking better questions and telling better stories so your brand takes shape.
This is essentially how Dale’s Pale Ale was created. Oskar Blues asked themselves what they could do to contribute to and improve upon the craft beer world that had not been successfully (or notably) done before. And voilà! The craft-beer-in-a-can craze was born. Because they established themselves as innovators and created what is now a very utilized space in the craft beer industry, they’ll forever hold that space as an industry leader.
- Stay true to your roots and values and make sure your consumers know what you stand for.
Everyone knows that Zappos has great customer service. Their values are rooted around always providing a great customer experience and they make this a priority with every interaction. They aren’t shy about making this known, and neither are their customers.
- There’s a difference between driving revenue and driving growth. Focus on the latter.
Revenue is indeed a key metric when evaluating the success of your business, but it’s one of many factors that contribute to your overall growth. The idea is that if you focus your time and resources on strengthening your overall business model rather than just focusing on opportunities that yield the most profit up front, revenue will follow. Go after the opportunities that represent an area your company wants to fill that are driven by value based goals. Not only is focusing on growth a sustainable business practice, it allows you to have more control on the direction in which your business develops.
- Quality over quantity.
It takes a lot to say no to something that is obviously profitable in one way or another. However, it’s incredibly important to keep your core values at the basis of every decision you make, and consequently, every opportunity you decide to pursue. Asking yourself if an opportunity reflects your company’s values and mission will weed out projects that are more convenient than they are sustainable. This commitment to your values will help ensure your brand is taking shape in a way that stays true to your roots and always reflects what you’re trying to accomplish in the long run.
- Know what sets you apart from your competitors, and how to effectively communicate it.
Ask yourself, what does my company do that is different than my competitors? It’s not sufficient to say you give the “best” customer service or have the “most” experience as a means to differentiate yourself. If you do have these things by some measurable account, that’s great! However, you need to be able to differentiate yourself through your focus. What is your story? What do you do and why do you do it? How do you do it and who do you do it for? Once you understand your focus, you can learn how to communicate it and watch your brand’s story take shape.
Bottom line? Every brand has to have a unique story that sets them apart from their competitors. What that story entails is up to you. If you want to ensure that you stand out, you must commit to cultivating and telling this story. Then, you can watch your brand take shape as a fundamental element to the health and success of your business.
