What is competitive differentiation – a few advises

matt-lee

In order to make your startup scalable, you need to differentiate yourself from your competition. That is the basis of competitive differentiation. But how are you to do it? Here are a few advises.

Have you ever got laughed at your idea?

We actually hope you did! Reid Hoffman, the co-founder of LinkedIn says:

Laughable ideas are sometimes the best ideas.

And what does he mean by that? Well, if people are laughing at your idea, it might sound as if your idea is bad. But try and hear what do they laugh at, try to fully understand their “no”, because you might learn something from every rejection. That is one of the ways you can differentiate from your competition. If you listen closely to the people whom you are presenting your idea to and if you try to fully grasp what their advice and critique was.

Do you have the sense of curiosity?

You should have if you want to differ yourself from others! Ask questions and demand answers!

Discuss your idea without prejudices and ask for an explanation for every comment being made.

As an entrepreneur, it is important that you ask yourself some important questions and to question your concept before you seek investment. I pose some utterly simple questions to young entrepreneurs when they come by and ask for an advice. You have to consider a number of things in your startup alone, before you seek for help, says Casper Ravn-Sørensen, the Danish angel investor and an entrepreneur.

So, in order to contrast from the competition, you need to question the competition, their advantages and disadvantages. But also to question yourself and your product. It is only in that way that you are going to find a better answer for your customers and to find a unique solution to the consumer’s problems. That is going to bring the scalability to your product.

Speed is the new thing

Here in 2017, consumers are used to get things fast. If you cannot provide your service fast enough, your competition is going to do that ahead of you. That is why you should concentrate on the speed of your product and service, and in that way, you will be able to get a unique position in the sea of startups. It is as simple as that, having a fast internet connection and an agile customer service is the half way to reach the competitive differentiation.

Strong competency and a strong market

If you have spotted the strong market towards your product. If you have reached the competencies that customers would consider superior in comparison to other offers. The only thing left is developing those competencies and focus them on your customers. Listen to the consumer’s needs changing, accept them as valid and time the changes right in order to get the recognition you need.

If you need help in customer differentiation process, or if you need an advice or an investment, feel free to contact Casper Ravn-Sørensen or write to our company directly.

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