Operating a business involves a lot of decision-making. From initial inception to adapting to consumer behavior and planning for the future, the most important factor for your business and its success is finding a differentiating factor.

Avoid the “Let’s Not Re-invent the Wheel” Mentality

Something we hear quite often in the business world is, “Let’s not reinvent the wheel.” Sometimes companies focus so much on copying what others are successfully doing they fail to set themselves apart. Although it is important to learn from the successes and failures of others, a business that merely mimics others without offering additional value may struggle, especially if others were first to market with their products and services. It’s simply not enough to match your competition…you must surpass them in some way.

Why a Differentiating Factor is Important, Even in a Crowded Field

Most businesses operate in a crowded field. Let’s take the pizza industry for example. There are numerous options in any market, from large franchises to mom-and-pop shops. However, if you think about it, the most well-known shops have a differentiating factor. Without mentioning names, we can probably get you to guess which companies we’re referring to. If we mention great deep-dish pizzas, you will probably think of one particular company. If we reference fast and convenient delivery, you’ll think of another. Even for smaller shops, some may be known for delicious calzones or certain specialty pizzas. There’s no one pizza company good at everything, but the most successful ones have some type of differentiating factor.

What Sets You Apart?

So, what sets you apart? What do you want to be known for? Look at the market and your competition and think about what’s missing. Consider consumer behavior and changing social and economic trends. Use your creativity to think outside the box. The answer may not come easily, but it will certainly be worthwhile.

Promoting the Most Important Factor for Your Business

Once you have identified the most important factor for your business – your differentiator – it’s time to start marketing it. Make it known to your customer base that you are different…you are better…and here’s why! Your ability to promote and reinforce your “it” will contribute to your success. But keep in mind that although it may be the most important factor, it’s not the only one. You must still do other things well and work hard to provide great products and services all around. With the right focus and approach to your business, you won’t simply be “just another…” company offering a product or service. You will instead be one people remember and identify as a leader in their industry.