Today, most mainstream markets are becoming more saturated and difficult to penetrate, especially for budding entrepreneurs. This leads to companies and brands simply imitating each other in terms of features and benefits. But for those in these precarious market situations, customers have heard it all, and they’re not that impressed.
Defining your competitive edge can help establish your unique position in the market. With clearly defined benefits and features, your customers will know what really makes you a cut above the competitors and what steps you need to take to maintain that position.
Here’s how you can craft a slide stating your specific advantages:
Say it Fast
The “Why We Are Different” slide is a common fixture in corporate profile pitch decks.
Ironically, many organizations use the same strategy in describing the things that differentiate them from the crowd: They use bullet points. Enumerating your best qualities isn’t exactly the best way to present your competitive edge. If you can say it one sentence, the stronger your impact will be.
This doesn’t mean that you’ll be leaving out important details from your slide. It only means compressing the important points in one non-highfalutin and simple-to-understand sentence. Since we’re talking about customers who are tired of hearing the same things over and over, a brief but enlightening slide is a breath of fresh air for their tired gaze. Try to be as concise as possible in your slide. Don’t go off on tangent unless necessary.
Back it Up
Another effective way to describe your edge over the competition is this: Don’t make it about the competition.
Make it client-driven. You can do this by identifying your customer base and describing the solution to their problem.
For most of your customers, you are the ideal provider not because of flashy advertising or due to popular choice, but because you are able to address their needs and challenges. In an interview with LoyalBlocks’ Ido Gaver, Kevin Daum enumerates the ways you can back up your statements and show your sincerity.
Show people that their loyalty to you has perks—whether it’s in terms of addressing them personally, or giving them perks like promos and freebies. Build and maintain your competitive edge on that opportunity.
Say it Loud
Now that you have an idea of what your competitive edge really is, it’s time to declare it to the world using your slide. You don’t need to use big, highfalutin words.
Simple words would be enough, as long as they sound sincere, not condescending and inappropriate. Use images to support your text. Make sure they are relevant and do not detract from what you want to say. An effective slide that aims to set you apart from the competition will only succeed if you bring together strategic techniques to the table.