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The Playbook With David Meltzer

How to Stand Out in a Crowded Market

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Entrepreneurship, Business, Careers

4.6 • 1.9K Ratings

🗓️ 11 January 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

Standing out is one of the toughest things to do in a crowded market. How do we go about it? I believe there are two simple steps to stand out when making yourself equal and making yourself different. Step 1: Make Yourself Equal The first thing we have to do when marketing something, is make that product/service/individual equal to its competitors. This means identifying the ways that we are the same, whether we provide the same service, similar features, or solve the same problem. What you want to do is to make yourself equal and then distinguish yourself. This is not meant in terms of superiority, but in making a solution better than it was before. By this, I mean you’re providing extra-value or something extraordinary. This holds true whether you are talking about a competitive product or yourself. Make yourself equal to their value and then create a higher Penn Value. It is important to ask more open- and closed-ended questions because the more you can understand and align with the consumer’s value system, the better the certainty of success. Simply saying "I'm different" does nothing to convince others of your value. Prove it. Show them that you have the same benefits as your competitors. Show how you solve the same problem. Then, show them how different you are from the rest. Step 2: Make Yourself Different Challenge others to re-evaluate their perspective on what you are with the unexpected, as catching someone by surprise allows us to make a bigger impact on those with set expectations. Use this surprise in your favor by making it into a competitive advantage. Competitive advantage is typically broken down to two simple things: being cheap and being different. What will you be known for? With a differentiation strategy, a person seeks to be unique in an industry, selecting attributes that others in the industry perceive as important and positioning themselves to meet those needs. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

It wasn't revolutionary, Uber's evolutionary.

0:04.0

He made himself equal in a capacity of getting a ride.

0:09.0

You still have to call up the ride, you still have to meet somewhere.

0:15.0

This is the flavor.

0:17.0

One of the big things that I'm starting to see a lot within the industries

0:20.0

is that people are doing what everybody else is doing.

0:22.0

And so in your opinion, how do you think a business can stay relevant

0:27.0

and not a commodity within their own industries?

0:30.0

Yeah, I have a simple rule. When it comes to that, I make myself equal.

0:33.0

First, make myself equal, then I make myself different.

0:37.0

So that delta, that margin is truly the value that I provide.

0:41.0

But what we don't want to do is discount the fact of what everyone else is doing.

0:46.0

But it's okay to do things better, but you have to focus and make yourself equal to.

0:54.0

And then make yourself different.

0:56.0

If you go ahead, I know a blue ocean thing.

0:59.0

They're still doing things equal to what the other person is, and they change it.

1:03.0

So Uber would be a very dramatic thing that's happened, right?

1:07.0

A shared economy, changed the world.

1:09.0

Actually, Bradley Tusk was on my podcast last week,

1:12.0

who was the political guy that they hired for stock,

1:16.0

so that it could change the laws about medallions and taxidriving, etc.

1:20.0

But think about this. All they really did, it wasn't revolutionary.

...

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