This article is the second in the Ride Your Brand Through Economic Uncertainty series on how small- to mid-sized business (SMB) owners can best leverage their brand’s value to navigate challenging and uncertain economic times.
First, the bad news. With the uncertainty around factors like tariffs, rising fuel prices, inflation and interest rates, business leaders are getting anxious. For example, Circana expects B2B tech spending growth to slow in the second half of this year, according to MarketScale.
Now, the good news. There is something you can do to protect your revenue streams while this anxiety plays out: dial up your differentiation. Differentiation has always been important. After all, the brand value of those with the most meaningful differentiation grows up to five times faster according to Kantar BrandZ. As budgets tighten, differentiation isn’t just important, it’s essential.
Kantar also found that buyers who choose based on brand paid 38% more when they saw a brand as meaningfully different from competitors, and 11% more on average. That means differentiation is a powerful weapon for defending those revenue streams.
Here are five actions you can take now to make the contrast between your brand and your competitors’ brands black and white.
Get to know your competition. If a black-and-white contrast is what you’re after, you have to know what variations of white you’re up against. That means carefully looking at your competitors and their:
- Main message
- Key differentiators
- Tone of voice
- Visual identity
- Social media presence
If you would like to see a sample messaging audit we’ve done for a client, let me know. I’m happy to share one. In addition, you can download a free, DIY Messaging Audit Guide.
Determine what differences matter. You might be the only vendor in your space staffed entirely by left-handed people, but who cares? No one. In order to find out what’s important to your clients and prospects, you have to ask. It’s the first and most important element of our Ask, Build, and Connect methodology. Market research professionals are always a safer choice, but if that’s not in the budget, you can do it yourself. Last year, I wrote about killer market research questions to ask. It suggests questions to ask both your clients and prospects and your colleagues who work with them day in and day out. Check that out and let me know if you have any questions.
Rinse and Repeat. Once you determine the most relevant and competitively differentiated aspects of what you offer (no more than three), consistently weave them into all your messaging—social media posts, emails, web copy, etc. In conversations, listen for opportunities to align your differentiation with the challenges your clients and prospects are talking about.
Take a Look in the Mirror. Speaking of consistency, nothing helps you stand out more than a visual identity that is clean, professional, and contemporary. If your color palette, fonts, imagery, and other elements look tired, inconsistent, or like everyone else’s, it’s time for an update. There are a few small steps you can take to shore up your look if you can’t take on or afford a full rebrand. (Although one may not be as expensive as you might think.) Schedule a free 30-minute consultation, and I can walk you through DIY and professional options.
Compare and Contrast. I’ve never been one to recommend competitor bashing—it’s not a good look on anyone—but objectively stating how your approach is different from someone else’s is fair game. For example, you might say something like “Acme only partners with one large language model whereas we prefer to diversify.”
Looking carefully at and focusing on what makes you different is always time well spent.
See the full Ride Your Brand Through Economic Uncertainty series.
