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28 JULY 2017

written by Mike

DIFFERENTIATION

FACTOR

 

Differentiation factor or much simpler expression – the X-Factor.

One question that I try to answer during strategy business workshop is

“What makes you different from your competitors?”

Let’s focus on podcasting.

Podcasting industry is a booming market; we know that. But the low barriers to entry, lack of regulation make the competition hard and the space crowded. So how do you stand out?

According to reports 112 million Americans have listened to a podcast, up 11% in one year and podcast listening growth isn’t accelerating but rather present a steady growth.

It means that it is a good time to join, but we shouldn’t expect results straight away, it’s a long term game plan.

So the question is if you are a fresh podcaster and want to make your show work, how do you outsmart your competition?

And it’s not just podcasting. X-Factor applies to any business. A production house, consulting, writing, speaking.

If you don’t stand out, you get lost in the crowd.

That’s why the X-Factor should be playing a major role in your online identity design, especially in the beginning.

If I was to ask you, why should I choose your services over the other person? And I’m not interested in discounts, I don’t shop for price, I shop for value.

Can you give me the answer straight away? Do you have it written down? Does your designer/talent agency/partner know about it?

The best way to start is with a story, everyone loves an underdog, someone who succeeds amongst all odds. But if your brand and identity design do not show it, nobody will notice.

Make it easy to find, and share.

Remember, though; it has to be authentic and real. Falling into cliches and overused answers is too common.

On the last conference call with her coach Paulina (my partner and agent) was asked a question – how do you respond to client’s objection that your practice is too small for the project.

The first answers from the community were:

“we’ll small, but fast, we can implement ideas faster, we can quickly grow the team with contractors.”

He said that these were good, but textbook answers. Something that everyone says, something that client is expected to hear.

What else do you have that others are lacking?

Think about that, it’s not just about being different for the sake of it. Everyone is different; everyone has a different journey and story.

Don’t skim over yours, make it the centre of your business, something that makes you stand out from the crowd.

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