Here is a quick post based on a set of standard questions I receive (especially with CEO coaching and CMO coaching), how do we stand out as a startup?
1/ Unique Product & Stand-out Messaging
We are a product for x and we stand for y is the most recent wave of how startups stand out or compete (think Oatly).
The more you standout and challenge status quo the more attention you can garner and the more opportunity you have to drive conversation around your products and your brand.
2/ Pricing
The most obvious option.
Being lowest or the highest helps startups gain press and traction. Why? low price is always an option people look for (but can be a race is zero and is often hard to sustain) and being the highest price or the elite brand (priced highest) in the space will help many stand out, recent example of how dating apps charge and changing their pricing models for the “committed”.
Remember pricing is the hardest element in most business, even when you use the most safisitcated models going lowest or highest is the easiest way to grab attention (but not always loyal customers)
3/ Shareable Product
Product design is often post MVP and often forgets how to help your product gain usage but also spread simply all by leveraging human behaviours.
Think: How can the customer share my experience with my friends and family. How can the network get the most value not just the individual user, this help with network effects but also removes barriers of CAC (customer acquisition costs) – most products suggest they are but single player apps can often die quickly because it adds limited value.
4/ Unique Way Of Ordering & Distribution
Something many overlook is how you can order or how do we stand out to be different than just blend with how everyone does it.
Think: What channels can we use to come across as unique and stand out, is it SMS only, or order via WhatsApp or do we limit our availability, closed on Sundays – all important different ways to stand out, create buzz and offer unique experiences
5/ Scarcity
Drops are a little overdone but still work well where you create demand and only release a scarce amount of product, say 100 limited edition products.
You can also do this with updates or unique products where you only ever launch one drop or two drops and then create completely different product offerings.