Potential Sources of Differentiation

Every successful business is differentiated from its competition ... it could be very unique and significant, or it may be seemingly small and minor. But customers choose one enterprise over another for a reason. Following are some potential sources of value and differentiation to use as a guide when creating a competitive advantage strategy ...

ambiance ... branding ... business model ... community service ... contrived deterrence ... convenience ... copyrights ... cost advantages ... cost advantages independent of scale ... customer relations ... customer responsiveness ... customer service ... delivery ... distinct unique competencies ... economies of scale ... effective sales methods ... efficiency ... experience of doing business ... features ... functionality ... government regulation ... high quality ... image ... innovation ... intellectual property ... limited resources ... location ... low-cost ... manufacturing innovation ... market positioning ... market segmentation ... operational methods ... patents ... performance ... price ... product design ... product differentiation ... product innovation ... product selection ... product-line breadth ... quality ... rarity ... relationships ... reliability ... reputation ... selection ... service ... shopping experience ... supply chain relations ... switching costs ... trademarks ... trade names ... unique capabilities ... value

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Tips for Promotion

A way to attract attention to our venture is to choose an advertising or promotional medium that is unusual for our industry. Here are some ideas ...

Advertorials ... attention getters ... balloons ... billboards ... blog marketing ... brochures and pamphlets ... bulletin board signs ... bumper stickers ... bus and taxi ads ... bus bench/shelter signs ..
business breakfasts/lunches ... business cards ... business networking ... buttons ... calendars ... charitable contributions ... high profile ... charitable volunteerism ... city/regional magazine advertising ... classified advertising ... community involvement ... computer bulletin board ... computer data service ... consumer magazines ... contests ... co-op advertising ... customer newsletters ... decals ... demonstrations ... developing a sales slogan ... direct mail and sales letters ... direct mail with co-op advertising ... discount coupons ... discount premium books ... door hangers ... door-to-door canvassing ... drive-time radio ... employee events ... endorsements or promotion by famous personalities ... enthusiast magazines ... envelope stuffers ... envelope advertisement ... event sponsorship ... exterior building signs ... fliers and circulars ... folders and binders ... format radio ... free information ... free trials ... general business magazines ... gifts and premiums ... grand opening/anniversary celebrations ... greeting cards ... grocery store cart signs ... home parties ... hot air balloon ... Internet ... letterhead ... local business magazines ... local cable ... local newspapers ... local TV ... loudspeaker announcements ... magazine ... mailing labels ... major network TV ... membership in organizations ... messages pulled by airplane ... moving billboards on trucks ... mugs ... magnetic holders ... etc. ... multiple purchase offers ... national cable ... national newspapers ... news releases ... newsletters ... newspaper ad ... newspaper insert ... offer a reward for referrals ... on-line computer services ... package inserts ... packaging ... per-order/per-inquiry ads ... personal letters ... personal sales ... picket your establishment ... place mats ... point-of-purchase signs ... postcards ... price specials ... print advertising ... print on the box/container ... product exhibitions ... programs and yearbooks ... promotional plan chart ... proposals ... public relations and publicity ... radio advertising ... radio spots ... rebates ... referral incentives ... reminder advertising ... sales calls ... sales incentives ... sales tools ... samples of product ... search lights ... seminars ... free or low-cost ... send a thank you note after a new purchase ... share costs with event sponsors ... shopper classified newspapers ... sidewalk signs ... signs at sporting events ... signs on your building ... signs towed by airplanes ... skywriters ... special events ... special sales ... specialty items ... spokesperson ... sponsorship of charitable events sponsorships ... statement stuffers ... stickers ... symbols ... take-one racks ... talks and presentations ... tape or ribbon ... telemarketing ... telephone hold messages ... telephone pole signs ... television advertising ... television spots ... thank-you letters ... tie-ins with other products ... tours ... trade and technical magazines and newspapers ... trade fairs ... trade journal advertising ... t-shirts ... two-for-one offers ... vehicle signs ... video commercials in stores ... video tapes ... walking signs ... window signs ... and yellow page advertising ...

Finding a Name for Your Venture

There isn't a one-stop place to find out whether a business name is already in use, so it requires some checking around. 

A good start is a thorough Internet search ... If you do come across another business using the name, there are a couple questions to ask: Is the business in the same industry as yours? Is it operating nationally or solely in its local area? Would prospective customers confuse your business with the other business?

Under federal trademark law, a business can claim rights to a name if it's first to use a name in a particular category of business in the geographic area it serves. So you want to determine whether another business in your industry is using the same name in the same geographic region you are. A business still has rights to the name if it is using the name publicly -- even if it hasn't officially registered it for trademark protection.

The next step is to go to the U.S. Patent and Trademark Office's Web site, www.uspto.gov, to see whether another business has officially registered the name for federal trademark protection. Click on "Trademarks" on the left navigation bar. Then click on "Search TM database" on the left to access the trademark search database.

If another business has registered the name, you're typically restricted from using it only if that business is registered in the same category of business as yours or sells the same goods and services. If the businesses are totally different -- say, you're a bakery and the other business using your chosen name is a florist -- then it probably isn't a problem.

But you do want to ensure that your business name won't be confused with another business in your area ... the last thing you want is your potential customers to be confused ... and end up having to change the name.

Some businesses register trademarks only in their state, so check with your state's trademark authority as well. Many states have online databases. You also can hire a naming consultant or a trademark attorney to conduct an exhaustive name search.

Another issue: Make sure there's a domain name available that closely matches the name for your company, since that will be important if you want your business to have a Web presence.

[Thank you, Wall Street Journal]

AIDA

AIDA is an acronym for Attention, Interest, Desire, Action ... every ad or promotional activity should have these four elements. (Of course, there are exceptions to every rule!) ...

1. Does the ad grab viewer/reader/listener attention?
2. Does the ad hold viewer/reader/listener interest?
3. Does the ad develop viewer/reader/listener desire to do something?
4. Does the ad provide a clear path to action by the viewer/reader/listener?

(Note: a business plan or executive summary or proposal is a form of advertising ... it is intended to "sell" the reader on the viability of the concept.)