There aren’t too many businesses that operate in non-competitive markets. Consider yourself lucky if you only have to face off with one or two major rivals. Most companies must attempt to stand out from an array of name brands, store labels, and substitutes.
I often see this in industries where entry barriers are low, the market is oversaturated, and solutions become commodities. In markets like these, you can’t rise above the crowd using conventional competitive advantage strategies alone. You’ll need a compelling brand storyto draw people in and keep them coming back. Otherwise, you’re an afterthought in a sea of consumer choices. Authentic storytelling can make your brand the superior choice in a competitive market. Here’s why.
Originally published May 24, 2024 on inc.com