GLOSSARY
Product differentiation
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Product differentiation is the process of distinguishing your product or service from competitors by highlighting unique features or benefits that set it apart in the market.
What is Product Differentiation?
Product differentiation involves showcasing what makes your product unique compared to others in the market. It helps create a competitive advantage and attracts customers looking for something special.
Why It Matters
By emphasizing distinctive features or benefits, you can attract a target audience, increase customer loyalty, and potentially charge premium prices.
Examples of Product Differentiation
- Apple's focus on design and user experience sets its products apart in the tech industry.
- Warby Parker's direct-to-consumer model and affordable pricing differentiate it in theewear market.
Related Concepts
Product positioning, unique selling proposition (USP), and brand identity are closely related to product differentiation and play a crucial role in building a successful startup.