Spot the difference?

A few years ago you'd be hard pushed to find an Aldi or Lidl in the UK.

Nowadays you'd be hard pushed not to find one.

They've sprung up at an alarming pace and ruthlessly stolen trade from the 'big four' supermarkets.

If you've ever shopped there, you'll probably understand why.

Yes, you're expecting to pack your shopping at superman speed or risk deathly glares and groans from both staff and customers.

But you'll pay less. Way less. And, strangely, for what seems like the same products.

Aldi and Lidl have been under fire for their approach to product branding.

It's not hard to see why, because they've blatantly and unapologetically pinched the style of many well known, household brands.

As a result, UK consumers are flocking to these German supermarkets.

It's hit the traditional British supermarkets hard, and there's a sharp lesson there for us business owners:

If there are 2 products that look the same, sound the same, work the same, but one is cheaper. Most people will pick the cheaper option.

It's easy to overestimate your prospects' and customers' grasp of what makes your business different from your competitors.

But unless you actively position yourself in your market, and communicate with your audience to educate them on what makes you the right choice, you end up being compared on price.

And that's not a battle any smart entrepreneur wants to find themselves in.

Nick Fisher