Got one? Two? Three? If you have competitors, then you should have at least one Unique Selling Proposition (USP). The more REAL ones you have, the better - for your Branding, your business recognition, and your sales!
We all have competitors, and the more you have, the more important it is that you have a Unique Selling Proposition (at least one).
Allow me to explain. Let's use a recent example of a company that sells laser toner cartridges... Do you think they have competition online? You bet they do, another category that is swamped with resellers. Sound like yours?
The task of coming up with a USP can sometimes be tough. But every company needs this, it sets you apart from your competitors. Let me stress this again, it is one or more reasons why prospects should work with you, or buy from you, or do business with you, instead of your competitors, period.
Let me narrow this a little further, it used to be if you had the best price, - you got the business. Although still a minor USP, price alone should not be the only consideration, it's not really that unique... Yes, you still need to be competitive, but I don't want to be the cheapest guy... we're in this to make a profit, right? So don't make price your 'only' USP. Combine it with more value, something your competition doesn't do, or doesn't offer.
O.K., back to our example. This company needed more than price, their product pricing is right inline with everyone else, so now what?
First of all, you need to know what your competitors do offer.
This is not a new concept. You can't compete if you don't know what you're up against. So take a little time and check out what they have. Do some research, you'd be surprised what you might find - or not. Special offers, free shipping, a contest, great customer support?
Take a step back, imagine you are the customer and you do buy toner from someone a few times a year. If they do not get great service or it's just average, then chances are you can sway them your way. This references "customer loyalty" another chapter, but it follows first getting the customer. So, let's get the prospect as a customer first.
Now, what do we do to sway these prospects? We offer them what the competition doesn't. This can be discovered with your competitive research. Oh, and if you still haven't found a USP or a few - then Hyperformance Media can help you with this as well.
Write down every idea that you and your team come up with. Please don't worry about how silly they might seem (at the time), just brainstorm with the data you have gained. The reason I say to include the silly ones, and others is because sometimes those little ideas that you laughed at can actually be morphed to create your USP. No idea is too far fetched at this point, and usually the ideas you laughed at are, in fact, some things your competitors don't offer. That's where we go next.
On the toner company we came up with all kinds, some were already offered by competitors, some were not. The idea is to initially come up with as many as possible. Here are some of what we narrowed the field to (we started with about two dozen);
The next step is again to nail down our list, get creative, really think here. This alone still makes us more competitive (once implemented), even if others use the same approach. Why? Because before we did this, there was a ton of competition, and as we add these USP's we now narrow the list of our 'real' competitors. We are now more competitive within our industry, because we now offer things that (most) of our competitors do not!
We are getting more competitive immediately by implementing some simple offerings. Let's take each one in this example and see how we can use it or discard it to our advantage.
So? What was the plan? We acquire a software program that can be set to automatically e-mail each customer based on their own usage when their toner and supplies were potentially running low (i.e., 30 or 90 days or any date we choose. Once set-up it is all automated (cost effective)! It also gave us their e-mail address (important anytime) and with our reminders we could include any special or seasonal offers that might further attract more sales.
So, what did this company find?
In a nutshell - Their products are priced well to compete. In this case, we discarded free shipping as not really cost effective. We stressed Satisfied Customers in all of our marketing materials with testimonials and real-life examples. We are also developing a contest to further set us apart from our competitors. We could not find a free gift we thought would add any value to the customer (but continue to look). They are considering a Referral Program as well. The real USP in combination with the others was our unique E-mail Reminder System. At that time, no other competitor was offering anything like this! This IS a Unique Selling Proposition and was perfect for our example. Put all these together, and this company has numerous 'edges' on their competition. Once customers are aware of these differences that set you apart from all the rest - growth is almost certain! That company is in a much better position to 'own' their market online, or at a minimum increase their market share.
The more you get the word out, the more you're sure to benefit from these type ideas.
I understand this was a pretty broad example but you should get the idea.
You won't always come up with an idea that no competitor has or offers, but if only 3-6 competitors offer that same USP, you are still in the top tier of your competition instead of lost somewhere un-noticed while buyers continue to purchase through your competition. You decide.
Written by and Copyright © Scott Sedwick http://www.hyperformancemedia.comss@hyperformancemedia.com
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