Is your business the only one of its kind? Do you have no competition in the marketplace? If so, good for you! You must be a true innovator. If not, you are like the rest of us.
Let’s face it; most people are selling a good product at a fair price. Many times our competition is selling the same product we are selling at a price that is as good, if not better, than ours. Why should clients buy from you and not Joe down the street? Very few of us can say we have no competition in our marketplace. But that doesn’t mean we are not unique.
How can you define your uniqueness and become attractive to your potential customers. You don’t really want to have to compete on price. In that arena, the price will eventually become low enough to put you out of business.
I give great service isn’t that answer either. Trust me, everyone says that. When the last time someone told you their service is was not so good?
But every business has something that is their own. Or something no one else has claimed as their own yet. FedEx wasn’t the first company to deliver packages overnight, but they were the first to guarantee it. The FedEx USP that put them on the map was “When it absolutely, positively has to be there overnight” and it made them millions of dollars.
What is your Unique Selling Proposition? What can you promise to the marketplace that will make you stand out from the competition?
Here are some tips to a strong USP:
- It should be truly unique
- It is exciting to your target market
- It will get people talking
- It can’t be easily copied, or people will recognize that is has been copied.
Look at your business from the outside and ask yourself what makes you stand out from the competition. Ask your best customers why they choose to do business with you. Ask your employees what makes them proud to work for your company. Then, turn that into a great marketing tool that entice clients to start knocking on your door.
Once you have determined your USP, use it to create a strong guarantee. People like to know what they can expect and a guarantee is a great way to entice people to buy. It is very important when creating your guarantee that you do so on something you know can deliver the majority of the time. When FedEx guaranteed overnight delivery, they knew they were already delivering over 95% of their packages on time. Make sure it is something the customer cares about. Guaranteeing and immediate invoice might not be the best idea. Don’t forget to include a remedy if the guarantee is not met. Who can forget Domino Pizza’s “30 minutes or less or it’s free”?
If you can’t come up with a guarantee, I strongly suggest you look at your business model for improvement because something is not right.