According to the United Nations’ estimate in May of 2019 the world’s population was 7.7 billion people. That’s a pretty big number to try and wrap your head around. So let’s drill down a little more and focus on the population of the United States of America, which stands at approximately 329,122,997. For some this might also be a number that’s hard to comprehend, but it’s important to know for our conversation today. Whether you started your business to serve your local community, the entire US, or had a vision of serving the global market place, you can be sure that you will be competing against others selling the same product or service.
With all the different marketing channels available today, how do you stand out instead of getting lost in the shuffle? What separates you from your competition? Do you compete on price or do you sell on the value of your product or service? One of the areas we work on with our clients is defining their Niche. Our definition of Niche at ActionCOACH Bluegrass is No Price Competition. On a scale of 1 to 10 how would you rate your uniqueness?
When we pose this question to business owners, a majority say they offer excellent customer service, which isn’t very unique. Let’s face it, if you don’t provide excellent customer service you won’t be in business for very long. There are too many options available in the market place these days for anyone to stay with a company that doesn’t treat them well. So what else sets you apart? Here are two strategies that will help you differentiate yourself from the competition.
Create a Unique Selling Proposition
When was the last time you worked through all the things that truly make you unique? If your answer is, “Never!” then it’s time to take a step back and evaluate your USP. Set aside time to reflect and evaluate your strengths as a business owner. What is it that attracts people to your business? Do any of your competitors do the job better than you, and if so, what is it that you can do differently to stand out?
The step-by-step process we teach our clients on creating their USP boils down to helping them get clarity about their ideal clients and then creating the marketing message that speaks to those individuals. Remember – Clarity is Power!
Do you currently offer a guarantee? The mere mention of offering a guarantee can produce the cold sweats for some business owners. Their attention immediately turns to the ‘what- ifs’ if there is an issue with the product or service they provide. When we dig a little deeper, it turns out that 99.99% of owners do offer a guarantee, they just don’t promote it to the general population. Listen, if you’re going to correct the problem anyway, why not let your customers know about it upfront? If you do a little market research on your competition and notice they don’t have a formal guarantee, then it’s time to take action and get your guarantee out to the masses.
How are you feeling now about your USP and Guarantee? Is it time to create both, or strengthen them? If you answer, “Yes!” to either question then we invite you to reach out and see how we can help. Keep in mind, you’re one of a kind, so don’t be afraid to share what makes you unique with the marketplace.
Author: Drew Schwegman, Business Coach in Northern Kentucky