Finding your point of difference
In today’s competitive landscape, business owners need to be able to identify and promote their business’ point of difference.
A differentiated brand helps businesses to stand out to customers and can prevent them from getting lost in the traffic. Businesses can differentiate themselves from competitors with similar offerings by creating a unique selling proposition.
A unique selling proposition is a marketing statement used to sell products and services to prospective customers, highlighting a key selling point. Although it can be tempting to compete on price alone, providing your customers with additional value can help to reach your sales targets more successfully.
Here are a few things to consider when developing and marketing your unique selling proposition:
Understand your customers
Before pinpointing your core business strengths, it is important to understand what drives your customers to purchase from your business over competitors. Think about the factors that motivate your customers’ behaviours and buying decisions. Consider what your customers want; if there are any underlying wants or needs they might be trying to satisfy, and if you currently match or exceed their expectations. Creating a profile of your typical customer, i.e. age, gender, income, purchasing patterns and so on, may help to reveal the main reasons why customers purchase from you.
Review your business’ strengths
Once you have considered your customers’ needs, you can begin to review the areas in which your business excels. Take a closer look at what your business does that no one else does – it may mean you offer specialist expertise or years of experience, provide quality products or deliver consistent customer service. Consider your competitive advantage and what you want your business to be known for, i.e. excellent results, convenience, a wide range of products and services, etc. If you are unsure, think about general feedback from customer reviews, or start prompting customers’ to provide feedback.
Market your unique selling proposition
Developing a unique selling proposition is ineffective unless it is incorporated in your marketing efforts. For example, you may choose to develop a sales slogan based on your point of difference, such as “fast delivery, service, and know-how.” The slogan should encapsulate the main benefits associated with your business and how your business differs from its competition.