Unique Selling Proposition
Your Unique Selling Proposition is your companies raison d’etre. For something so important…it is surprising that more time is not actually invested to identify what makes your venture unique.
In today’s ultra competitive world, there are far more options for spending money, than there is money to go around. Why would someone deal with you? If nothing very original comes to mind, it doesn’t mean you should close your doors. It just means that you need to identify why customers choose to come to you, especially those that return on a regular basis.
To accommodate the changing needs of your customers and grow your business, your USP needs to be identified and revised over time.
1. Price – Are you the lowest priced? The use of price alone to differentiate, leaves you open to constant attack by big box price cutters. The consumer who is price motivated has no loyalty and needs to be bought each time. This is an expensive intention, especially if you are selling, high volume/low margin items. Although this looks like the easiest option, it is actually the most difficult.
2. Convenience – Time starved and stressed, the average consumer is looking for ways to put more hours in their day. If you offer a wide selection of products or ancillary services (e.g. decorating advice with furniture sales) and on line shopping 24 hours a day; you have identified this opportunity.
3. Guarantee – On eBay, you will note that sellers who offer a satisfaction guarantee, enjoy higher sales volume.
4. Unique product or service – Do you have something nobody else is able to offer?
5. No frills chic – Martha Stewart…love her or hate her, created the realization and expectation, that you need not to be wealthy, or only shop at expensive, exclusive stores to entertain, decorate, or garden with style.
6. Early birding – You offer cutting edge products and have an eye for the next big thing.
7. Experiential – Do consumers enter your establishment feeling as though they have discovered a new world? Do they tell all their friends about the memorable experience they had with your business? Shopping today is about being entertained and most consumers are willing to pay for exceptional experiences.
Ultimately, customers want to feel they receive value when they deal with you. Over the years one of the questions I have consistently asked the many businesses I have worked with is, “ What advertising and marketing have you done, that delivered the best results for you?”.Invariably, the number one answer was “Word of mouth”.
Discovering your unique significance to customers will help you cultivate “ shopping evangelists” who will go out and spread the word about your business. It is therefore your responsibility to enhance their experience and utilize this revenue friendly opportunity.
Is it very apparent that word of mouth is an opportunity worth exploring.
What can you do to motivate and encourage people to talk about your business? How can you make it easier for them to understand your value?
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