Last post I spoke briefly about having a USP for your business. You can practically dominate your competition by developing an incredibly powerful USP for your business.
When building a USP, always analyze your strengths instead of your weaknesses. I see so many businesses trying to build themselves into a position of power by focusing on something they aren't good at.
When building your USP, you always want to build your business with a decisive, tactical advantage over your competition. Never go into battle unprepared.
Building a business from your weaknesses instead of your strengths would be like the USA fighting the war on terrorism with slingshots.
Analyze your business: if you're a hair salon owner and you've been by your customers that they like coming to your shop aside from others, ask them why. Their answer can be the foundation of your USP.
If your customers say your business is fast, turn that into your USP like this:
"Hairdos done in 45 minutes or your next one is FREE." or "The Only Hair Salon that guarantees you'll be in and out in less than 45 minutes - or it's FREE!"
If they say your hairdos last longer than any other stylist in town, use that like this:
"Our shop is smaller, but your hairdo will last for 3 weeks or it's FREE"
--or--
"With weather aside, if your hair falls in 3 days or less after getting it done with us, come back and we'll redo it for FREE"
Find your unique advantage in the marketplace and use it to your advantage.
Thursday, August 2, 2007
What's your advantage?
Here's a little known secret that's often overlooked and rarely thought of by many black entrepreneurs..
Your customers can choose whether or not to do business with you.
Whether you believe that or not, it's true. Customers (a.k.a. human beings) were born with the ultimate "entrepreneur-to-pauper" power of making decisions and spending their hard earn money with another business that offers the same thing as you do.
Your job as an entrepreneur is to profit, not to play nice with other entrepreneurs and share your profits with them.
Your job is to ensure that no matter what happens, your family and lifestyle is not interrupted by not being able to make enough money to keep the lights on each month.
One of the most powerful ways to ensure this happens is to develop a USP.
U.S.P. is an acronym for "unique selling proposition". A unique selling proposition is a marketing tactic that in so many words, gives your customers a reason to do business with you.
Many entrepreneurs rarely think of a USP - and this gives you the advantage.
Domino's pizza took the power of a USP and creating a dominant place in the pizza industry the likes the world never saw. Let me break it down for you..
Domino's USP was simply this: "Fresh, hot, pizza delivered in 30 minutes or it's FREE."
Their marketing message is clear, consice, and to the point. The powerful thing about this USP is that it doesn't try to be everything to everyone. It's picking out a very specific niche in the market place and working it to death - and beyond!
Pay attention here: Domino's USP didn't specify what kind of pizza, it didn't say what type of delivery vehicle, I mean c'mon...they didn't even say the pizza would taste good!
It's only specific to people who want hot pizza FAST. That's it. Hot pizza - fast.
Let's look at another USP. Hertz rental cars - "We're not number one, but we try harder."
They never said they were the best...in fact, they used that fact and simply told people we're not number one, but they will basicially go above and beyond to service you.
See the power in a USP?
Your customers can choose whether or not to do business with you.
Whether you believe that or not, it's true. Customers (a.k.a. human beings) were born with the ultimate "entrepreneur-to-pauper" power of making decisions and spending their hard earn money with another business that offers the same thing as you do.
Your job as an entrepreneur is to profit, not to play nice with other entrepreneurs and share your profits with them.
Your job is to ensure that no matter what happens, your family and lifestyle is not interrupted by not being able to make enough money to keep the lights on each month.
One of the most powerful ways to ensure this happens is to develop a USP.
U.S.P. is an acronym for "unique selling proposition". A unique selling proposition is a marketing tactic that in so many words, gives your customers a reason to do business with you.
Many entrepreneurs rarely think of a USP - and this gives you the advantage.
Domino's pizza took the power of a USP and creating a dominant place in the pizza industry the likes the world never saw. Let me break it down for you..
Domino's USP was simply this: "Fresh, hot, pizza delivered in 30 minutes or it's FREE."
Their marketing message is clear, consice, and to the point. The powerful thing about this USP is that it doesn't try to be everything to everyone. It's picking out a very specific niche in the market place and working it to death - and beyond!
Pay attention here: Domino's USP didn't specify what kind of pizza, it didn't say what type of delivery vehicle, I mean c'mon...they didn't even say the pizza would taste good!
It's only specific to people who want hot pizza FAST. That's it. Hot pizza - fast.
Let's look at another USP. Hertz rental cars - "We're not number one, but we try harder."
They never said they were the best...in fact, they used that fact and simply told people we're not number one, but they will basicially go above and beyond to service you.
See the power in a USP?
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