Tuesday, November 18, 2008

Reason #6 for not making at least $10,000 per month in your business

You are the same as all of the other businesses around you.

Stop and think for a moment about why someone would buy your product or service instead of from the company down the street or in another state. In other words, what makes you different? If during this exercise you determine that you are just about the same as all of the other businesses then you certainly are not unique.

Every business that wishes to turn a 6-figure profit must determine their unique selling proposition or USP. The difference between you and the competition should set you apart and make your ideal customer beg to do business with you.

If you remain the same then most prospects will purchase based on price. Do you really want to market your services to someone that will leave just as soon as your product or service is offered for dollars cheaper somewhere else?

My USP in the financial coaching realm is that I do not sell investments, insurance or anything magic software that makes getting out of debt any easier as most companies do. My focus with my business clients across the country is to help their businesses turn a six-figure income in 24 months or less.

Some great things that could set you apart from your competition and have customers knocking down your door could be fast delivery, uncommon results for your clients, quickly returned phone calls, stellar customer service, overnight service, no-hassle guarantees or no-pain dentistry or doctor.

Whatever your USP make sure you convey it to your customer base. It is likely the main reason they will do business with you. Domino’s Pizza is not known for great pizza, but if you want it there fast, everyone still remembers their “30-minutes or less or your pizza is free” slogan.

1 comment:

Steve Hand said...

Jim Collins, in the excellent book Good to Great calls having this USP a "hedgehog." The hedgehog only does one thing but does it very well. The little critter rolls up in ball at the first sign of danger and sticks out it's spines. No hedgehog sandwich today!
In business something makes you unique. This requires a clearly defined target market, passion, and measureable (see marketable) "best in the world" characteristics.
Here in Raleigh, NC Ray Price is my model. People travel from miles away to buy their bikes there.