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A-Z of Business: U – USP – Why You Need One

Unique Selling Point

Do you really need a Unique Selling Point?  What happens if you don’t have one?  Well, unless you are in an industry with no competitors then your USP is what will set you apart.  It will give your prospects a reason to go with you instead of someone else.

In a struggling economy, you need all the competitive advantage you can get.  And if you are looking for a job, you need that competitive edge too. 

So, why should someone buy your product?  It is no longer enough to say “we are the best”, you need to say how.  And it needs to be based on reality rather than an aspiration that you are working towards. 

There was a wonderful sign displayed which went like this:

“We offer three kinds of service – Good, Cheap or Fast.  You can pick any two.  Good and cheap won’t be fast.  Good and fast won’t be cheap.  Cheap and fast won’t be good.  ”

At the gym yesterday, my personal trainer said the best advice he was given is to always think of yourself as number two so that you would still strive to do better.  This reminded me of the Avis USP which is “We are number two – we try harder.”  What a great USP which succeeds in turning a negative into a massive positive.

Apple’s USP is to think differently – they are the company best known for their innovation, having broken many technological boundaries.  They can be relied upon to be innovative, fun and customer-focused.

If you are finding it difficult to identify your USP, go back to testimonials you have been given by your customers.  It is easy to forget these but hopefully you have kept a log of them.  Also, consider what your competitors are doing and what they are promising.  How are you different to them?  What are the problems you are solving for your customers?

Let’s take an example.  For an IT support company, their customers may suffer from not being terribly IT literate, having to wait a long time before an engineer can fix their problem, or their technology is stopping them from getting on with their work

Let’s look at the customers’problem, potential USPs and their corresponding straplines:

  1. Waiting a long time for an engineer
    • USP – getting their IT problems solved quickly
    • Strapline – Your IT Support within 24 hours or quicker
  2. Not very IT literate
    • USP – use jargon free communication so that the problem is easier to understand
    • Strapline – Taking the Jargon out of IT Support
  3. Technology stopping them from working
    • USP – getting you up and running quickly
    • Strapline –Helping you to work when your computer doesn’t
  4. Frustrated that every problem seems to mean a new computer
    • USP – providing the simplest, most cost effective solutions
    • Strapline – Simple Solutions to Complicated Problems

Whatever your USP, do make sure that you live and breathe it.  You don’t want your USP to be “tried and failed” – it should enhance your reputation, not undermine it. 

© Tricia Woolfrey 2013

About Tricia Woolfrey – click HERE to find out about the author.

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A-Z of Business: P – Product: Ten Questions You Need to Ask Yourself

Products and Services

If you don’t have a product or service which delivers value to your customers and prospects, it makes building a profitable business almost impossible.  Having an inferior product isn’t something you want to risk your business or reputation.  In this day and age, competition is very tough, consumers are fickle and markets are constantly changing, so it’s important to make sure you are delivering what your customers want.

Having the best product or service isn’t enough in itself if you don’t have everything else right.  However, it is an essential component.  When looking at your products, consider what are you offering and how does it benefit your customers?  What need is it fulfilling?  What are the strengths and weaknesses of the product or service?  This is where you really need to listen to your customers.  It’s easy to acknowledge compliments – they make you feel good.  It takes a lot of strength to be open to negative feedback.  However unreasonable it may seem, there is always at least a grain of truth in in it.  Be gracious in receiving negative feedback because you can really turn around a negative situation and create a raving fan out of a disenchanted customer if you handle it right.

Customers can fulfil a need in a number of ways.  For example, if your business sells washing machine repairs, then your customer has the option of either repairing their washing machine, getting someone else to do their laundry, buying a new washing machine or resort to hand-washing.  So it’s important that you get your product right so that you become the obvious choice.

If you want your product to be a best-seller, you need to ask yourself the following questions:

  1. What need is your product (or service) designed to fulfil?
  2. What are the strengths of your product (or service)?
  3. What are the weaknesses?  If your customers were being really picky, what would they be saying?
  4. What are you doing to address those weaknesses?
  5. Who are your top 5 competitors?
  6. What do they offer that you don’t and how can you address this?
  7. What is another way your prospects might fulfil the need?
  8. How can you make your product a better option?
  9. What feedback about your product (or service) have you been ignoring and what are you going to do to address it?
  10. What processes do you have in place to make sure your product (or service) is the best?

Steve Jobs, one of the greatest innovators of our time, talked about surprising and delighting the customer by looking at how to excel, not just meet the competition.  He thought in terms of simplicity, elegance and sexiness (of the product, of course!).  By contrast, I know of a man whose business failed because he insisted on providing his service using old, outdated technology and old, outdated principles.  You have to constantly re-invent and improve if you want to thrive.

 

© Tricia Woolfrey 2013

About Tricia Woolfrey – click HERE to find out about the author.

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A-Z of Business: I – Influencing Skills

The ability to positively influence others with integrity is a key skill in business.  It affects your ability to have people buy into you, your business, your product and your ideas.  It impacts your leadership style and your ability to build constructive relationships.  It can also be incredibly stressful if you are unable to influence people constructively, impacting your productivity, your sales and even your profitability.

Influence is about your ability to have a positive effect on someone.  It differs from manipulation in that it is undertaken with integrity and regard to the interest of the other party.   It’s about having people buy in to your ideas and perspectives, so that they say ‘yes’ to you more.

 

The talent for influence requires flexibility in style, clarity of outcome, the ability to understand a situation from several perspectives, and creating and maintaining a resourceful state, particularly during times of conflict, or when the stakes are high.

It is not about imposing but inspiring someone to take a particular action, while maintaining strong rapport and building positive relationships.

There are numerous language patterns which enhance your capacity to increase your powers of influence which are too numerous to go into in this short article but which I teach to many of my clients and which I include on my Influencing Skills training course.  The issue, though, is not what the skills are, but the effect that they can have on your success.  They can help you deal with objections and concerns so that you are able to transform potentially negative situations elegantly. It’s the YES factor!

 

Whether your intention is to create change, elicit support or diffuse potentially contentious situations, influencing skills can be a real boon to you in your business.

For further details, please contact Tricia Woolfrey on 0845 130 0854 or see www.pw-consulting.co.uk.

© Tricia Woolfrey 2012

About Tricia Woolfrey – click HERE to find out about the author.

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