Customers have no lack of choice nowadays.
That’s why you need a Unique Selling Proposition.
(Yawn – I know, you’ve heard about USP a thousand times before but stick with me here for 20 seconds.)
As you know, the purpose of a USP is to clearly answers the question every customer has on their mind when it comes to decision time:
‘Why should I buy from you rather than your competitors?’
All things being equal, that decision will be decided on price.
Which is why your #1 job is to ensure that ‘things’ aren’t equal.
And then articulate that difference very clearly through your unique selling proposition.
All good so far – and I’m guessing that somewhere, on some page, of some strategy document you’ve ‘ticked’ a box saying ‘USP Done’.
So, let me ask you: ‘Honestly, how good is your USP?’
I only ask because I came across some interesting research recently.
When asked, 80 percent of executives said they thought their product stood out against their competitors, whereas only 8 percent of customers agreed.
WOW! Or maybe not.
Think about your own buying experiences – how easy do you find it to distinguish meaningful differences between one product or service and another?
My own experience as a buyer is very easily reflected in those statistics.
So, unless you are getting more than your fair share of the very best customers in your market AND at the price you need to support your profit goals, then your USP might need a bit of work still.