Marketing

Before you start your business. You need to determine the focus of what will make your product or service unique. If you are unable to accomplish this then your business will be left to compete on price only. If you have the same product or service as everyone else in your industry, you are really left to compete on price. This means, the one company with the lowest price wins! This is a reason many companies go under. Since they are left to compete on price, they keep cutting their prices to get business, but they don’t realize they are losing money because of overhead…then they go broke and don’t understand why.

When you are able to provide a service or product that is really unique you will have a major advantage. Of course, we are assuming you do really have a product or service that is unique or a part of the process is unique. Just over promising that your product or service can do something it cannot, is not being unique, is it being dishonest.

Once you have in mind what makes you unique, the next step is to be able to tell your customers about it. Many companies have a great service or product that is very unique but they don’t tell the world about it. Sometimes they water it down by saying, "We provide quality service". This is no good because we assume everyone does that.

The key is to develop what is called a Unique Selling Proposition (USP). Some call it a Unique Buying Proposition. Again, this is what makes you unique in the market place. If a company has nothing that makes them unique in the market place, they can only compete on price.

Here is an example of a USP

Federal Express:

Absolutely Sure!

Absolutely, positively overnight, used to be their USP. Why did they change it? Probably because many other companies do overnight service, so this old USP no longer made them unique.

They are now saying there are other overnight carriers, but when you need to be absolutely sure, you will use Federal Express! Even though the other carriers may have the same service, they are saying we have better internal systems to make sure you will be absolutely sure to receive your package on time! They have done this so well, that companies that use UPS will often say, just Fed Ex it instead of saying please overnight it. This is an effective USP. This needs to be on your business cards, web site and letterhead.

Jay Abraham of www.abraham.com, says, "There are only three ways to grow your business." They are;

1. Grow your customer Base, which contains three main parts:

A. Increase your lead generating system

B. Increase your customer retention rate

C. Increase your conversion rate of leads to client

2. Increase the Average Transaction Value

3. Increase the Transaction Frequency

When you find ways to make a 10% increase in each of these areas, your business will grow exponentially! Key distinctions exist in each area. Everything from how to address an envelope, to what the headline of the letter should say to how to make an offer… What is risk reversal and why is it so important. Jay is a master at growing your business and we recommend visiting his site (www.abraham.com) for great information that will help your company become more profitable.

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