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Tips on how to beat your business competition
15 October 2014
“Why should I do business with you?”
This is a question that goes through the minds of existing and prospective clients.
The question needs an answer, because without an answer, you become just another business selling a similar product or service.
Think about yourself, for a minute. Why do you shop at the same stores or eat at the same restaurants?
Is it because they offer you something you can’t get from their competitors?
Maybe they’re closer to where you live or work. Or maybe you like the way a particular restaurant prepares a certain meal. Perhaps it’s the environment or the people who work there.Or maybe you just feel comfortable… almost like you’re at home while you’re in their place of business. It may not be one single thing that influences you, but rather a combination of several factors, including, but not limited to, price.
Nevertheless, the business provides you with something special. If you expect people to do business with you rather than your competition, it’s imperative that you offer something your competition doesn’t have.
Preferably something your competition can’t offer.
Known as your Unique Competitive Advantage, or UCA, without it there will be less reason for others to choose you over your competitors.
You may have heard it referred to as a “USP” (Unique Selling Proposition), “USA” (Unique Selling Advantage), “PDF” (Personal Differentiating Factor), “SOB” (Statement of Benefit), “UPA” (Unique Purchase Appeal. No matter what way you choose to define your unique factor, it’s one of the most critical marketing tools in business, today.
Coming up with your own UCA doesn’t have to be difficult. It’s simply a matter of identifying what you have to offer your clients, customers or prospects – beyond what the product or service you offer can provide.
Remember: your UCA could be something you or your firm or business can offer, exclusive of the features or benefits of the product or service you sell.
It's important to find ways to quantify, or specifically identify how you benefit, or provide advantage to the end user.
Phrases like, “Top Quality,” “The Best, Most Reliable Service,” “Dependable Delivery,” or “We offer top-of-the-line products, the best service, and the lowest prices,” ring hollow in the ears of your prospects and clients without specifics to back them up.
Tell customers exactly what they can expect from you. If you offer the highest quality, “top-of-the-line” products, define why in very specific, quantifiable terms so customers understand exactly what “highest quality, top-of-the-line” means to them, and how they’ll benefit.
Maybe you have the lowest prices in the industry or your market area. If so, define how much lower you are. How much your prospects and customers can save by buying from you.
Perhaps the support you offer in terms of education, service or marketing assistance is superior to that offered by your competitors. Or it could be that you offer free shipping, extended hours or better trained salespeople or advisors.
Whatever you offer: be specific about it and remember to show your customers how valuable it is to them. The more your UCA is yours, the less competition you’ll have, and the more market share you'll corner.