What's unique about you

In our 6-Steps Framework, we have 21 building blocks for a successful business – grouped into 6 successive areas of growth for a business.

• Mastery?– provide stability
• Niche?– consistent cashflow
• Leverage?– productivity
• Team?– management in place
• Synergy?– multiple locations / businesses
• Results?– investible cash

Over the next few weeks of posts, we will focus on the building blocks related to?Niche. Starting with this week look at your business’ unique selling proposition (USP).

The best definition of a USP is what makes your business unique enough that your only point of differentiation from your competitors is not price – because once your only differentiator is price, you run the risk of price cutting yourself to bankruptcy!

So how can you move away from competing on price? Many business owners swear that their industry has "deteriorated" to price competition only. I totally disagree with that assessment in any industry. Ask yourself, why do people pay $5 or more for a cup of coffee at Starbuck's when they can get a larger cup from a convenience store for less than half the Starbuck’s price? Why would you ever buy a one bagel with cream cheese at Panera's when you can buy them by the dozen for about the same price at the local grocery store? Why do people shop at Nordstrom's when they can find similar styles and fashions at Target? Understanding the WHY is the key to answering these questions.

The WHY is because each of these businesses has spent time determining their Unique Selling Proposition. And it has nothing to do with price! Their USP is a clear and distinct differentiator for these businesses. They have spent time and effort perfecting what will make them DIFFERENT from their competition. They know what makes them UNIQUE. They then focus their efforts on delivering the uniqueness and when they do, people chose to buy from them - time and time again.

So what is your USP? What is it that sets your business apart from your competitors? Have you thought that through and are you delivering on that uniqueness every time you contact a client or customer?

Here's a homework assignment for you. Take 5 minutes and write down EVERYTHING that sets you apart from your competition. List anything that comes to mind.?

• What makes you different??
• What are you particularly good at??
• What makes your customers buy from you??

Now, once you have a good list, put yourself in the mind of your competition and ask yourself, "Can I (as the competition) make the same statement or claim?" If the answer is yes, then strike that item off the list. If the answer is no, then leave that item on the list. Go through the list from the perspective of each of your most significant competitors. Once you are done, look at your list and find the items (if any) that have not been stricken off. These may just be the beginning of your USP!

If after this exercise, you have nothing on your list, then go back and think harder about your business. If you truly do not have anything that sets you apart, then now is the time to be creative and ask yourself "What COULD I do to set myself apart?" and start a list of potential future USP's. This may be the list that you will use to re-engineer your business and begin the process of defining your Niche.

Make sense? If you have something that sets you apart, and it is something that your customer will value, then you are in great shape. Now all you must do is execute that all the time! If you come up empty, then be glad that you went through this exercise now because without a USP, you are sentenced to a slow death of competing on price, forever lowering your price, lowering your quality, lowering your service, and eventually shutting your business down. That's no way to win!

Find your USP. Try it on several of your customers. Get feedback from those you trust. Start mentioning it, delivering it, and highlighting it. If you can master this stage, you will set yourself up to not only have a business that is sustainable, but it will be profitable - and that ultimately our goal, isn't it?

Only Action gets you closer to your dreams - do something today that your future self will thank you for."

- COACH?RORY

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