So how do you differentiate your business from your competitors?
The unique selling proposition (USP) is what differentiates you from other existing businesses in your field. It could be different technology, superior service, a more accessible interface, greater specialization, exclusive memberships or clubs, added value compared to competitors, location, culture, delivery speed, greater expertise, more accessible access, or various other things.
Whatever USP you focus on, your business needs one to survive. In their book, Differentiate or Die, Jack Trout and Steve Rivkin discuss the importance of differentiating yourself from the competition. Trout has been a consultant to Fortune 500 companies for over 30 years, so he knows what makes a business successful.
I believe this book can be helpful to any business owner struggling to identify and capitalize on their USP, as Trout and Rivkin lay out 4 steps to differentiation. They are:
Trout also teamed up with Al Ries to write The 22 Immutable Laws of Marketing, a book designed to help business owners re-evaluate their marketing practices. I’ve written a blog post about my favorite takeaways from that book, but it feels vital to touch on a few.
For instance, the Law of the Mind: “It’s better to be first in the mind than in the marketplace.” So how do you differentiate your business from your competitors? By standing out in your customer’s mind. It doesn’t matter if your company is late to the game as long as you’re unique enough to be remembered.
Also essential: is the Law of Perception: “Marketing is not a battle of products; it’s a battle of perceptions.” The quality and price of the product itself matter much less than the idea of the product that your customer takes away.
Differentiating your business from the competitive “wannabes” is essential to your firm’s long-term viability and profitability. So how do you differentiate your business from your competitors? Please fill out my contact form, and let’s strategize on building a defensible moat around your company.
Coach Dave
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