Your market edge is generally know as your Unique Selling Proposition (USP). To get a really rock solid foothold in your market you need a USP that exclusively identifies your business.
It’s what makes YOU uniquely recognizable.
Or to put it in other words; it’s why a customer would come to you rather then going to your competition across the street.
Here are some pointers on how to look at this.
Regardless of where you are right now, already in business or simply toying with some self employment ideas for going out on your own, finding your USP is critical to the success of your niche. But I would like to say that it is most essential to the success of any business startup ideas where the new business owner has no prior experience.
Discovering your USP needs some basic research. To get going take each one of what you believe are interesting self employment ideas or if you are already in business simply run with the products in your business. Now consider your likely opposition and apply the following criteria to what you believe are your top business ideas:
- Can you offer a PRODUCT RANGE that is broader?
- Will your product QUALITY be superior?
- Will your CUSTOMER SERVICE be different from everyone else?
- Will you be able to secure a top LOCATION?
It’s your take on these questions that form the basis of why your clients will keep on coming back. This goes for Internet as well as local businesses. If your business is strictly online than the question would read like this “Why should a customer respond to your Google Ad rather then the other one that’s placed by your competition?
To learn the answer to these questions follow these 4 steps:
1. Have a look at your customer’s purchasing patterns
You must find out what it is that your customers use as the reason for their purchase decisions.
2. Rank Your Business and Your Type of Business
What you need to do now is figure out who your top competitors are.
3. Design Your USP
Note the strength and weaknesses of your competition to help you work out what will make you stand out.
4. Work with Your USP
Being aware of your competitive advantage and using a great USP for your top business ideas brings you a strong basis on which to build a solid and successful business.
The process involved here is relatively easy if you have a little business experience. There are a variety of tools on the market to assist you with this task but if it sounds too scary to you then I would suggest that you think about doing a small business course. There are a number of very good online courses available that take a business like approach but that are still easy to follow. Just check that you chose one that you can do at your own pace and that uses a easy to understand step by step method with plenty of examples that are industry flexible to suit your enterprise. This is very important if you are considering some business startup ideas but you have no previous business experience. As a beginner, you can get a priceless advantage over your competitors if you get the business secrets that you will find in a small business course under your belt.
In winding up here let me repeat this important message from my last post:
“Remember to work on your research if you want to start a very successful business. It can be a bit of a bore at times but keep in mind, one of the main secrets to business success is beginning with a reliable blueprint. Just some extra effort now will have your top business ideas turn into a very profitable future!”
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