When we choose a restaurant, where to shop for clothes or car parts, where to buy or service our computer hardware and software, and so on, we have never had so many alternatives available. Like an amoeba dividing in a petri-dish, the marketing arena is an ever-expanding sea of categories.
An average supermarket has 40,000 SKU’s (standard stocking units). But here’s the interesting part… the average family gets 80-85 percent of its needs from just 150 SKU’s.
So with a bewildering explosion of choices for YOUR prospective customers, what makes you and your business stand out in a unique and appealing way? Your point of difference, or as we call it at ActionCOACH- your Unique Selling Proposition or USP? How do you ensure that you’re among “the few” of the many alternatives that get chosen? What's your edge in being the one that gets to serve their needs?
That’s a good question to ask not just yourself as a business owner, but your team members and your customers, as well. And if the answers come back a little vague, and perhaps not as compelling or persuasive as you might wish, it’s a definite sign you’ve got some work to do defining, communicating and exploiting your USP.
Other signs of an overdue “USP check-up” could be a lack of responsiveness to your ad campaigns, increasing price competition, low sales or declining margins.
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