Avoid This Mistake From Crippling Your Business
Why do you do shop at the same stores or eat at the same restaurants over and over again?
The businesses you continue to frequent give you something special. Something unique. Something you just can’t get anywhere else.
If you expect people to do business with you rather than your competition, it’s imperative that you have something to offer that your competition doesn’t have.
That’s what’s known as your Unique Competitive Advantage, or UCA. It’s one of the most critical, yet most often overlooked marketing tools.Without it, potential clients won’t have a good reason to choose you over a competitor. Especially if you sell similar products.
But with it, you give your clients a reason to choose you over and over again. You become their first choice, and it happens naturally because you give them the one thing that no one else can. They wantto choose you.
Finding your UCA doesn’t have to be time consuming or complicated. We encourage you to take just 30 minutes and follow the three steps below. See what comes up. You may be pleasantly surprised.
- Make a List
Write down every advantage you can think of that your business offers. Make it a big list. Here are some ideas:
- The Name of Your Business. Does your name clearly say what you do or who you are? Can there be any doubt about what your business is just by the name? Can you use the name as an advantage?
- Exclusive Niche.Are you trying to be all things to all people? Do you sell to a specific group? Do you control, or have the potential to control, a certain market?
- Expertise. How knowledgeable are you about what you offer? Are you THE leading expert in your area? Do you have the potential to be?
- Guarantee. Do you have a unique guarantee? If you follow through where no one else can, that’s an advantage.
- Market Position.What is your market’s perception of you? Are you seen as affordable, luxurious, fast, safe, or dependable compared to your competitors?
- Price. Do you have the lowest prices for your product, or do you operate at a more exclusive level? Both have advantages. What about your competitors?
- Segregate the List into Three Groups
- Group 1: Those exclusive to you. Your competition cannot offer these.
- Group 2: Those offered by both you and your competition.
- Group 3: Those offered by both you and your competition, but which your competition is not capitalising on.
- Formulate your UCA
Look at the three groups and locate your unique benefit.
- Group 1: This is where you have the strongest chance of discovering your UCA. These things are exclusive to you and you alone, so capitalize on them to your fullest advantage.
- Group 2: These qualities are less likely to be your UCA, on their own. However, if you use some creativity and combine them with other qualities (especially from Group 1) you could create your unique UCA.
- Group 3: Something in this group could be a great UCA for you, but also for your competition. Be careful. Competitors could recognize what you’re doing and then begin to offer the same advantages, effectively nulling your benefit.
Developing an effective UCA doesn’t have to be difficult or time-consuming. But it’s essential if you expect to gain and maintain any kind of an advantage in today’s marketplace.
You’ll save time and money managing your business, and your clients will have a reason to come to you over your competitors every time.