Having a point of difference to your business is key to ensuring its survival.
This is a short version of a typical conversation I may have with my client:
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Coach: Can you tell me why I would buy from you, and not from your competitor?
Entrepreneur: We have a great quality product, great service, we are the best!
Coach: What would your competitor say if I ask them the same question?
Entrepreneur: Actually, they copy us like crazy!
Coach: So why would I buy from you and not them?!
Entrepreneur: I told you we are the best!
This is what your customers will say: what is in it for them? Why should they give you their hard-earned money?
The right answer (and there is one) needs to be wholly about the customer benefits and experience, and not how good you are. It is not about the features of your products but about the benefits of these features to the end customer. The correct answer is in what informed business people call unique selling proposition (USP). Some also call it unique selling edge, unique selling advantage, unique selling benefit, unique selling distinction, etc.
An effective USP
An effective USP should be the raison d’être of your business, because it succinctly describes how customers benefit if they buy your products/services and what assurances, evidence or guarantees you provide for buying from you. In other words, a USP provides a clear and guaranteed solution to a need. Discovering and describing your USP can be challenging and time consuming but the rewards are almost certain.
This article can be read in full on Walid’s Blog.