Finding your Niche

Creating a point of difference, or a universal selling proposition can be a never-ending journey for business owners. Carving a niche in a heavily competitive industry will stop you competing on price, increase your sales and create more customer loyalty. No real news there!!

So, how should you go about building your niche and USP?

The first step is to have a look at your business introspectively. I find that many business owners do not give themselves credit for the strengths of their business. If your customer service is second to none, you should be proud. I’m sure you’ll agree that customer service seems to be plummeting headfirst down the list of priorities for most businesses out there.
Ask yourself these questions:

• What do you do well in your business?
• What do you do that your competitors don’t?
• What can you do that your competitors can’t?
• When your customers say thank you, what are they thanking you for?

This enables you to create a point of difference that you can use in your marketing. The next step is for you to think like one of your customers. What do customers of your industry dislike about buying from you or your competitors? If we look at the banking industry people are frustrated by fees. In the Telco industry network coverage is a big point of frustration. In In real estate it is overly pushy sales people and so on.

So what frustrates people who are dealing with your industry? Find two or three common complaints and then guarantee that your customers will not have that experience with you.
By now we have a double barrel approach to writing your marketing pieces. You have a USP and following it you have a guarantee. Try this tactic in 2013 – it is sure to improve your conversion rate.
For more business building ideas and tools please download our free toolkit on the right hand side.