The Business Ladder of Success Step 2 …
In this series of Fast Forward Your Business Blogs, I am going to address the 6 Levels of business that are required to have a successful business. We define a successful business as a:
‘Commercial, profitable enterprise, that works, without YOU’ …
The Business Ladder of Success
In the last instalment we addressed Level 1 – Mastery. At the Mastery Level, this is where we establish the foundations of the business and move from Chaos to Control. This week we move on to Level 2 – Niche.
Level 2 – Niche
Niche is about marketing and having a consistent and predictable cashflow.
If you live by price, you die by price. You only attract price shoppers, so there is no loyalty. Loyalty and repeat business is what creates ongoing business profits.
To get out of price competition, you need to be or do something different to the rest of your competition.
ActionCOACH’s definition of Niche: ‘No Price Competition’
No price completion is finding what your Unique Selling Proposition (USP) is in your business. Every business has something very special about it, the trick is to firstly identify what your USP is and then secondly, to articulate the USP so that customers can easily identify with your Company.
Marketing Guru Al Robinson says …
“A USP is a Deep Seeded Identity Check to see how well you understand your customer, your business, and the position of your business within the market in which you are competing.”
“It’s an attempt to understand your business so well that, given the opportunity, you can tell any listener or observer, exactly who you are, and what you can do, in such a way that they can’t help but want to know more about you and your business.”
Some examples of famous Company USP’s include:
- Target: ‘Expect More, Pay Less’
- FedEx: ‘When it absolutely, positively has to be there overnight’
- Cadbury: ‘A glass and a half in every block’
- Holden: ‘We go there’
Your challenge is to find out what it is that makes your products or services unique and that set you apart from your competition.
Recommended reading: Purple Cow – Seth Godin
You’re either a Purple Cow or you’re not. You’re either remarkable or invisible. Make your choice.
In Purple Cow, Seth Godin urges you to put a Purple Cow into everything you build, and everything you do, to create something truly noticeable. It’s a manifesto for marketers who want to help create products that are worth marketing in the first place.
Combining your USP with a Guarantee will ensure that you set your business apart from the competition.
Using a guarantee (or a number of guarantees) is enabling your business to deal with customers key frustrations. For example, typical customer frustrations with using tradies, is that they rarely turn up on time, leave a mess and present poorly.
Check out how this Plumbing Company has addressed these typical frustrations with their guarantees and assurances:
Benjamin Franklin – The Punctual Plumber:
Their USP: THE PUNCTUAL PLUMBER
Their Guarantee: http://www.benjaminfranklinplumbing.com/our-difference/our-guarantee
Their Professional Expectations: http://www.benjaminfranklinplumbing.com/our-difference/our-plumbers
Their Code of Ethics: http://www.benjaminfranklinplumbing.com/our-difference/code-of-ethics
If you ever required a tradie, would you engage a Company with these guarantees and assurances in place and would you be prepared to pay a little more for their services?
In most countries the law requires you to repair, replace or make good etc. anyway, so why not promote that you do … You can set the rules of the guarantee, however, make sure that you can deliver on the guarantee.
With all marketing activities it is essential that you Test & Measure the effectiveness of the campaign. This will enable you to quickly identify if the marketing is working or not.
Do more marketing on what is working and stop whatever marketing is not working!
It may cost you a lot of money, with no return, if you leave your marketing to trial and error.
Marketing should be seen as being an INVESTMENT and therefore, you should be expecting a Return On Investment (ROI) from all of your marketing campaigns and activities.
In the next instalment of Fast Forward Your Business we will address Level 3 – Leverage
In business, it is always the little things that get big results.
Take the Marketing Check Here to receive a complimentary report on the ‘marketing status’ of your Business …