People buy products and services based on many factors. Each factor will have a different weight than others depending on the buyer’s needs.
What are your customers’ needs?
Think about your business and what factors your buyers consider when purchasing your products or services.
Factors buyers will consider are:
- Price point – value for money
- Simplicity – easy to use
- Reliable – deliver on time
- Limited conditions
- Connection – know, like and trust you
It could be a combination of any of those. One way to find out is to ask you current and past clients or customers. After speaking to them you will have the following question answered, “What is it that your and your business are known for? You will know why people buy from you over your competitors. You can look at this as your Unique Selling Point [USP].
This phrase USP gets mentioned a lot in business and is sometimes difficult to identity in your own business.
What is a Unique Selling Point? It’s a factor of factors that differentiate you from your competitors. It provides a specific benefit that solves a problem in the marketplace that your competitors don’t offer.
An example of this can be two companies selling the same product.
Company A: Selling online products with the option to get postage and handling for a flat yearly fee of $50. This applies only to the customer who has purchased $200 products within the last three months.
Company B: Does the same as company A, offering the postage and handling for a flat yearly fee of $50 but without the condition of purchases required to take up the offer.
Which do you think most people will go for?
In this case, both companies are offering a similar deal but one has conditions.
In this scenario, the value for money is a determining factor. Nowhere here have we mentioned factors like reliable or convenience when it comes to using any of these companies.
Company B even though their offer is excellent value, they may not be able to deliver on time or in a time expected by their customer.
This then comes back to knowing your customer needs.
In your business what do you want to be known for? Focus on delivering your product or service 100% of the time in that manner.
EmpowerBeyond – Business Performance Solutons, focusing on people, process, products and services and improving productivity and cash flow www.empowerbeyond.com.au