In today’s highly competitive business world, your distinctive value is the key to stand out among your competitors. Consumers have so many choices, like breakfast cereals that offer few distinquishing factors, other than healthy, crunchy, or kids-friendly. Your job is to distinguish your product or service offering and communicate this difference in terms of value to the customer. Here are several suggestions to get you started.
How can you determine your product or service value?
Philip Kotler, renowned marketing expert and college professor suggests asking what is the unique way you can be deliver value at each step in the consumption chain. In this example of determining value, think about real estate and the competitiveness in the real estate industry.
Dick & JoAnn Lee are owners of the Lee Realty Team that has had remarkable results in the current economy. The Lee’s found ways of providing more value for customers using technology tools and certifications that help them distinguish important factors of the housing market and customer needs. This positioning strategy also helped them create and communicate this distinctive value where very few realtors have an advantage.
What is your Unique Selling Proposition?
Your unique selling proposition (USP) is a formula for selling your product or service based on its uniqueness to the customer that is unlike any of your competitors. Your USP is important because if you simply say you’re selling automobiles, it would be difficult for customers to differentiate you from others.
For example, the Lexus brand is built around quality, luxury and superior customer satisfaction. Delivering value is what Lexus dealers do to earn your business–and customer satisfaction is what Lexus sells. Customers, including myself who own a Lexus know and stand by the brand.
Now, how do you communicate value?
Communicating your distinct value requires positioning the value how customers perceive and value your uniqueness. The Starbucks brand is a great example of a company that transcends value over time. Starbucks quality is unlike any other coffee, because of what I like to refer to as, its “brand experience”. The connection for customers is clearly communicated:
Our coffeehouses have become a beacon for coffee lovers everywhere. Why do they insist on Starbucks? Because they know they can count on genuine service, an inviting atmosphere and a superb cup of expertly roasted and richly brewed coffee every time.
Starbucks identifies its customers as “coffee lovers” — who will want to spend time in its coffee shop — and know they will receive a quality cup of coffee every time.
Try analyzing your product or service for its USP and communicating this distinctive value. I will be glad to help.
Photo copyright Starbucks Corporation. Used with permission.