There are scads of questions to ponder when you want to open an eBusiness—from deciding on the type of company and its product or service to seeking financing for your new business to understanding how to generate a profit.
And more . . . lots more.
Yet there is one pervasive question that ties the rest of them together. And you can’t move forward, much less be successful, until you give it serious consideration.
What is your Unique Selling Point?
USP (a brief definition)
A Unique Selling Point (USP) is a clearly articulated benefit to customers that defines what is special about your offering. And it should highlight something that competitive products or services can’t or don’t offer.
Here are some basics to help you “sculpt” a USP that sets you apart:
Emphasize your product’s uniqueness
If you’re fortunate enough to be offering a first-ever product of its kind, you already have your USP. Maybe it just needs to be fine tuned.
But what if you’re selling a common, everyday product?
The good news is that any product can be marketed in a way that differentiates it from its competitors. You just have to find the right approach; that is, the angle that appeals directly to your specific target customer.
For example, you could emphasize a physical attribute of the product itself, or its emotional connection to the customer, or both.
Note what the competition is lacking
Of course it’s important to be aware of the competition in every aspect of your business. But when it comes to developing your USP, in particular, knowledge really is power.
That’s why, before you open an eBusiness, it’s important to do the research and note what tactics make your competitors successful. More importantly, though, is to take note of what you have that they don’t.
This could include things like offering the lowest cost or highest quality.
Base it on the customer experience
It should go without saying that providing an excellent customer experience is paramount to any company’s success. In fact, it is Rule #1.
Still, there’s no reason why you can’t use it as a selling point too.
So maybe your USP could focus on the exceptional customer care you offer or how you handle problem situations. Or anything else customer related.
There are many factors to consider when you open an eBusiness. But, in the end, one of the most important things is to find your angle and then make sure everything you do is true to it.
And the rest will fall into place.
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