Get an Edge
Your Unique Selling Proposition is that special thing about your business that totally differentiates you from the competition. Sometimes itâ€˜s the quality of your product that is outstanding compared to the others, sometimes itâ€™s service above and beyond the call. Rolls Royce is known for its supreme quality of its vehicles, and yes the price, of course. It is also renowned for its outstanding service. My friendâ€™s Rolls broke down on a remote place in the country. Rolls Royce sent a limo to pick him up and be with him until the factory mechanic and assistant flew in direct from England within hours to deal with the problem and fixed his car.
A business owner can easily make a competition matrix where you place all the benefits the completion has and some bad aspects of their business, then you add your own company next to theirs and compare. Your matrix column should exceed those of the competition in every category you measure.
Itâ€™s not enough to say you will do better, you must be measurable. If you build a better mousetrap in your advertising it better be just that.
Own a Phrase
â€œBrand is about owning a word or two in the minds of your marketâ€- Fortune. Branding and taglines have come in to their own in a fast moving environment where people are the commodity not the product. Personal branding differentiates the company from the competition and the tagline is the catch phrase to close the deal. Branding is a big topic. For more info seethe article on rebranding on my blog.
Clear goals and an action plan will allow you to grow faster than the competition. I tell my clients if you do one thing to grow your business a day, however small, after a month youâ€™ll have 30 things done and you will be well on your way to continuing growth. Â Hyperfocus on the other hand is putting all your energies in one aspect of your business, say for a quarter to jumpstart your business. It may be doing a focused blitz on social media sites or creating a large inventory for a big sales event.
Control Your Cash
Make a budget and stick to it. A lot of small businesses will open the doors knowing what they have in cash in the bank. Few know what the full cost of doing business is and many donâ€™t even know their breakeven point.
Set up a conservative budget based on a two year forecast, allow for realistic growth, a workable advertising allowance and follow your forecasts.
Social Networking Marketing
A local business gives its sales force Blackberries and tells them to â€˜tweetâ€™ several times a day with a corporate message promoting the company. The cost is minimal, the numbers reached vary but can be considerable and yet another guerilla tool has been developed. Facebookâ€™s fan pages, LinkedInâ€™s professional resume format and numerous others continuously add a dynamic marketing tool to be used and pushed to their limits by keen marketing people.
Move into overdrive in terms of work, team building, developing relationships and strategic alliances. Take those 35 hour weeks and throw them out the window. If you donâ€™t eat and sleep thinking about ways to grow your business worry because your competition are doing just that.