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Profit Boosting Tip - Be different

Unfortunately, in difficult economic times people start to play safe in business. Often that means falling in line with every other business in your area or sector – copying their ideas, doing the same type of advertising or using the same suppliers. But the trouble with that approach is that it makes it almost impossible for customers to decide who to use or to build any loyalty to one particular business. Now, more than ever, you need to work out what makes you stand out from the crowd if you want to see profits that are different to everyone else.

Here are a few ideas to get you started:-

Concentrate on a smaller group

Focus on a specific, narrow group of customers rather than trying to please everyone. If your competitors are aiming for a large market group, go narrow but really specialise in understanding that group.

Make your service unique

Work out how your service can be different to everyone else and change your business model to support that. Think about how people interact with your business and how you can make that interaction different from your competitors. Think of how Innocent changed the language people used on their products to engage with customers in a different way. What is the equivalent for your business?

Know your USPs

Most businesses have heard of USPs (unique selling points) but in my experience very few can actually explain what theirs are. If you can't, you are in a weak position.  It’s not enough to have a list of six things that your competitors each share a few of. Really challenge yourself in terms of why you are unique.

Re-imagine

Think about your business in a completely different way. If you were from another sector how would you run it? If you were forced to throw out your current approach and start again what would you do differently? Sometimes we are all too close to see things differently, so you need to step back to find how to be unique.

Ask for ideas

Use your customers to ask them what you do that is the same as everyone else and what is different. You may be surprised that little things that you do not even think about are important and things that you think are critical may not be to your customers. What would they like to see you do that would make you stand out from the crowd?

Add value

Sadly, one of the easiest ways to stand out from the mass of competition is to add a load more value to your customers. Not enough businesses do it. How can you offer something more, give some expertise, reward loyalty or add value to their business so that you stand out from the pack?

Being unique and different does not need to be hard – but it can take some courage to turn away from everyone else who is doing the same thing. Just remember, if you don’t you will get the same results that they get – and chances are they won’t be enough for you.

Take action now and redevelop your USPs and click on the link below for more profit boosting tips.

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