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      Home BUSINESS Sales Sales Strategy & Management

      Know Your Value As A Business

      Do you have a unique selling point?

      Betsy Ings by Betsy Ings
      Dec 4, 2018
      in Sales Strategy & Management
      38
      Share on FacebookShare on TwitterShare on LinkedIn

      RelatedTopics

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      What Is Customer Intimacy And How Do You Use It?

      Developing your unique selling point and value as a business often become the cornerstone of your competitive advantage and growth strategy.

      Your competitive advantage is that what makes your business different from the rest. It is so important that Jack Welch, past chairman and CEO of General Electric said:

      “If you don’t have competitive advantage, don’t compete.”

      There are two types of competitive advantages:

      1. Cost advantage
      2. Differentiation advantage.

      Cost advantage means you provide reasonable value at a lower price. This is achieved by continuous improvement of operational efficiencies and using economies of scale. The low-cost strategy requires a close watch on profit margins and monitoring your competition for price changes.

      Your competitive advantage may be easier and more effectively achieved for long-term success, by differentiation. A business with a differentiation strategy can charge better prices with higher profit margins.

      How to achieve value through a unique selling point in your business:

      • Bend over backwards: Go out of your way to impress and assist your customers. Focus on their needs, making their experience a pleasant one.
      • Be the best: Provide a unique or high-quality product or service.
      • Be innovative and bold: Meet your customers’ needs in a new way. Strive to be the first to offer new products or services to attract them and keep them coming back.
      • Specialise, specialise, specialise: Instead of aiming to meet the needs of an entire market, rather specialise in one aspect. Establish yourself as an expert in your field and carve out your own growth path for a niche market.

      “Don’t try to be all things to all people. Concentrate on selling something unique that you know there is a need for, offer competitive pricing and good customer service.” – This is the advice of Lilian Vernon, a U.S. businesswoman whose company was the first women-found company to trade on the American Stock Exchange.

      Betsy Ings

      Betsy Ings

      Betsy Ings is a visionary leader at the forefront of sustainable economic development in Africa. She is an award-winning social entrepreneur, accomplished trainer and sought-after mentor who focusses on bridging the skills gap which women and emerging entrepreneurs face. Betsy is the Founder and Managing Director of Tradelane. Betsy is an internationally accredited trainer to various United Nations organisations, as well as the International Labour Organisation (ILO) and Mentors and Business Coaches International (MBCI).

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