At my seminar the other day we talked (amongst other things) about understanding your unique selling proposition, or USP.
My contention is that all successful businesses understand their niche and have a sales proposition that is uniquely attuned to that niche.
The challenge back from some attendees (owners of growing businesses) was that it was impossible to differentiate some businesses – you are either different or you aren’t.
People mentioned plumbers, web designers, law firms and accountants as examples of the latter.
I was able to give examples of all of those businesses who have defined a niche and are using it to drive growth.
Part of the confusion was that my attendees thought a niche means you alone serve those customers. Not true.
Another misapprehension is that the customers in a niche have to identify themselves in terms of that niche. Again, not true.
The niche is a construct that you put on the world in order to focus your marketing and your product.
They all thought that defining their niche and value proposition is pretty challenging. Now that is true.
That’s why so few businesses do it successfully.
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