Competitive Analysis - The Secret To Creating A USP That Sets You Apart From The Competition
Competitive Analysis - The Secret To Creating A USP That Sets You Apart From The Competition
You see, your USP is what sets you apart from the competition.
It’s the reason why—all other things being equal—someone would choose to do business with you instead of the guy down the street. It is also the reason someone should buy your product or service over anyone else’s.
If you can’t tell your prospects why what you offer is different—or better—than the competition, they have no reason to buy from you other than price. And price is not a good differentiating factor. Because, thanks to the Internet, there is almost always someone out there who is cheaper than you.
Unfortunately, a lot of entrepreneurs don’t understand what makes a USP effective. So they end up focusing on a “USP” that isn’t really unique at all.
Let me give you an example…
I have a client who’s a chiropractor. With six other chiropractic clinics within a two-mile radius, he really needs something to differentiate him from the doctor literally down the street.
So I scheduled a brainstorming meeting with my client and his staff to talk about what they provide that might be both different, and valuable, to his target market.
Throughout the meeting, everyone kept throwing out features like:
* Convenient hours
* In-house X-Ray machine
* Relaxed, kid-friendly atmosphere
* Treatments for infants through elderly
* Payment plans
* Emergencies seen same-day
* The staff has a pleasant, upbeat energy
* The doctor has 12 years of experience
* On-site massage therapist
* They use special exercises to strengthen and loosen your spine before adjustments
Of course, my client was positive that convenience and experience were what made him unique and worth choosing over his competition. And at first glance, it seems like could be true.
Except for one problem…
Nothing on the list was any different from what the other chiropractors were already doing and marketing. He was simply not going to stand out from the competition.
How do I know? Because I spent an hour doing a very simple competitive analysis.
I called all the other clinics in the area with a short list of questions, and took a quick look at their Websites and Yellow Pages ads. Then I compiled all the information into a basic spreadsheet.
The result?
At a glance I could tell that every single thing my client was so sure made him different, didn’t. In fact, every chiropractor I talked to offered, and advertised, the exact same services and conveniences.
What would have happened if I hadn't taken the time to survey of the competition? We would have wasted a ton of time and money on marketing that was not going to make his practice stand out from the crowd.
The bottom line is; a competitive analysis is one of the most valuable tools you can use to come up with a USP that drives effective marketing. After all, you can’t be sure what you offer is unique unless you know what everyone else is offering.
You can use this technique to discover all kinds of information that can have a tremendous impact on your marketing—and your success.
How do you do your own competitive analysis?
1) Start by creating a spreadsheet for all your data either on paper or in Excel.
2) Down the left side put the names of your competitors. If you don’t know who your competition is, do a quick search online and in your phone book.
3) Label the columns across the top with all the things you think might be part of your USP, plus columns to list their products and/or services, hours, location, specialties, guarantees, special offers, experience or expertise, and USP (if you can tell what it is).
4) Visit the competition’s Websites, pick up the phone and call them with a few questions, and look at any advertising and marketing materials you can get your grubby little mitts on.
By the time you finish filling in your spreadsheet you should be able to tell at a glance what makes you different. Once you know your USP, be sure to communicate it in every piece of marketing or advertising you do. Soon you’ll become known for what makes you unique, and people will be dying to get what only you can give them.
©2002-2007 SuccessStream. All Rights Reserved.
Competitive Analysis The Secret To Creating A USP That Sets You Apart From The Competition - To learn more about this author, visit Stacy Karacostas's Website.
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If you’ve studied marketing at all, chances are you’ve run across the phrase Unique Selling Proposition, or USP. That’s because having a strong USP is critical to marketing your business effectively.
You see, your USP is what sets you apart from the competition.
It’s the reason why—all other things being equal—someone would choose to do business with you instead of the guy down the street. It is also the reason someone should buy your product or service over anyone else’s.
If you can’t tell your prospects why what you offer is different—or better—than the competition, they have no reason to buy from you other than price. And price is not a good differentiating factor. Because, thanks to the Internet, there is almost always someone out there who is cheaper than you.
Unfortunately, a lot of entrepreneurs don’t understand what makes a USP effective. So they end up focusing on a “USP” that isn’t really unique at all.
Let me give you an example…
I have a client who’s a chiropractor. With six other chiropractic clinics within a two-mile radius, he really needs something to differentiate him from the doctor literally down the street.
So I scheduled a brainstorming meeting with my client and his staff to talk about what they provide that might be both different, and valuable, to his target market.
Throughout the meeting, everyone kept throwing out features like:
* Convenient hours
* In-house X-Ray machine
* Relaxed, kid-friendly atmosphere
* Treatments for infants through elderly
* Payment plans
* Emergencies seen same-day
* The staff has a pleasant, upbeat energy
* The doctor has 12 years of experience
* On-site massage therapist
* They use special exercises to strengthen and loosen your spine before adjustments
Of course, my client was positive that convenience and experience were what made him unique and worth choosing over his competition. And at first glance, it seems like could be true.
Except for one problem…
Nothing on the list was any different from what the other chiropractors were already doing and marketing. He was simply not going to stand out from the competition.
How do I know? Because I spent an hour doing a very simple competitive analysis.
I called all the other clinics in the area with a short list of questions, and took a quick look at their Websites and Yellow Pages ads. Then I compiled all the information into a basic spreadsheet.
The result?
At a glance I could tell that every single thing my client was so sure made him different, didn’t. In fact, every chiropractor I talked to offered, and advertised, the exact same services and conveniences.
What would have happened if I hadn't taken the time to survey of the competition? We would have wasted a ton of time and money on marketing that was not going to make his practice stand out from the crowd.
The bottom line is; a competitive analysis is one of the most valuable tools you can use to come up with a USP that drives effective marketing. After all, you can’t be sure what you offer is unique unless you know what everyone else is offering.
You can use this technique to discover all kinds of information that can have a tremendous impact on your marketing—and your success.
How do you do your own competitive analysis?
1) Start by creating a spreadsheet for all your data either on paper or in Excel.
2) Down the left side put the names of your competitors. If you don’t know who your competition is, do a quick search online and in your phone book.
3) Label the columns across the top with all the things you think might be part of your USP, plus columns to list their products and/or services, hours, location, specialties, guarantees, special offers, experience or expertise, and USP (if you can tell what it is).
4) Visit the competition’s Websites, pick up the phone and call them with a few questions, and look at any advertising and marketing materials you can get your grubby little mitts on.
By the time you finish filling in your spreadsheet you should be able to tell at a glance what makes you different. Once you know your USP, be sure to communicate it in every piece of marketing or advertising you do. Soon you’ll become known for what makes you unique, and people will be dying to get what only you can give them.
©2002-2007 SuccessStream. All Rights Reserved.
Competitive Analysis The Secret To Creating A USP That Sets You Apart From The Competition - To learn more about this author, visit Stacy Karacostas's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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