THE MOST UNIQUE BUSINESS IN TRINIDAD AND TOBAGO
Leave your competition wondering what hit them. This is no gran-charge, you will see incredible results when you use this one simple, free marketing strategy thats easy to implement in any business. No other single marketing technique is more powerful.
Why Is This So Important Now?
The business environment in the Caribbean has matured. There are more new entrepreneurs in all sectors of the Trinidad and Tobago market. In addition with the signing of the Caribbean Single Market Economy other more savvy, well financed foreign businesses has the right to set up shop in your back yard.
Consequently, it can be expected that market share will be reduced. Now more than ever, all businesses in the Caribbean must become more aggressive. To this end, information on how to effectively implement business and marketing strategies that are inexpensive and powerful is essential to increased cash flow.
Leveling The Field
In essence, business operation in the Caribbean is no different from businesses in the United States, England or Europe. Businesses everywhere are created to serve the needs of the community/market.
The big question is: In a mature business environment where there are multiple suppliers of the same merchandise how does one business differentiate itself from the competition?
The answer is a “Unique Selling Proposition” (USP). Never before in the history of business has one simple, easy to implement, marketing strategy has been so successful.
Ultimate Strategic Positioning
A unique selling proposition (usp) is a short statement that captures the essence of your business. It could refer to the business characteristic, the quality of products or services or even some aspect of the business that is unusual or unique. It is strategic position that the business assumes.
In the past, many businesses adopted a slogan or motto but a USP is much more, Its the unique quality, a different characteristic that separates your business from any other. This uniqueness is integrated into the operation and philosophy of the business such that it is believed and acted upon by the owner and every employee in the business.
A slogan or motto is a witty or philosophically pleasing word phrase that sounds nice but is meaningless to the business. A USP, on the other hand, announces the intention of the business and is spoken by the actions of the business. When crafted expertly, an effective Unique Selling Proposition will generate more interest and more clients than any other marketing strategy.
A Good Example
An effective USP makes a potential client a paying client. It stops the browsers, the people on the fence and the ones who are merely considering. It creates more business. For example, consider an automobile company that adopts a USP like. “Buy it and drive for 30 days, if you don't like it, return it; no questions asked”. Or, "Our Roti will satisfy your hunger or we will refund every cent" Would you be more inclined to try that roti shop.
Makes sense?
Statistically, a dealer implementing such a strategy will sell a larger percentage of automobiles when compared to a dealership who competes strictly on price. To be sure, the dealer will have to accept a few returns but the number of units sold will always compensate for the returns. The same with the roti shop USP, granted there will be some refunds but increased sales will compensate for any refunds that is made.
A Tested Concept
Here, the analogies to a dealership and Roti Shop seems obvious but there are many examples especially in US companies that use a USP very effectively. When the competition is overflowing and businesses are falling over each other for the same consumers, the company with the most effective USP usually dominates the market.
Most of us know at least one US company that has an effective USP. These short, powerful statements have been psychologically branded on the minds of US consumers. For example, everyone in the US knows what's “Finger Licking Good”, “The Real Thing” and where they can “Have It Your Way”.
Here is a local example of a USP at work. The new cell phone company, Digicel has chosen "Talk More, Pay Less" and they are making inroad into a market that was formerly dominated by TSTT Bmobile. There are customers waiting to sigh up even before they are officially in the market. Question: What is TSTT bMobile USP?
As noted before the concept of a USP is not new, whats new is how its being used to market more effectively. Today, any business can develop a USP that capture its soul, its goals and the dreams of the owner. In fact, as stated previously, formulating a USP is the single most important and inexpensive action that any business could take.
For more information on formulating a USP go to google and enter the words “Unique Selling Proposition” or “USP” and you will get all the information necessary to formulate your own unique selling proposition.
Deciding on a USP that reflects the company should not be done in a willy-nilly fashion. Some thought and input from the various publics i.e. consumers, employees and the company's goals should influence the final decision.
If you are a one man operation, talk to your customers, talk to your suppliers find out what makes you stand out. Find out why people do business with you now. Set a goal to create and polish you USP until it works for you.
In the meanwhile, take a look at the various market leaders in Trinidad and Tobago, see if you could idenitfy their USPs. Email me some good examples of USPs you think is useful. We will share it with the rest of the members of this site.
Again, if you have a USP that you think you will like to include in you business name, run it by me for objective feedback. Two heads are always better than one. I am here to help you increase your business potential, only when you communicate.
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