It is hard to believe that we are already into Stage 14 of the 2019 Tour de Profit! We’ve successfully navigated our way through the Mastery Region of this year’s race and are now ready to take on another significant challenge.
Before we focus on your Niche, let’s take a quick look back to the Mastery stages. Over these past four days, we’ve covered the four areas of Mastery that are critical to the success of your business – Financial Mastery, Delivery Mastery, Time Mastery, and Destination Mastery.
I cannot emphasize enough how important it is to get these very specific elements nailed down in your business. Without them all you have is CHAOS! Master these four areas, and you will create the foundation on which you can build your winning business.
Here’s Your Profit Tip of the Day
Without a specific Unique Selling Proposition (USP), your are limited to simply competing on the basis of price!
Answering the critical questions and put in place the essential elements is to make sure that we can make a PROFIT in our business.
So how can you move away from competing on price? Many business owners believe that in their industry, their only option is to compete on price – but I don’t think that is very often the case. If you’re not so sure, consider these questions below:
● Why do people pay $5-$6 or more for a cup of coffee at Starbuck’s when they can get a large one from a convenience store for $1.95?
● Why would you ever buy a bagel with cream cheese for $4 at Panera’s when you can buy them by the dozen for about the same price?
● Why do people shop at Nordstrom’s when they can find similar styles and fashions at Target?
The WHY is because each of these businesses has spent time determining their USP – their Unique Selling Proposition. And it has nothing to do with the price! Their USP is a clear and distinct differentiator for these businesses. They have spent time and effort perfecting what will make them different from their competition.
Take 5 minutes and write down EVERYTHING that sets you apart from your competition. List anything that comes to mind. What makes you different? What are you particularly good at? What makes your customers buy from you?
If you truly do not have anything that sets you apart, then now is the time to be creative and ask your self “What COULD I do to set myself apart?” and start a list of potential future USP’s. This may be the list that you will use to re-engineer your business and begin the process of defining your Niche.
Make sense? If you have something that sets you apart, and it is something that your customer will value, then you are in great shape. Start mentioning it, delivering it and highlighting it.
To get more tips on how to improve your leadership skills, your team engagement and your business results, go to my website, www.tourdeprofit.com and you’ll find lots of free stuff there.
And when you’re ready, join my FREE, private Facebook Group called The Peloton. It’s where business owners like you are learning, sharing and working together to get better every day! Here’s the link: https://www.facebook.com/groups/jointhepeloton/
Come on – join us! And remember, whatever you do, RIDE HARD!
