Every single aspect of our lives today has become far more competitive than it was just a decade or two ago. When I take a look around, I notice how society pushes children to learn more at a younger age, and that we have come to expect more, for less. What once may have been perceived as a luxury is a necessity today. This is largely due to technological advancements and our natural inner driving force to stay one step ahead of the competition.
So with all of this in mind, I took a long hard look at just how well I was performing my job, and although we had been enjoying some amazing growth in terms of sales and profits, there was always room for more growth and improvement. We were doing well in terms of competing with others in our industry but our competitors adopted a “higher quality product” approach. In other words, they were marketing their range as better, and therefore it “justified” their higher prices.
When I noticed this new marketing strategy, I immediately reported this to my boss and we had an emergency meeting with our marketing team to develop a response. Clearly our competitors were trying to make our products look inferior but we had one major advantage, we didn’t have the expense of overheads.
My boss explained that when running a company from a place like the Vizz Business Centre, it automatically means that you save on your expenses each month, so while our competitors were paying rent, electricity, other utilities, phone bills and all sorts of other monthly expenses, we were not. These savings were then passed on to the customer.
In short, our product is just as good (if not better) than those offered by our competitors. We don’t have the massive expenses that they do, so we devised a cunning plan to justify our low prices without compromising the quality of our products. Our new approach was to educate our target audience that “when we save… you save”.
We added a link on our website and a banner detailing our decision to make use of virtual offices rather than forking out large sums each month on overheads. The bottom line is that you need to pay your rent, electricity and other fixed expenses, even if you don’t sell a single product. This can quite easily cause your business to run at a loss month after month, and eventually there’s no saving a sinking ship.
Of course, every business is designed to make a profit, so the money we saved on a monthly and annual basis meant that we could up our profit on our products and offer our clients the lowest prices around. By keeping just a little bit extra for ourselves, it gave our bank account some wriggle room just in the event of a quiet month. It also makes it possible for us to offer even lower prices if our competitors lower theirs even more, and we can always push them to their limit without running at a loss.
Our price is what makes us stand out, and we back it up by supplying our customers with quality goods and excellent customer service. In other words, we snag them with the price, entice them with our customer service, and keep them coming back for more thanks to the quality we offer.
Standing out as a business depends on the Unique Selling Point you leverage, and when you leverage it, you need to go all the way. There are no half measures and you’re either all in or all out. Also, your USP needs to be evident in every aspect of your business, from your on line adverts to your stationery, and even the behaviour of your employees.