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How to Turn Your Million Dollar Idea Into a Reality Part 2

How to Turn Your Million Dollar Idea Into a Reality Part 2

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Published by torontoniano

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Published by: torontoniano on Mar 29, 2010
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02/27/2012

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41
From imagination to
From imagination to
 standing out andmaking a name
Chapter 4 
Starting out with a weak business name is like trying to golf with only one clubin your bag. You may sink some shots but it will be a whole lot harder.
Canadian small business guide 
Key points
 You must have a unique selling proposition to be successful. Your unique selling proposition should tell your customerswhat you are offering that your competitors aren’t. Your name should communicate what you do. Your name should be memorable, easy to recognise andsuited to your target market.Okay, so you’ve come up with the million dollar idea you want toimplement and retire on. In this chapter we are going to look atmaking you stand out from the crowd and choosing your businessand/or product name.
 
How to turn your million-dollar idea into a reality 42
Standing out with your unique selling proposition
So you have an idea to market a nuclear-powered mouse trap or,like a few of the entrepreneurs mentioned earlier, you are goingto market an existing idea more effectively. You need to be able toclearly communicate what sets you apart from your competition. Whether you call it a unique selling proposition (USP), strategiccompetitive advantage or differentiating statement — and there aremany more you need to define it.The concept of having a USP was developed by Rosser Reevesover 60 years ago, in an attempt to distinguish similar productsfrom one another. (Reeves is now in the Marketing Hall of Fame.) What do you stand for and why is your business different? Askyourself a simple question why will my clients come to me andnot my competitors? If you can answer this, you have your USP. Itis a statement of benefit, a consumer’s buying motive, a strategiccompetitive advantage; whatever you want to call it, you mustdefine it. If you can’t identify it, how will your customers? Your USPcan be included in the title of your business, or as a catchphraseor slogan. I know you have probably heard this before, but that isbecause it’s so important.Have a think about stores that you go to regularly. Why doyou go back to them? Is it the service? The prices? The range of products? You probably go to different stores for different reasons;you might go to the supermarket for the prices, while your favouritehardware store might be a little bit expensive but offers excellentassistance with your backyard projects. Price is most important forone type of store, but it’s the service that attracts you to the other.If you are spending $5000 re-landscaping your backyard, gettinggood advice is more important than saving $200.
Many attempts to communicate are nullified by saying too much.
Robert Greenleaf — management expert and author
Finding
 your 
USP
Think about what USP means:
unique
selling proposition. Thismust be something that only you can offer that is useful to your
 
From imagination to standing out and making a name43
market. Good service is not a USP the
best
service is. Cheapprices are not a USP the
cheapest
prices are. A pizza shop thatdelivers has no USP a nurserythat delivers might. Phone helpavailable 24 hours is not a good USPfor a furniture store, but it mightbe for a vet. Find the USP that suits
 your 
business and
 your 
market, andincorporate it into everything yourcompany does from changingthe lining of the rubbish bin, toissuing gift vouchers, to advertising. Make your USP succinct andmemorable, so that your clients will remember it and instantlyrecognise your business.The areas you can base your USP on are:
Selection
: ‘The average widget store carries three to sevenwidgets, some even have as many as 15 widgets, but ourstore always has 27 different types of widgets in stock.’ Forexample, Blockbuster’s ‘Get it first time or get it free’ offer.Their USP is that they have more copies of each movie thantheir competitors.
Service
: ‘Willy’s Widgets has 12 expert widget staff to assistyou with your every need.’ Or, ‘We will be at your doorwithin two hours, guaranteed’. For example, FedEx standsfor, when it absolutely, positively has to be there overnight.This was a FedEx innovation.
Price
: ‘We always have $50 widgets for sale at $34.’ Or, ‘Wewill beat any price by 10 per cent’; for example, Bunnings Warehouse — their USP is that they will always be cheaper.
Quality
: ‘We simply make the best widgets, regardless of cost.’For example, BMW ‘Sheer driving pleasure’. Do you think‘We will beat Mercedes’ prices by 10 per cent’ would workfor BMW? Of course not. Part of what BMW sells is prestige,which means it doesn’t have to concentrate on price. In fact,expense is expected in this market.
Pete’s tip:find your USP
If don’t know what your USPis, your customers won’tknow either.

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