Are You Unique Enough?
You have heard us say that businesses are not unique from industry to industry. But when we say that we are referring to “the business of being in business”. And indeed, when a business violates any one of the simple “laws of business” they are flirting with failure. Today, however, we are talking about the uniqueness of what you offer to the public or to your potential customers.
Is your product or service offering unique enough to grab the attention of your customer? Does it give him or her a reason to do business with you rather than the competition? Is it unique enough to charge a premium price?
Most of the time when we talk about a Unique Selling Position or USP we refer to the product or service itself. Many businesses have found ways to make their product or service unique in the marketplace with revolutionary new features that customers are drawn to because they save time, solves a problem, are aesthetically pleasing, or give them an advantage in the marketplace (B2B).
But what about businesses that sell a commodity or someone else’s name brand products? We need to develop a uniqueness for those businesses as well. Convenient locations, ease of purchase, money back guarantee, fast shipping, are examples of how we create uniqueness when we don’t have the power to change the product.
Being unique in your business offering is crucial for several reasons, each contributing to the overall success, sustainability, and growth of your business. Here’s why uniqueness matters:
- Differentiation from Competitors
- In a crowded market, a unique offering helps your business stand out from competitors. It gives customers a compelling reason to choose your product or service over others.
- A unique business offering can create a competitive advantage, making it harder for competitors to replicate what you do and allowing you to capture a specific market segment.
- Attracting and Retaining Customers
- Unique offerings can create a loyal customer base that values the distinctiveness of your product or service. Customers are more likely to return and recommend your business to others if they find something special that they can’t get elsewhere.
- A unique offering contributes to building a strong brand identity. When customers associate your brand with something distinctive, it strengthens their connection to your business.
- Pricing Power
- If your product or service is truly unique and valuable, you can often command higher prices. Customers are typically willing to pay more for something that they perceive as special or superior.
- A unique offering reduces the pressure to compete on price alone, allowing you to focus on delivering value and quality instead.
- Building a Niche Market
- Uniqueness allows you to address specific needs or preferences that are not being met by mainstream products or services. This can help you build a niche market with dedicated customers.
- Niche markets often have less direct competition, making it easier for your business to establish itself as the go-to option in that space.
- Innovation and Growth
- Striving for uniqueness encourages ongoing innovation and creativity within your business. It pushes you to continuously improve and adapt, which is key to long-term success.
- A unique offering can lead to sustainable growth by keeping your business relevant and attractive in a rapidly changing market.
- Brand Loyalty and Advocacy
- Unique offerings can create an emotional connection with customers, making them more likely to remain loyal to your brand and become advocates for your business.
- Customers who love your unique offering are more likely to share their positive experiences with others, generating valuable word-of-mouth marketing.
- Protection Against Market Saturation
- A well-differentiated product or service is harder for competitors to imitate, protecting your business from market saturation and commoditization.
- Uniqueness can make your business more resilient during economic downturns or market changes, as customers may continue to choose your offering due to its distinctiveness.
- Enhanced Customer Experience
- Unique offerings often provide a more personalized or tailored customer experience, which can lead to higher satisfaction and stronger customer relationships.
- By offering something unique, you can address unmet needs or pain points in the market, providing real value to your customers.
- Improved Marketing and Branding
- A unique offering allows for clearer and more compelling marketing messages. It’s easier to communicate what makes your business special, which can attract more attention and interest.
- A distinctive product or service often comes with a unique story, which can be leveraged in marketing to create a memorable brand narrative.
In a competitive marketplace, uniqueness is a powerful tool that can set your business apart, foster customer loyalty, and drive long-term success. By offering something that no one else does, or doing it in a way that no one else can, you create a strong value proposition that resonates with customers, builds your brand, and positions your business for growth and resilience.
Take for example the restaurant business. Unless you have a captive audience like an airport or inside an amusement park or national park why would you open a restaurant that serves a similar menu to most other restaurants? Unless your restaurant has a specialty, something it is known for, why would anyone go out of their way to visit your restaurant?
As a consumer I want something “cravable”, otherwise I will stay home and make a sandwich. And if cravable isn’t a word, it should be, and it should be what all businesses seek to be in the marketplace. So, I say, make your business cravable!
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