Results shared in a "Q2 2014 Sellability Tracker Global Release" webinar presentation by John Warrillow of Sellability Score.
You have no doubt heard that "your business needs to be unique." Being unique sets you apart from your competition and gives customers a reason to purchase from you, rather than your competitor. You hear that and you get it, but have you truly set about actually doing it? I don't mean just thinking up a tagline with a nice ring to it. I mean truly researching your market, your competitors, and your customers to find out what sets you apart now or what could, and then focusing your business on it.
My guess, from what I have seen, is that you probably have not. After all, why should you invest the time and money in figuring that out? Business is kicking now - what will the additional payoff be? How about this: among companies who have received written offers, those who said they have a monopoly on their business received, on average, 50% higher offers for the purchase of their business. That is a 50% increase in the value of your business if you can differentiate yourself to the point that you eliminate your competition.
I don't think I myself have done this. It is hard to turn the lens on yourself, isn't it? It is no different for me than it is for you. I have conducted research, gathered data, analyzed competitors, and surveyed and interviewed customers. However, I have not put it all together yet and developed a full system around my points-of-differentiation. I have understood that this is important. I didn't know it was this important.
John Warrillow and his team at the Sellability Score just shared this data in a webinar. The data is from a study of over 10,000 users of the Sellability Score. Among many other impressive numbers around businesses that build to sell (not necessarily with the intent to sell, but with the ability to), this 50% higher offer number jumped off the slide.
I was so blown away by this that I had to double-check with John:
@inquisitek - you got it!
— John Warrillow (@JohnWarrillow) July 18, 2014
Kudos to him for answering my tweet.
One way you can start identifying your point-of-differentiation is by developing a unique selling proposition (USP). Download this free USP worksheet, courtesy of Joy A. Burke Copywriting Services, and get busy defining yours. You will need to do some research to get the answers you need -- remember to focus on your customers throughout this -- and you can get some tips and resources in this Super Simple Guide to Internet Marketing post.
Need help optimizing your website?