When you start a business you expect to be successful, so you need a plan. A business plan is really a rational strategy that will help you meet your short and long term goals. It includes a few key areas including: business goals, mission statement, target market, competitive analysis, pricing strategy, promotional plan, marketing budget, action list, and a way to determine if you have met your goals. Key to this plan is your unique selling proposition. In other words, what sets you apart from your competition? What makes your product or service the best available to your target market?
Start formulating your unique selling proposition by answering these four questions:
- What is my product? (i.e. “skin care cream”)
- Who is my audience? (i.e. “women over 40”)
- What do I do well? (i.e. “demonstrating the skin improvements in past and current customers”)
- What is the problem my customer needs solved? (i.e. “aging skin”)
Answering these four questions will lead inevitably to your unique selling proposition. What is it that differentiates my business and my product from my competitors? What makes my product unique? (i.e. “my product is demonstrably effective for women over 40”)
If you’re not entirely sure that your product is unique, that your service isn’t distinguishable from that of your competition, you likely need to revisit your preliminary questions. Take a few minutes to answer these questions for yourself and see if you need to make any changes to your overall business plan or if you’re on the right track!
Sarah Flashing is a digital creative, writer and public speaker. Her professional goals include helping people find success by employing the best tools available. Formerly a college instructor with a background in leadership development, Sarah works with organizations around the country helping them to develop & implement marketing and management strategies. Invite Sarah to speak at your next event.