Exclusivity

·At ‘Big Bens’ DJ services, we only use a special sound system that there is only three other companies are using in world.

·At Electric DJ’s, we have largest range of music tracks available anywhere.

By having any of these areas (you may have a niche one) allows for customer to choose someone who is providing benefit and solution that they are after.

How do you choose an USP?

That comes down to understanding your customers. What are their needs, wants and desires? What questions do your customers ask themselves before they buy? For example:

Why should I choose this business? What are they going to do for me? What promises will they make for me? What exceptions will be granted for me? How much value are they going to add to my life? What cost is it? What support systems are in place? How convenient is it to use this business? Will I suffer any consequences from going to this business? How much pleasure will I receive from doing business here?

And so on.

Find out what your customers wants. ASK THEM.

The easiest way to develop your USP is to find out what is your customer’s problems are in dealing with your competitors and solve that problem.

Here’s how Jay Abraham describes how to put it into practice.

You know how…

Well, what we do…

·You know how you have to wait in a line for over 20mins in banks to be served. Well, what we do is if anyone has been waiting in line for more than 10mins in our bank, we credit your account $10.

·You know how most mechanics need your car overnight to fix and leave you stranded without a car. Well, what we do is supply you with a car to use overnight so you wont be inconvenienced.

Now your turn. Grab a piece of paper and write a few responses.

You now how…….

Well what we do is……

It’s that easy. Find a problem that your customer’s are experiencing with a competitor and solve it. You have then developed your USP.

You must therefore investigate what your competitors are doing. For instance:

You must know how they are treating their customers. What they are offering them? What their prices are? What extra benefits do their customers get? What support and advice do they get? Where are they letting their customers down?

By knowing these answers is very powerful. It allows you feedback on how to develop your business and not fall in trap that your competitors are setting for themselves.

You must do opposite to what they are doing. Offer more solutions than your competitor is key. Offer more value. Offer more convenience. Offer more advice. Offer more.

Now you can understand that when most DJ’s say our USP is that we offer better quality and service, this doesn’t stand up because that is what your competitor is also offering. You must fine a problem in quality or service and solve that area.

If you don’t do this, you will become a business of ‘pick me, pick me’.

Market Analysis Section

An analysis of market shows that you have done your homework. This section is basically a summary of your Marketing Plan. It needs to show demand for your product or service, proposed market, trends within industry, a description of your pricing plan and packaging and a description of your company policies.

Financing Section

The Financing section must show that you are as committed to your business venture as you expect those reading your business plan to be. Show amount of personal funds you are contributing and their source. Also include amount of capital you need and your plan to repay this debt. Include all pertinent financial worksheets in this section: annual income projections, a break-even worksheet, projected cash flow statements and a balance sheet.

Management Section

Outline your organizational structure and management team here. Include legal structure of your business whether it is a partnership, corporation or limited liability corporation. Include resumes and biographies of key players on your management team. Show staffing projection data for next few years.

By now you’re probably thinking that you don’t need Business Plan just yet. Well you do, and there is business plan building software that can help you through this immense project. These software packages are easy to use and affordable. Use one today and produce a professional-quality Business Plan – including all critical components – tomorrow!