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What is a Unique Selling Proposition?

The foundation of a unique selling proposition is offering a product or service perceived by potential buyers as unique and valuable.  The attributes of the business’ products or services should be substantially different from the competitor.  In order to effectively develop a unique selling proposition, a business needs to study the existing buyers’ needs and behavior.  It will have to be determined what the buyers consider valuable and what they are willing to pay for.  Once this assessment is complete, a business will have to incorporate the selected buyer-desired attributes into the unique selling proposition in an effort to distinguish itself from existing competitors.

The objective of a unique selling proposition is to differentiate the business’ products or services from it rivals in such a way that this original selling proposition appeals to the majority of the existing buyer market.  A unique selling proposition concentrates on outperforming competitors, by offering customized …… Read the rest

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Communicate Your Competitive Advantage

Your competitive advantage is what gives you the edge over a competitor.  It is a product feature or attribute, which is superior to that of the others on the market.  Or, it might be a service that you are able to perform better than your competitors. Regardless of what it happens to be, that competitive edge can be exploited in order to attract new customers, and can also become a catalyst to drive sales.  However it is vitally important, that this advantage be clearly and effectively communicated to clients.  The message ought to be specific, and should be communicated every chance you get.
How to communicate your competitive advantage:

1. Develop a positioning statement: The statement should be compelling, accurate, descriptive, and carefully crafted in order to grab the attention of the target audience. The purpose of the statement is to underline the differences between your product, and that of your competitors, …… Read the rest

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Brand Value vs. Brand Recognition

If I were to put two packages of coffee before you, one being Folgers and the other an unbranded coffee, and asked you to purchase one of them, in all likelihood you would choose Folgers.  Why?  Because Folgers is a brand that you easily recognize, and more importantly it is the brand that you know that it provides you with value.  Consumers will always align themselves with a brand name that they know and trust.  In fact, they won’t hesitate buying it, even if it costs more.

That simple scenario gives an example of the twin concepts of brand recognition, and brand value.  In order to achieve brand recognition on the market and create brand value, small businesses need to focus on product branding.

Brand value is a precious yet intangible asset, which will make a consumer pay premium price for a product. To a large extent, the value of a …… Read the rest

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Positioning Your Brand

If your brand is well-defined in the marketplace, then that is guaranteed to drive product sales and propel your small business along the road to profitability. It is every business’ dream to have a brand that is easily recognized, resonates well with consumers, and evokes positive feelings and emotions.  However, while it is attainable, it often proves to be very elusive.  Nevertheless brands like Apple, Facebook, KFC, Coca-Cola, Google, and others, have managed to hit the mark.  They have realized that making it to the top and staying there, is all about brand positioning.

Your brand is what establishes your identity with a customer, and defines your business. Very often it might be a logo, like Apple’s grey apple, which is the first thing that comes to mind when you think of that company. It might also be a sign, or company name, or the way you do business, and the …… Read the rest

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Brand Visibility: Tips to Set You Apart

A well-defined brand will set your product apart from the competition.  However, the success of any branding strategy hinges on the ability to establish brand visibility in the marketplace.  The product must be known and recognized. If that is achieved, then customers will be willing to buy your product.

Brand visibility refers to the ability to gain the attention of the target audience.  There are always going to be several brands competing for the attention of the consumer, therefore, they are going to buy the brand that offers them the best value.  That brand will be the one most able to satisfy their needs, and generate a level of comfort and satisfaction that will earn it preferred status. In order to attain that status, a brand must be able to excel above the competition.  However, the brand must first of all be visible.

Brand visibility, is what is needed to take your …… Read the rest

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Broken Promises

In general, what sets one product apart from the rest is branding.  Branding is a method that differentiates a product and makes it easily identifiable.  It should therefore be an important component of your company’s marketing thrust. It is a twofold concept, involving the promotion of both your business and product. Business branding involves the utilization of diverse tools to promote your business’ strengths in order to attract customers, and cement your position in the market.
For the small business with limited resources, less costly marketing tools like social media, can be used to create value for the business.  Sites like Twitter, Facebook, LinkedIn, and others, present the opportunity to spread the word about your business, and get your name ‘out there’.  However, use of these resources should be part of an overall brand strategy, aimed at developing a well-defined brand (unless you’re planning to waste lots of time without seeing …… Read the rest

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What Is Brand Positioning

Brand positioning is a strategic approach to establishing a sustainable competitive advantage.  Wikipedia defines  competitive advantage as “the strategic advantage one business entity has over its rival entities within its competitive industry. Achieving competitive advantage strengthens and positions a business better within the business environment.” [Wikipedia]

There are different ways to improve a business competitive advantage and I mention some of them below. But before I do it, it’s important to understand that the objective of brand positioning is not to bring your competitors down, but to outshine them by performing better and more efficiently cater to the needs of the industry’s customers.

There are five generic competitive branding strategies useful in brand positioning.  These generic competitive strategies are:

a low-cost leadership strategy
a broad differentiation strategy
a best-cost provider strategy
a focused strategy based on lower costs
a focused strategy based on differentiation.

Let’s take a closer look at each of them.

1. A low-cost …… Read the rest

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How To Protect Brand Identity on Social Media

If you happen to own a small business, there is no denying the benefits to be gained by utilizing the powerful advertising tool known as social media.  The use of sites like Twitter, LinkedIn, Facebook, and others, can be very effective in increasing brand identity, growing your business, and keeping you ahead of the competition. Many business owners are now making optimum use, of the marketing opportunity presented by social media sites.

However, social media advertising does have its downside, so while it is important to ensure that you establish a clearly defined presence on these sites, it is also necessary to have strategies in place to protect your brand identity.  The social media landscape has been dotted by many incidences of fraud, and unauthorized use of intellectual property.  Early detection of infringements will ensure that the goodwill and distinction you have earned in the marketplace, is not eroded.

Your brand identity …… Read the rest

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Let’s Make Your Business Stand Out

One of the most important questions in the strategic process of making a business different and stand out in an industry is how strong the business’ competitive positioning is. Every business needs to know where it stands and how strong it is at maintaining this position to ensure that it successfully stands out to potential buyers.  A business interested in strong positioning on the market needs to examine how it ranks compared to competitors.  This includes the business’ resources as well.  It will need to be established whether or not a business is even competitive or not.

There are some general indicators of a business possessing a competitive strength.  Let’s name a few.

a growing customer base
a consistently increasing customer loyalty
above average profit margins.

Utilize your strengths to achieve differentiation in a relevant industry.

On the other hand, there are some general signs that a business is positioned on a weak competitive level.

a below …… Read the rest

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Can Brand Strategy Help You Get Unstuck?

Developing a brand strategy could be a pretty tough task for small businesses, especially in the early stages of development. Still, it’s crucial to understand where the business is heading and how it’s going to get there. There are many factors that influence a particular business’ brand strategy. I’d like to show you 3 of my favorite factors you should know before you do anything else in your business.

1. Know what’s happening in your niche
You absolutely have to understand what are the trends in your niche, whether you want to follow them or go the opposite way.

2. Know your competitors

Knowing who your competitors are, what they offer and at what price levels might help you decide where you want to be, whether you decide to follow the trends or go your own way.

3. Know yourself and your business

Understanding your own strengths and weaknesses will help you build your brand authentically …… Read the rest

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