style="font-size:15px;"> A different method or process used to deliver the product or service
A competitive advantage over your competitors
A distinctive image for the same type of product.
Why Business Owners Struggle with Differentiation
It’s rare to have a business with a truly unique product or service. You face competitors with similar offerings, so you’ll need to communicate your difference. Just look around: how many retailers, hardware stores, plumbing companies, car dealers are truly unique? Not many.
In my opinion, the reason you don’t see much differentiation is that it’s hard to do.
Your USP doesn’t have to be better, it just has to be something that makes you different.
Most small businesses think they’re creating a USP when they claim to have the best customer service, or they’re the number one supplier. Unsubstantiated claims don’t help customers understand how your product or service is better. Instead of taking the time to develop a USP, many small business owners make the mistake of trying to be “all things to all people.” You can’t be known for the best burgers and the best salads. As marketing guru 11Neil Patel says, “When you attempt to be known for everything, you don’t become known for anything.”
How to Uncover Your USP
Finding your USP requires some hard work and creativity. Here are some ways to start:
Research the competition. Look at your competitors’ ads and marketing messages. You need to be able to describe why you’re better than the competition. In many cases, you’ll be competing against larger companies, so your differentiation will have to explain why being small and nimble is beneficial to your customers.
Ask your customers. Put yourself in your customer’s shoes and focus on their needs and not yours. Step back from your daily operations and ask what customers want.
Answer four questions. What are your strengths? What is your target customer’s most significant pain point? What solution are you offering? How are you better than your top three competitors?
Ask yourself this question. What sets my business apart? It amazes me that very few business owners can answer this question without responding with a generality like “We have great customer service.”
Not many companies start with a terrific USP. You must develop and nurture it over time. Nothing you do will reap more benefits for your marketing.
11 https://neilpatel.com/blog/unique-selling-proposition/
Mistake #19
Not Using Event Marketing
If home repairs challenge you, chances are you’ve attended a class at Home Depot or Lowes. Many of their classes book to capacity, and customers love them. You can do this too. Many small business owners think hosting events are old-school marketing. I’m telling you they still work and, maybe, they’re working even better.
Whether you’re a traditional brick-and-mortar store or an online business, your brand comprises many things. Human interaction creates a positive feeling for your company. Event marketing is the promotion of a product, brand, or service through these personal interactions.
Why Is Event Marketing Important?
A 122018 study showed that a majority of marketers thought that live events are the single-most effective marketing channel. Events beat out more popular options like content marketing, email, social media, and paid search. It seems customers are craving more tangible experiences made possible by live events.
At its heart, marketing is about communication. Live events provide the opportunity to connect with customers and communicate your brand. Companies can quickly adopt it with the tightest budgets. Here are a few ways you can use event marketing in your small business.
Types of Events
Before you decide what kind of event you’d like to host, a more important decision is whether you want to create your event or partner with an existing event. I highly recommend creating a workshop, class, or seminar. You can choose from several formats. Here are some options:
Workshops. There are several different ways to host a workshop: question and answer, interview the expert, do-it-yourself, or product demonstration. Also, many formats are available depending on your business model. Workshops are only successful if your marketing is aggressive, and your content is relevant to your target market.
Conferences. These are large-scale events that might be out of reach for most small businesses. However, if it’s possible to partner with a few other like businesses, you may be able to pull it off. Conferences can be either B2B or B2C and generally have a slate of highly engaging speakers.
Trade shows. Trade shows and expos present new product and service ideas for similar companies. They require a lot of planning and investment to do them right. You have to have a clear strategy to get visitors to your booth and how you’ll follow-up after the conference.
Seminars. Seminars are usually more educationally-focused and take place in more intimate settings. Seminars typically last for one day and often for a few hours. I have three versions for mine: 1) a “lunch and learn” seminar, 2) a half-day event, and 3) a full-day event.
Networking events. Networking events present your company as an authority in its field and provide opportunities for people with related business interests to meet and interact with each one another.
Other events. There are about as many different types of events as you can imagine. Here are a few others: charity events, special ceremonies, VIP events, field marketing, and virtual events.
Regardless of the type of event, measuring its success is as important as the event itself. Come up with specific goals for the number of attendees and the percentage of those that turn into customers. Just like any other marketing channel, event marketing must meet your ROI goals.
12 https://kashoo.com/blog/5-event-marketing-strategies-for-startups-and-small-businesses
PART 2
SPENDING MONEY ON THE WRONG THINGS
Mistake #20
Hiring An Agency
I owe you full disclosure on this one. I’ve owned several marketing agencies in my career, so many reading this book will call me a turn-coat. For most small business owners, I don’t think hiring an agency is the right choice. Let me explain.
You have two choices: you can do the marketing yourself (the DIY method), or you can hire an agency. There are issues with both. Regardless of your choice, the importance of marketing is absolute. It’s the one function in your company that can 10X your revenue. You should spend more time on marketing rather than less, even if you’re hiring an agency. Where else can you get a better return
