What Makes You Stand Out?
The final killer question in my last Blog post was … what one key performance indicator measures your dramatic business differentiator. Easy for me to ask!
However, we all know that the unique selling proposition (USP) is the age old adage for business differentiation or what allows you to stand out. This can be hugely subjective and emotive; which is why I beg the question – what one key performance indicator measures whether your USP is indeed unique?
If you can’t quantify or qualify the uniqueness how can you claim to have that differentiator? Therefore, if you are the quickest to ship – how do you know? If you have the highest quality of product – how do you know? If you have the best customer service – how do you know? If you are the most technologically advanced … how do you know?
Just how do you quantify or qualify that?
Every company will have its own reasons for its business model; the performance may differ from industry standards for that very reason. For example if your differentiator is your ability to provide the most effective solution in promotional gifts then your average £ per client is likely to be higher than the industry norm but your average number of clients may be lower. The telling KPI could be the client’s percentage return on investment. How might you measure that?
If you are not sure where to start with measuring your KP differentiators then start by monitoring those you can. You will soon figure out which provide you will the clearest picture for differentiation, which may well help you with your marketing messages.
Quick question no 2. How do you know that?
Quick question no 3. Is that where you want to be in the market place?
If you are struggling with these questions and would like to brainstorm for clarification and solutions over supper. This is one of the subjects being discussed at THE Entrepreneur Hub Monday 8th April. For more information http://theentrepreneurhubapril.eventbrite.co.uk