13th June 2016

What makes your business different?

Every single human being on this planet is different, yes we may have similarities, we may even have an identical twin, but there is not another you, you are unique.

If only this was true in business then we could really have a competitive advantage, but no matter how clever or innovative your business proposition or idea competition will always exist, copy and catch up.

The challenge for every business regardless of size or sector is to be clear about what makes us different and why clients should do business with us.

It’s not easy but a great starting point is to take a step back and write down in your own words the problems your business solves for people.

When you define what you do in writing and have a clear idea of the problems you solve and the issues you address, then you can start to work out which clients and potential clients are most likely to suffer from these issues and are likely to need the proposition you have developed for your business.

This exercise can also give you the elevator pitch you require when meeting new clients or clients that perhaps are less clear about the value you add to their lives.

If done correctly this description of not only what you do but why it adds value to their lives can be shared on your website, through social media and with colleagues so that the business delivers a consistent impression to existing and new clients.

The next stage is to paint a picture of the clients you have identified as having the problems that your proposition solves.

Marketing is about the right message to the right people at the right time. The problem is this is easier said than done but having a clear understanding of what it is you actually do and who you do it for can help.

Start to list all the different types of customers you have that suffer from the problems you know you can and do solve.

You can group them by socio economic background i.e. high net worth or low income.

You can group them by occupation; are they business owners, self-employed or even retired.

Ask yourself a whole range of relevant questions; are they married? Do they have children? What are their aspirations and goals?

Define them in as many relevant ways as possible.

When written down this can help you refine your proposition and how you communicate with these clients in the future.

Now you have identified the types of client most likely to match your proposition it’s time to clarify who are your key target markets and again write these down.

You can’t deal with every client no matter how you may want to. You have to prioritise your time and work with your most relevant and hopefully most profitable segments.

Ask yourself:

• To whom will the problems you have identified be most troublesome?
• Who will have the most to lose by not dealing with these issues you know you can help with because of your proposition?

Once you have that it’s a matter of deciding:

• How can you communicate your proposition effectively and at a profit?
• What messages will they respond to?
• What media such as website, email, social media or face to face will they best respond to?
• And then how can you do all this at a profit?

Remember to take into account the four key questions when dealing with your proposition. Do I know what my clients want, need and expect from me? And crucially do I know what they value (as we all know people pay for what they value).

If you don’t have these answers then start to ask your clients these questions now

Another key question to answer is what markets do you want to work in?

By this I mean is your proposition suitable for certain types of individuals rather than the mass market? Or do you want to work with only certain occupations or clients from a certain economic background?

Do you want to only work in certain geographical areas or will you use technology to ensure you can provide a proposition and service nationwide or even to clients living abroad?

You may even wish to specialise in certain sectors of industry.

The answers to these should again be written down as they can shape your future direction and also the proposition you wish to offer your clients.

Then it is wise to look internally at your own company.

One way of deciding on the right markets to pursue and the correct segments to deal with is to have a good 360 think about your business.

For example do you have you a lot of experience in particular markets? If so how can you leverage this in your proposition and then communicate this effectively to existing and potential clients.

Do you have unique knowledge of a specific geographical area? If so do you have a business network you can use to enhance your client proposition?

Are you an expert on certain solutions such as pensions or are you a generalist?

It can even be as simple as are you better at getting on with certain types of people?

All these factors could help you establish a particularly attractive proposition and can help you identify your relevant target markets.

Once you have answered all these questions and crucially written them down a final useful exercise to undertake is to review what alternatives to your proposition are available to the segments you wish to target.

This allows you to answer these final questions:

• Why are you uniquely placed to solve the problems you have identified for your target segments?
• What makes you different from other sources of advice?

These answers should shape your proposition and how you communicate with your segments going forward.

If you are unable to answer these questions you may have the wrong proposition or even the wrong target market.

In this case more work will need to be done before you take your next steps and ensure you have a business proposition that shows what makes you different from the competition.

John Joe McGinley, Glassagh Consultants

Business Development