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Your EnterQuest Bulletin - Issue 206
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| Thought for the week: "You can't wait for inspiration. You have to go after it with a club." Jack London |
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In this week's issue:
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Tips to help you find a winning USP
A unique selling proposition (USP) is something that differentiates you from all your competitors. It's what makes you so different or unique in a particular way that people will opt to do business with you over any of your rivals.
One of the deadliest mistakes small businesses make is not finding something that makes them unique, especially in a very tough competitive landscape where differentiation becomes increasingly difficult and consumer choices get wider.
To survive in a small business, you have to differentiate in the eyes of your prospect. Your USP is what explains to the world why you are different.
In other words, it is a statement of your distinct advantage.
The more clearly you announce your USP, the more often customers will choose you over your competitors.
But you shouldn't rush the decision when choosing what your USP is. You will spend thousands of pounds on advertising and promoting it, and if after making your impression you decide to change it, you will just confuse your customers and prospects.
So how do you go about finding or choosing your USP?
The key is not to attempt to make your 'whole business' unique, as that's very difficult and virtually impossible to achieve. Instead you should aim to find an aspect or combination of aspects of your business that can meet customer needs which are going unfulfilled within either your industry or your local market.
These unfulfilled needs are often referred to by marketing experts as 'performance gaps'. Businesses that base their USP on industry performance gaps are often successful.
Here are some examples of unfulfilled customer needs and performance gaps that apply to many industries and provide excellent opportunities for a small business to develop and promote a USP:
- Genuine convenience - such as instant availability, handy location and so on.
- Broad selection of stock items.
- Fast service.
- Big discounts.
- Professional advice.
- Longer than normal warranty or guarantee.
- Reputation for honesty and integrity.
- Personal service and assistance.
- Privacy and security.
- Longer than usual opening hours.
You can see from this how a performance gap or combination of gaps can lead to a powerful USP.
It's important to be bold in selecting your USP based on the performance gaps you believe your business can fulfil, otherwise you will be in danger of not being unique at all, and your prospects will easily see through this.
But it's even more important, if your USP is a promise or guarantee, that you make sure you can fulfil your promise.
For example, if your USP is that your products or services are 'always in stock' and 'instantly available', but in reality you fail to hold sufficient stock to meet customer demand, your marketing promise will fail miserably as you keep letting your customers down.
But once you've put some thought into your USP and developed it, you need to integrate it into everything you do. Your USP should be clearly found somewhere in your headlines, adverts, direct mail pieces and Yellow Pages entries.
And you should repeat it clearly and consistently at every opportunity. You can't overdo or wear out your USP, especially if it's powerful.
Tools to help you meet maternity requirements
Several provisions of the Work and Families Act 2006 come into force this week, giving pregnant women additional rights in the workplace.
The main provisions of the new law are:
- Extending statutory (paid) maternity and adoption leave from six to nine months.
- Removing the qualifying criteria for additional maternity leave so that all mothers are able to take up to one year off work regardless of their length of service.
- Increasing the notice period that mothers must give to employers if they change their return dates from 28 days to eight weeks.
- Enabling mothers to carry out up to ten days' work for their employer during maternity leave in order to 'keep in touch'.
- Raising the rates of Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP) and Statutory Adoption Pay (SAP) to £112.75 per week.
The Department of Trade and Industry (DTI) has more guidance on the Work and Families Act on its website. There are also a couple of useful tools available to help you comply with the law:
- This interactive online tool has been designed to help businesses stay within the law while dealing with new parents they employ.
- The Equal Opportunities Commission (EOC) has also produced a pregnancy toolkit.
See our practical factsheet on common commencement changes in employment law for more information about recent changes to employment regulations.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Smoked chilli producers create a range of goods using smoked jalapeño chillies (often sourced from Africa and South America). These may include chilli jams and jellies, as well as dried chillies for use in cooking.
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Pay-as-you-drive services enable members to pay by credit card to hire cars by the hour or mile. The Option C Car Club is an example of a pay-as-you-drive business run as a social enterprise. It has two cars, and it costs £10 a month to subscribe to the club. Cars are rented out for £4 an hour and 15p a mile.
Shopping demands of the future
Analysts have drawn up a report forecasting the top ten things that shoppers will be demanding in 2010, and how independent shop owners should respond.
Researchers from shopping analyst Him! spent more than ten years interviewing shoppers who used the convenience and wholesale sectors. The top ten list of future demands is as follows:
1) A fast and convenient shopping experience, with a variety of efficient payment methods to choose from, fewer queues and clear signage.
2) More specialist solutions to key problems - shoppers will value retailers that target their lines towards issues such as healthy eating and local sourcing, rather than providing an array of general goods.
3) Less tolerance of stock running out - shoppers will want to eat when they want to eat, and will be less patient with slow service and poorly stocked shelves.
4) More importance placed on customer service - shoppers will be loyal to stores with committed and motivated staff.
5) Greater demands on issues such as nutritional information on labelling, food miles and the environment, as 'ethical shoppers' increasingly expect retailers to improve their social responsibility.
6) Local sourcing will continue to gather strength, with specialist retailers and farmers' markets attracting more people concerned with the freshness and traceability of what they eat.
7) Healthy eating will continue to be important, with functional foods and dedicated 'health zones' in stores gaining popularity. However, shoppers will also want to indulge or treat themselves.
8) Greater use of technology in shops, as convenience stores come to be viewed as hubs of services where almost anything should be available.
9) Promotional campaigns and special offers will continue to attract custom, but more shoppers will be motivated by good availability, broad ranges and excellent service.
10) Gift shopping will become more of an opportunity for the convenience store sector as it becomes viewed as last-minute and premium.
Read more about the research on the Association of Convenience Stores (ACS) site.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'acuity'?
a) something which is proven to be 100% accurate
b) the ability to see, hear or think clearly
c) the annual interest that accrues on an insurance premium
d) the fee paid to a solicitor for counter-signing a commercial contract
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) Which goods does the British Retail Consortium (BRC) expect to enjoy particular sales growth during the Easter shopping rush, alongside traditional favourites such as Easter eggs, cards and daffodils?
a) Dark and Fair Trade chocolate
b) Organic fruit and vegetables
c) 'Superfoods' such as blueberries and pomegranates
d) Summer-themed equipment such as barbecues and garden furniture
2) Which new technology are small businesses said to be increasingly making use of, according to research?
a) Podcasts and video streaming
b) Voice over Internet Protocol (VoIP)
c) Radio Frequency Identification (RFID)
d) Blogging
3) What proportion of sole traders are failing to plan for the future, according to a report by Barclays Financial Planning (BFP)?
a) A quarter
b) A third
c) Half
d) Two-thirds
Answers at the end of the Bulletin.
There's a new code of practice for small business tenants
A code of practice and website that aim to make it easier for small businesses to rent shops and offices have been produced by the Government. If you rent your business premises, the occupier's guide to contract negotiations will help you understand common terminology and jargon, and recognise bad contracts. It's packed with tips on liaising with landlords and getting the best terms and conditions for your needs, and there are also links to sources of professional advice.
There's a podcast of the latest online security threats
Internet security firm Sophos has put together a security podcast aimed at businesses. It contains information on the latest online security threats and advice on how you can defend your online interests from cyber criminals. Sophos says criminals are now turning away from using spam to infect computers and are instead infecting seemingly innocuous websites with viruses.
Directory of rural businesses
The Rural Index is a useful directory resource where businesses can post information about themselves or events they are involved with. The site features listings of thousands of UK rural businesses, along with links to sources of rural information, including magazines, organisations, producers and tourism websites.
Recruitment site for small businesses
CV Carrot is a new recruitment website targeted at small businesses. It aims to reduce the cost of recruitment for small employers who often cannot afford the fees charged by some of the larger recruiters. Jobseekers post their CVs and employers are charged a small administration fee to see whether any candidates match the skills they are seeking.
This book explains how to transform an idea, dream or vision into reality, action or results. It aims to equip you with the practical tools to develop a one-page representation of how your vision will be achieved, together with a three-page summary of your strategy. There are exercises to help you determine where to focus time and resources, and guidance on meeting deadlines, staying focused and tracking progress. Check out:
Just one word answer
The answer is b).
Acuity means the ability to see, hear or think clearly.
Reading industry publications and magazines will help you to hone your acuity for your business sector. |
How's your business radar answers
1) The answer is a) - the BRC is expecting an Easter shopping boom worth £7.8 billion for retailers, and expects dark and Fair Trade chocolate to enjoy continued growth.
2) The answer is b) - research by BT suggests that around 25% of small businesses are making use of VoIP, with that figure set to nearly double over the next year.
3) The answer is d) - two-thirds (67%) of sole traders are failing to make adequate future plans, according to the BFP report. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
