Do you know your company’s unfair competitive advantage? On today’s Small Business Show, we’re pleased to welcome back Melinda Emerson. Melinda is known as the “SmallBizLady” and is America’s #1 Small Business Expert, best selling author, and host of The Small Biz Chat Podcast.
When you consider your unfair competitive advantage, Emerson claims, it represents the one thing you are uniquely capable of doing better than anyone else. For instance, “In the consulting business, I am excellent at fixing businesses; that is the one thing I can do better than anyone else.” So, the question goes, what are you good at? But you must be able to back it up, so you must provide your receipts or results. Emerson explains that results are going to be your social proof, records, testimonials, recommendations, and ultimately your evidence. It shows customers that you have a lane in which you own. “Every business needs to have one because people want people who specialize in solving their problems. “
Emerson notes, “You want to know your competitive advantage because you want to be able to exploit it in all of your marketing messaging.” However, if you position yourself as a “industry expert,” Emerson emphasizes that it’s so much easier to get hired essentially, since you don’t have to pitch yourself because your success will be well documented.
However, every business owner needs to understand when talking about their business: “You’re selling yourself before your company.” Therefore, if you can’t articulate what you do, that’s awesome; nobody is going to care. Essentially Emerson notes that explaining your unfair competitive advantage is not a bragging tool, but you’re providing a service and explaining the best way that you serve your customers.
According to Emerson, you want to ensure that whenever you engage with customers who are curious about what you do, you have a great answer. Answers such as: “I specialize in this, we bring in these types of people, and these are our results.” You structure your answer this way to invite customers to bring in their questions. Because once you invite customers to ask questions, you can answer why you are cheaper, better, or faster than your competitors. Also, don’t be afraid to mention how you’re different from your competitors, and don’t be scared to say why your product will better serve them versus another.
Emerson concludes by asserting that you must demonstrate that your solution aligns with your customers’ issues. If not, they’ll pass you by. Make a pros and cons list that highlights your skills and shortcomings to help you and your team determine what you are best at. You can also ask your current clients for feedback on how you could improve or what they would want to see from you. But don’t forget to purchase your tickets for the Brand In Demand LIVE, which will be held at the W Hotel in Philadelphia from September 21 through the 23. Where Emerson will teach her specialized branding techniques.
For more information visit, SmallBusinessUniversity.com/BrandInDemandLive.
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