How Can You Minimize the Risk of Failure in Your Business?
One of the most common challenges that all fitness companies have is standing out in a highly competitive marketplace.
One of the best ways to stand out in this highly competitive industry and avoid failure is to create a powerful USP that connects with your customers/clients and delivers on the big promise.
I’m sure you’ve heard this term many times.
It’s not new advice.
But it’s something that, in today’s competitive and cutthroat business world, is not only important but essential in order to survive.
If you are in the service industry and/or have a unique product to sell you not only need to be a good marketer…
You have to be able to sell.
Having a powerful USP will make selling your products and services much easier.
It will also be the foundation on which you build all your marketing campaigns.
You’ll use this message to attract your ideal client.
This message will speak to the needs of those that are seeking solutions to the problems you’re trying to solve.
This is not an easy exercise.
However, incorporating this idea into every aspect of your business will be worth the time.
What is a USP?
According to Entrepreneur.com encyclopedia defines a unique selling proposition as follows:
“The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.”
It’s a pretty vague definition.
How do you define a factor or consideration and do you define better and different from the competition?
It can be tough to differentiate yourself in the fitness industry since there is so much competition.
However, this is a positive.
Where there is competition there is demand, and in the fitness world, the demand will always be there.
Why is it so important?
Having a powerful USP allows you to make better connections, sell more, and charge higher prices.
It also allows you to differentiate your business and cut through the noise in today’s advertising world.
A powerful USP will be the foundation of your business.
Every aspect of your business, from the product you sell, the service you provide, to the way you talk to customers, will be part of your message.
You should train your whole organization to embrace this concept and apply it to every aspect of their job.
5 Steps to Crafting the Perfect USP
1 – Market Research
A good way to do research in your market is to look at what successful companies are doing with their marketing messages.
Look at some of the things that these companies are doing concerning the following:
- Online advertising.
- Their social media presence.
- Their websites.
- Trade papers.
- Television ads.
- The mailers they use.
This will give you an understanding of the messages being used.
A good exercise you can use is to go to salespeople and ask them:
“What do you think the primary advantage of doing business with you or your business instead of your competitor?”
Listen to their answers and see how it can apply to your business.
You can also use research to identify the needs that are not being met within your niche.
Some examples include:
- A wide selection.
- Big Discounts.
- Convenience (location, immediate delivery, fully stocked items).
- High-Quality Products (High-Quality control).
- Value Added Services (Installations, training, marketing).
- Better Warranties than competitors.
- Unique Patents with unique products.
Once you’ve identified a need you can use your product/service to fulfill that need.
2 – Passionate About Helping Others
I used to think that passion was overrated.
I still think that most business advice, when it comes to passion, is wrong.
Having passion and loving what you do doesn’t have to come right away.
Most advice you hear is just to follow your passion and the money will follow.
This is dead wrong and will put you on the fast track to failure.
If you are passionate about fishing but aren’t any good at it how do you expect to make a business out of it?
In the fitness world, a common philosophy is being passionate about helping others.
This is great but if you don’t learn the all the skills and knowledge required to translate that passion into a viable business, you’ll won’t help anybody.
Mark Cuban says that you should “follow your hustle.”
The idea behind this is that you become passionate, once you become good at something and achieve success.
This success will fuel you to achieve greater things in your business and life.
How does it relate to your USP?
If you don’t feel excited when you think about the USP of your business, then you’ll never achieve the heights required to rise to the top of the fitness world.
Every single successful person I’ve met in the fitness world is passionate about helping others live a better and more healthy life.
Whether you are selling personal training, fitness equipment, or supplements your product/service will help them achieve better results in their lives.
3 – Define The Problem You Are Solving
You have to be very clear on the problem you are solving.
From the customer or clients point of view, how is your product/service helping them achieve the results they desire?
In the fitness world, you are not really selling fitness, you are selling happiness.
How is selling fitness helping them become happy?
The core reason why most people want to get in shape is they want to be happy.
They want to be happy with their bodies, their health, and they want to prolong their life.
The fear of death is an extremely powerful motivator that inspires people to take action.
Yes, this idea might be a little out there, but it’s in our reptilian brains.
If you can tap this fear into your marketing messages, you’ll connect on a much deeper level.
Define your problem.
Show how your product/service can help solve this problem in a unique way.
Then, tap into the reptilian brain to connect with your customers on a much deeper level.
4 – List the Benefits
A lot of advertising and marketing is terrible because they don’t list the benefits of their products and services.
They list the features.
These types of businesses are the “me too” businesses.
They are in it to ride the momentum of their industry without any clear destination of where their business is going.
How does your product/service benefit your clients?
Make sure to list the ways and share this message on all your marketing and advertising material.
Some common benefits include:
- Save Money.
- Make Money.
- Lose Weight.
- Get in shape.
- Live a longer life.
When you list the benefits of your products and services you focus on helping others and you’ll stand out from the “me too” businesses.
5 – Use Storytelling
One of the best ways to stand out in the fitness world is to tell a compelling story about your business.
One of the best examples of this was from Jay Abraham’s book Getting Everything You Can Out All You’ve Got.
He tells the story of Schlitz beer and how they used storytelling to craft their USP.
In the 1920’s Schlitz beer hired a marketing consultant and took him on a tour of their brewery.
Their marketing message at the time was “Our Beer is Pure.”
They never explained what pure meant.
On the tour, they explained how their beer was made.
They told him how they went through 1,623 separate experiments over five years.
The reason for this was to identify and develop the finest mother yeast cell that could produce the richest taste and flavor.
The marketing consultant was very impressed on the process and suggested that Schlitz should tell this story to their customers.
Schlitz management was dumbfounded because, at the time, every brewery went through the same process.
The consultant suggested that no one in the industry explained this process and the first company to do so will have a huge advantage.
Schlitz beer took the marketing consultant’s advice and in six months Schlitz beer moved from number eight in market sales to number one.
You can do the same even if you are selling a commodity.
If you find a way to tell your story of your product and tie it back to your USP, your message will be much more powerful.
2 – Examples from the Fitness World
I spoke to Alan Gore the CEO of Bodycraft and he understands this concept well.
They sell high-quality fitness equipment but this is not their mission.
Their mission is to help people achieve their wellness goals throughout the world.
They want to make an impact in their lives.
Their products are the vehicle used to deliver on this vision.
They have unique proprietary products that allow them to sell at higher prices and they have commodity products where they focus on reputation and value.
Another example is BPI sports.
They sell a different product but they have a similar USP.
They want to help three groups of people achieve their fitness goals:
- Fitness enthusiasts.
- People that just want to be healthier.
Their high-quality control allows them to charge premium rates for their products.
They make sure they educate their customers on the all their products are made.
Before you incorporate your USP, you have to clearly define your message in a succinct manner.
Ideally, you should be able to state it in a short paragraph.
At first, it might be difficult to state your USP in a single paragraph.
If it takes you two or three paragraphs to state your new USP in the beginning, that’s okay.
Edit and strip away the generalities until you get to the bare bones.
It’s important you do this exercise in order to get to the core essence of your message.
Once you’ve defined your message, you can start incorporating it into all your marketing campaigns.
Your USP is worthless if you fail to deliver on your big promise.
It’s extremely important that your whole organization is trained to deliver whatever promise you are making.
Make sure that you maintain the high-level of service and this reverberates into every aspect of your business.
This is not easy.
It’s hard work but it’s worth it.
By clearly defining your USP you’ll stand out and make a much bigger impact in fitness.