This might seem like a very simple concept, but it is extremely important. A company must be able to pinpoint their strengths and keep building on them, as this will lead to an additional degree of focus and momentum.
What are the good things that you give to your customers? Build on those and enforce them. It might be that your prices are higher than those of larger competitors, and your brand is not yet well known. But at the same time, existing customers are loyal because they are liking your product or service. It is about understanding what works and what doesn’t, and that you learn only through failure, which as an optimist would say, the process of elimination of bad ideas. If 90% of your customers like something, then convince the other 10 to see the reason why – master selling value (through benefit and popular opinion).
In the example above you would want to create a loyalty program for customers, rewarding for referrals etc. This is called building on a strength and it will help you overcome weaknesses of your higher prices and lower brand recognition compared to your competitors. Define your strength and focus on it. Think about what makes your product special and why customers have been attracted to you in the past. Show your strengths to your customers by communicating with them. Your strength is also called a unique selling proposition (USP), it is unique to your product and differentiates you from your competitors.
The figure below sums up the essence of USP and how to act in certain situations.
Before all of this though you have to understand how to find customers. This topic has a lot to consider and it goes without saying, without consumers you will have no sales analysis to understand who likes what. This is why you turn to company and industry reports and statistics authorities (like Eurostat), it’s all out on the internet, and most of it is free, therefore, there is still a way to anticipate strengths by understanding what the competition is doing right and doing better.
Hope you found this information interesting. Thank you for tuning in.
