In these challenging economic times, it is vital for a business to differentiate itself from the crowd and be noticed by the public. This is the only way a company can make enough sustainable profit in the long run to ensure its long-term survival.
What differentiates one company from another is its USP, or Unique Selling Proposition (or Position). This is the main characteristic that differentiates one company from another and what a company will usually promote as the main reason for why a person should do business with that company rather than one of its competitors.
The USP can relate to price, customer service, bonuses and value, quality or product, or all of the above. Being that many companies still don’t provide the level of customer service most consumers are expecting, more and more companies are attempting to build their USP around providing outstanding customer service.
This is vital for companies to compete because, even if a company charges more than a competitors, if that company can provide a consistently high level of customer service, chances are that the consumers will buy from that company and pay the higher price. They’ll feel that the higher price is worth getting the valued customer service that the other companies don’t excel in. This is another reason why providing excellent customer service is a must for your company; you can sometimes justify charging a higher price for products your competitors are selling because consumers want a high-level of customer service and are willing to pay extra to get it.
For more information on how excellent customer service can boost your profits, check out “Customer Service Profits.”
