Further to my post of April 28, lets explore the next of the elements in gaining a more favourable “Sellability Score” i.e. a more saleable asset. That is, “monopoly control is obvious i.e. what’s the barrier to entry, how is it actually unique”.
The notion of USP (unique selling proposition) is not just a marketing, branding ploy.
It actually forms a strategic part of the business model and it’s execution is paramount.
To paraphrase Warren Buffet, each business needs a moat around it. What he means by this goes a long way to addressing the answer to the question about what is the barrier to entry safeguarding your business from the market your dealing in.
What is your moat?
Customer Service is not it.
Every business I know of, who have not done the hard in addressing the moat question, will say that their superior service is what makes their business different. If that was the case, then all the business would come to your business. Not even Apple can claim the service angle (albeit they do it better than most).
Pricing is not a barrier either. Once the fight is on around price, then as Seth Godin says, it’s a race to the bottom.
So, if they’re the two points of difference you choose to try and convince your market, good luck.
Your business will be deemed to be another same-same but different!
Find your moat and lock it in. It’s your only saviour….