How to Grow Your Business

July 20, 2017




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How to Grow Your Business in Any Market Environment

 

What differentiates your product or service from other products and services?

You need to know what makes your product or service unique–what makes it stand head and shoulders above the crowd. If your product or service is not unique, then you may never see your first customer.

Your product or service could be unique because:

It can’t be found for less money anywhere else.

It offers some benefit that can’t be derived from any other product or service.

It literally can’t be found anywhere else.

The list above answers why your product or service is unique. So how might you make your product or service unique?

Buy your product in large volumes so you can offer the deepest discounts. (Word to the wise: This is hard to do unless you’re Costco or Sam’s Club or Wal-Mart.)

Invent and patent a new product.

Sell intellectual property that can’t be legally duplicated without your permission. (Write a book, record a music CD, start a magazine, create an educational program, produce a movie, etc.)




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Arrange a deal with a vendor so you have exclusive rights to manufacture or sell a particular product. (At the time of this writing, Amazon.com had exclusive rights to market and sell the Segway Human Transport, a two-wheel vehicle that relies on cutting edge gyroscopic technology.)

Offer the best guarantee and return policy in the industry.

Provide the absolute best service in your industry. (“Best” could mean most friendly, most courteous, most helpful, etc.)

Give away free gifts or incentives with your product or service.

Accept most or all forms of payment. (Visa, MasterCard, American Express, Diner’s Club, cash, checks, money orders, traveler’s checks, electronic checks, etc.)

Some of these ideas will give you an absolutely, 100% unique product. But if you’re selling a gizmo just like one that the store down the street sells, then make your gizmo bigger and better by offering a full money-back guarantee, or a free gift, or stellar service. Add something to your gizmo that will make it “different” from the one being sold down the street.

Do you see how to do this?

The value of a thing comes from its difference, not its sameness. Keep this always in the forefront of your mind whenever you decide to sell a particular product or service. Whatever you decide to sell must be unique.

Next up: How to Leverage the Power of Teamwork without Getting Burned




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