Marketing Your Business

2. You and Your Competition

2.1 Every business will face competition.

You may be the only Thai restaurant in town, but you still have to compete with every other restaurant and takeaway.

2.2 Decide what will make a customer buy from you and not your competitor. This is your unique selling proposition (USP).

• Your business' USP could be any number of benefits you will offer to your customers.
• USPs can be most easily identified by completing the phrase: 'Customers will buy from me because my business is the only...' For example, a plumber in a rural area may capitalise on location, offering a guaranteed two-hour response time.
• Offering the lowest price for your product or service can be a USP, but it is dangerous to compete on price alone. Your established competitors may have deeper pockets and start a price war to keep you out of the market.

2.3 Assess your weaknesses honestly and acknowledge these limitations rather than ignore them.

• With careful and creative thought, you can turn many competitive weaknesses into strengths. For example, many small businesses find it difficult to compete with large companies on price. But the small business can make a virtue of the personal service it can offer ahead of the larger business, and therefore justify a higher price.