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Core Unique Positioning Statement – Your Foundational Strategy
I started my first business about 40 years ago. Most people had jobs and entrepreneurship wasn’t popular back then. Things have changed and evolved and business has become ultra-competitive because entrepreneurship has become more popular. Within less than two decades, Facebook and Instagram and Snapchat have taken social media by storm! Tony Robbins, Gary Vaynerchuk, Marie Forleo, and Grant Cardone are very recognizable names today because each of these people adapted to new marketing trends and new platforms to share their message.
As an entrepreneur, you need to keep up with the new marketing trends and evolving platforms so you can share your products or services with more people and grow your business. Although marketing trends are changing, there are many foundational concepts that have not changed. These foundational concepts are essential to becoming the next Tony Robbins or Gary Vaynerchuk.
One strategy that has worked for my businesses and for the thousands of my client family members who hire me to coach or consult with them is what I call a is Core Unique Positioning Statement™(CUPS). CUPS is the foundation your business is built on. Before we get into developing your own CUPS, you need a deep understanding of what a CUPS actually is.
CUPS is defined as a unique position that a company holds in the minds of their potential client family members. Business owners who have a clearly defined CUPS get known and get business!
This is the same concept that has propelled me to become one of the top female coaches in the world! I simply created a CUPS to differentiate myself in the marketplace and I look different and am different than all other business coaches and consultants out there. I am not a cookie-cutter or me-too business. Let’s look at how you can position yourself and your business.
As a business owner, you know your client family members are driven by price and value. If there is a lack of value, prospective client family members will struggle with your prices. The quickest way to develop value in the minds of your prospective client family members and quickly justify your prices are to create a unique market differentiator which is your CUPS.
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Let’s Develop Your CUPS
To develop your CUPS, you first need to be able to answer two questions. The first question is what motivated you to start your business? The second question is what drives your passion to grow your business?
Think about your business for a moment. Did you start your business to solve a problem you saw in the marketplace? Did you start it because you wanted to help people?
Think about your real deep passion for starting your business. Hold on tight to that vision because business is cyclical. You will have highs and lows and your passion will keep you going when things aren’t working as well as you would like them to.
You also need to decide if you are going to be the Wal-Mart of your industry or the Neiman Marcus of your industry. Let’s face it if I go to Wal-Mart to buy shoes I am not going to get the same quality shoes or the same level of service as Neiman Marcus. Conversely, how would you feel if you walked into the Neiman Marcus shoe department and you received the service and product quality associated with Wal-Mart? My point is, each of those businesses has different CUPS. Wal-Mart is known as a price leader, while the Neiman Marcus brand is based on quality and service. Both companies make money while attracting customers and satisfying a particular market demand. They each have different CUPS that sets them apart and they appeal to a different target audience.
A well-defined and targeted CUPS that you use in all your marketing will by its very nature attract more prospective client family members. The prospects that end up as client family members will be curious to see if you really can fulfill your CUPS. This means that if you say you are the cheapest or the fastest or the most professional, or the most friendly, etc., client family members will test out your CUPS. They will want to see if you can really do what you saying and promising. People tend to be skeptical and are watching to see if you and your company are the real deal. Client family members will challenge your CUPS which means it must be integrated into your marketing plan immediately once you create it.
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Your CUPS can be differentiated by:
Being The Price Leader – This means you will differentiate your company from all the competitors in the market, by offering the lowest prices. This is a great advantage if it can be created and you can still maintain a good profit margin. However, it is often difficult to consistently be the price leader. Many companies make the mistake of trying to be the price leader and always cut their prices. Unfortunately, this has caused companies to go out of business. If you can compete as the price leader, great. This is a wonderful strategy if you can maintain the price and deliver quality products or services.
Use A Differentiator – This means that you will establish your company’s advantage by doing something that stands out from your competition. It could be in the form of a longer life cycle of a product, better guarantee, higher quality, more product selections, better service, trademarks or patents or any other way that you can differentiate yourself from your competition.
Niche – Choosing to focus on a particular niche enables your company to zero in on only one small segment of your market. You can pick some unique way to separate your company from the market, whether it is based on price or quality or some other way, and only decide to appeal to a small market segment. For example, lots of investors invest in real estate. Whether it is single family housing, townhouses, or apartments, there are lots of investment options for an investor. A niche might be storage units. This is a small and unique niche in the marketplace and differentiates your business from traditional real estate investing.
Extra Value Proposition – You can position your company so it is perceived as delivering more value, more quality and more service than your competitors when you offer an extra value proposition. A company that has a proven track record, lots of case studies and testimonials, will have higher perceived value.
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I am in total agreement with your CUPS. I’m surprised that there are still business owners around who haven’t considered their CUPS.
But then of course, they wouldn’t be needing us.
It amazes me and yet, doing this for over 21 years with over 5,000 client family members, most people have a CUPS that isn’t done right.
I hope this course will help them.