Have you ever heard of the two dead broke brothers with zero family resources who together purchased a small, failing business? They both were in college and struggling to pay their tuition; still, they agreed to become partners. Initially, the plan was for each brother to work half nights, alternate semesters, and do whatever it took to make enough money to service the debt of the business and pay for school tuition. However, when one brother refused to give up his job as a full-time mailman, the other brother traded his rusted Volkswagen for his brother’s half of the business (This would eventually prove to be one of the most inequitable business trades of the last 30 years).
The remaining brother, a tenacious entrepreneur, would soon turn the business around — not an easy task, because it was operating in an ultra-competitive and even saturated market niche. This entrepreneur, Tom Monaghan, would then go on to dominate the competition locally, and then nationally, before becoming a worldwide success.
Who is Tom Monaghan? Here’s a hint: His business’s USP is “Fresh hot pizza delivered in 30 minutes or less, guaranteed.” (For those who aren’t familiar with this USP, it’s from Domino’s Pizza.)
Without a USP, you’re only getting business because you 1) have the cheapest price, 2) you have the best location, 3) you are known for personal attention to customers, or 4) are the only game in town. All are advantages, but without a unique selling proposition, you become extremely vulnerable to potential new competition and fluctuating market conditions.
With a quality USP, your dealership will have a sustainable competitive advantage that sets your store apart from others in the local market place, and provides you with the opportunity to maximize the profit potential of your dealership.
Developing your Unique Selling Proposition? For tips to get started, click here.