A term that we often hear about a lot is ‘Point of Difference’ but what does it mean for you and your business? Your point of difference, also known as your unique selling point, will be very different to each business owner. I would even argue that your point of difference doesn’t need to be that different at all. You just need to deliver on it to your customers - Something, your competitors, may not be doing.
You just need to deliver on it to your customers - Something, your competitors, may not be doing.
Your point of difference is a subtle combination of the skills and expertise you have a business and the needs of your customers. The demographics in your area and the experience customers are having with your competitors will also influence this. To understand what your point of difference is you first have to consider these four things;
Who are your customers, and what do they need? I have referred previously to the ‘4 Landlord Types’. These are a unique segmentation of landlords into categories that allow us to connect with them. These categories include trust, communication, expertise and relationships. A landlord seeking trust will want peace of mind knowing their property is in safe hands. A landlord seeking expertise may connect with the technical side of their investment. Your point of difference should include at least a couple of these.
What value do they get from the service you sell them? The term value throws a wide next. However, in most instances, it will be as simple as knowing your clients are happy to pay your fees each month in exchange for your service. Your service will extend beyond their general needs to more complex areas such as maximising their return on investment, minimising vacancy days and reliable tenants. When defining your point of difference, don’t forget to consider the friction points of your customer and how you can remove them from the investor experience.
What is the mission of your business? It is vital to link your point of difference back to your mission statement. What are the critical drivers for your business? Some examples might be “To maximise returns for property investors” or “Make property investment easy for landlords”. If these are your drivers, then make sure your point of difference can be linked back to them.
What strengths do you have that will help you promote this? The people in your business are your strengths. Isolating out the critical areas of each will help you define how you deliver your point of difference to your customers. Consider how you can take these strengths and systemise them into the business. To duplicate one persons strengths across the entire company, you will need to build a robust system. If you have a team member that can rent a property fast, to reduce vacancy time, then document and teach this process to others.