Do you know what your unique selling proposition is or as some people call it your USP? Your USP is what makes your business different from your competition. According to Theodore Levitt, author and professor at Harvard Business School. “Differentiation is one of the most important strategic and tactical activities in which companies must constantly engage.”
The reality of the fashion industry is it is not really growing. The market doesn’t need another brand. So if you are going to start a company the first thing you must ask yourself is…what makes your business different? Why should someone do business with you instead of one of your competitors? You should ask yourself this at the very beginning of planning your company. And you should be asking it again at every stage of your business. This will help you create the story of your business. It of course needs to be compelling.
There are 3 key steps to determining what your USP is.
1. What is your company good at? Or as expert marketer Seth Godin asks “What is your superpower”?
2. Does your product look unique? It doesn’t have to be strange but it has to have it’s own identity. It should stand out from the competition.
3. What emotional need does your product meet?
By developing your unique selling proposition you not only have a reason to exist but it goes a long way in helping you with your marketing message. Whenever I speak to a new client the first question I ask is what make makes their company special. Being able to answer this is the first step in starting a business.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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