What keeps Darwinism from destroying your business?
Hudson’s Bay’s company downsizing had many business people shocked, and the fact that they were shocked, amazed me.
Being Canadian its sad a to see an icon like Hudson’s Bay in trouble. We have lost so much from being sold off or lost to the effects of marketing Darwinism. Many years ago Hudson’s Bay had a Unique Sales Proposition (USP).
The company once had something special going for it in how customers did much of shopping. Not only were they the only game in town, but in many parts of Canada, Hudson’s Bay was major super power in catalogue shopping. This is what kept them profitable and growing. When someone referred to catalogue shopping, the Hudson’s bay catalogue was top of mind. This uniqueness kept them safe from most competition… for a time.
Many would say competition wiped them out but its really more about losing their internal unique selling proposition.
It killed T-Rex it will get your brand too.
Many confuse USP with slogans. I’ll come right out and say slogans and platitudes are not only a waste of ink but also damage your marketing message. Hearing a company say “ People are our priority”…. Really? No kidding, I thought it was a staffing company for chipmunks. The damage they do is how the mind lumps your company together with the joker down the street with similar slogan.
What should be marketing 101: Why buy from you vs your competition.
Many retailers set up shop with the advertising message of “Come in we have stuff”. That’s great but do so the other dozen retailers in your area. If you don’t have anything special about your service or how you acquire customers, things will be stressful.
Without something that separates you from others in the minds of your customers you easily have a spot reserved next to where the dinosaurs lay.
Your USP is like beacon to your preferred customer that separates you from your competition. If you want to compete on price, that only works until someone else shows up with deeper pockets that can beat you on attrition.