The Business Building Process Part 2

2. NICHE

Identifying your specific target market is a key element at this stage. You occupy an effective niche market if your business has no price competition. To help identify whom your customers are it is important to re-establish your Vision (what customer needs are you trying to satisfy) for the business and develop your Unique Selling Proposition (USP). Your USP is, in your customer's view, what sets you apart from, and keeps you ahead of, your competition. It defines the competitive advantage of your business and is the cornerstone of your business strategy. It is what will attract customers to your business. Your businesses USP can be based upon features such as image and prestige (BMW), quality (Mercedes), exclusivity (Rolls Royce), safety (Volvo), industry standard (Jaguar), speed (Ferrari), reliability (Toyota), customer service (GM-Mr. Goodwrench and the NorStar tracking system) etc. My coaching process will show you a systematic way of developing your USP and a strategic planning, marketing and sales process that will exploit your USP and increase the five profit centres of any business;
1.Lead generation
2.Conversion rate of these leads
3.Number of Transactions per customer per year.
4.Average dollar sales per transaction.
5.Profit margins.

Through my Action Coaching system, if each of these five profit centres of your business increases only 10% your bottom line sales increase 46% and profits improve over 60%

An Example;
Five Ways to Super Profits

Current +10%
1.Number of Leads/yr. 4000 4400
X
2.Conversion Rate 25% 27.5%
=
Number of Customers/yr. 1000 1210
X
3.Number of Transactions/customer/yr. 2 2.2
X
4.Average Dollar Sale/transaction 100 110
=
Revenue $200,000 $292,820
X
5.Profit Margin 25% 27.5%
=
Profit $ 50,000 $80,525