We all know why gold and diamonds are so expensive: They are in high demand and the supply is limited.
The same rules apply to you and I regarding our product or service. If what we do and how we do it is exceptional, in demand, and rare, we can make more profit. This is why it is so important for us in business to find our “gold.” Here is a process that can help us do that:
Think of all the problems we solve for our clients.
Consider all the competencies we have to solve those problems.
Make a list of these competencies
Put the list in a chart form with four columns
Label the columns: Me, Customer, Competency, and Competition.
Here is what the headings stand for:
Me = How important do I think the competency is?
Customer= How important do my customers think it is?
Competency: Of all the competencies, where am I most strong and competent?
Competition: How strong is my competition in this area?
To complete heading #2, you will need to survey a handful of your most important customers. Ask them to rate the competency on a scale of 1-10. After you have tabulated the information, look at the data to determine:
Consider what both you and your customers think is most important
Evaluate how it matches up with your greatest competency
Research your competition’s website and see how strong they are in that area
In most cases, what you will come up with is an area where you are uniquely qualified. Once you have done this, you have now discovered your “gold.” This is your unique selling proposition, and also where your greatest profit margin should be. Clients will pay you well since they do not believe they can replicate what you do for them.
