Consumer Purchasing Benefit (CPB) Consultation
Most Fortune 500 corporations are extremely successful and all have a Consumer Purchasing Benefit – some have one for each of their divisions. Over 97% of small businesses do not have a Consumer Purchasing Benefit (CPB) and that’s almost the same number as those that fail within 5 years of starting up a business.
A CPB is a tremendous tool to differentiate your business from your competitors and in getting the potential customer to think of you first when they think of your product or service category.
An effective Consumer Purchasing Benefit (CPB) is also a prime contributor to removing price (no matter how large or small) from the decision making process. If you don’t have a CPB, you are doing your business a great disservice.
The CPB is a whole step ahead of a USP and MORE
Many Small to Medium Sized Enterprises (SMEs) today have heard of a USP (a Unique Selling Proposition [USP, also known as Unique Selling Point] is that “unique factor” that is able to allow the consumer to differentiate a product from its competitors. This may not necessarily be the lowest cost, or the best quality, or even the first-ever product of its kind. It was reported to be more more than that in marketing circles, and most marketers of years gone by promoted the USP as “what your product or service have that competitors’ products or services do not.”
And all of that was OK by me as an acceptable until I teamed up with and worked along side Bob Pritchard (an Australian-born Internationally Awarded marketer (who consults to 83 Fortune 500 companies), because it was Bob who enlightened me to the value of the CPB over the USP. Why? Simply because the USP (Unique Selling Proposition) concentrates on that “unique factor” of the product or service on offer to the end consumer, whereas the CPB (Consumer Purchasing Benefit) clearly articulates the exact Benefit to the consumer, and offers them something more than what competitive products can’t or don’t offer, and the value to the Consumer is compelling enough to draw them closer to the offer, and persuasive enough attract new customers.
It was Bob that drew me to the Australian Hire Car company, Avis, created by Bob Ansett who’s Australian USP for decades was, “Avis Drives Your Dollar Further.” However, after the company went global, they created a NEW CPB, especially created for the USA market became, “Avis We Try Harder.” Both are great slogans, but the CPB, “Avis We Try Harder,” gets my tick of approval as the more memorable way of doing things, and oftentime are formally expressed in a Benefit statement, rather than a Propositioning statement .
Most SME’s are Me-Too Businesses that DO NOT Differentiate Themselves from their Competitors
Most Small to Medium Sized Enterprises (SMEs) today are a me-too businesses with competitors in every aspect of their business. Nothing readily differentiates them from their competition. As a result of a new Consumer Purchasing Benefit (CPB) together with an added value program your business could be known as the (your trading category) business of your suburb or region, not just a (your trading category) business of your suburb or region.
But before a SME is able to sell a product or service to an end consumer, they have to know what to do to sell it to themselves first. In fact, that particular SME has to be 100% sold on the selling message themselves. And this is especially important when the product or service you are promoting is similar to other products or services within a “capture region, or defined territory. Moreover, as very few SME’s are a one-of-a-kind business a CPB (as opposed to a USP) is the only way through as the business owner that not too many business are “truly unique” to warrant the application of a USP, whereas all businesses can be differentiated with a CPB.
What Profit Maker Sales is able to do is to isolate your CPB and then show you how to use it to power up your sale.
Because of this you will be able to:
- More easily put yourself in your customer’s shoes.Be more aware price is rarely the only reason people buy.
- Become more aware of what motivates your customers’ behavior and buying decisions.
- Learn how to uncover the real reasons prospects buy your products or services instead of a competitor’s.
Once you’ve gone through this three-step market assessment process, you need to clear your mind of any preconceived ideas you have about your products or services and become brutally honest of what your business is all about. What jumps out to the end consumer, and what sets you apart in their eyes.
It is for these, and other reasons, you should consider applying a CPB to your business.
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