This is the question that many entrepreneurs don’t know how to answer succinctly.
Even more importantly is whether they can answer it without defaulting to using “low price” as the primary reason. This is especially important because justifying a purchase on price does not offer you the best chance to survive long-term. The cheapest brands tend to eventually get caught in a commodity trap and die.
So why must your customer buy from you? This question underpins three vital components to business success:
Firstly, it forces you to define the reason why your business is even in business! Why do you deserve a place in the market and to be taken seriously by customers and competitors?
Secondly, by removing the temptation to use “low price” as a reason, you force yourself to spell out the unique value proposition that customers should actually pay a premium for. You are giving yourself a chance to make a profit.
Finally, a clear answer allows the business to test assumptions about the attractiveness of its offering. Upon hearing the motivation, prospective customers will quickly respond – either in the affirmative, or with lacklustre enthusiasm (or downright confusion), allowing you to refine your message and even your offering.
By developing a crisp, clear answer to the question “why customers should buy from us”, you empower your entire team with a sense of purpose that can give traction to growth.
Ultimately, being in business is foremost about adding value, not offering discounts. What value are you offering your customer? That is why they should buy from you!