BUSINESS OWNER CORNER: HOW TO STAND OUT FROM YOUR COMPETITORS

Every business says they offer "great service, price, and quality” (in Spanish they would say “Bueno, bonito y barato”). But if everyone says it, how do you make your business truly different? The answer is differentiation.

Find Your Unique Selling Point

As an example, one of the ways InVision Insurance decided to differentiate itself is by not charging broker fees. This was a challenging decision initially, but it paid off because it helped us…

• Set ourselves apart from most agencies around us that charge fees

• By building trust among customers that creates loyalty and referrals

We have found other ways to differentiate ourselves (this newsletter being one of them) but being a no broker fee insurance agency has been one of our most powerful differentiators.

Use a SWOT Analysis to Identify Opportunities

A powerful tool to find differentiators is a SWOT analysis. This involves examining:

Strengths: What your business does well.

Weaknesses: Areas where your business can improve.

Opportunities: External factors that can benefit your business.

Threats: External factors that could harm your business.

By understanding these four areas, you can identify unique ways to position your business in the market and achieve growth.

Take Action: Create Your SWOT Analysis

Here is a video that shows how to create a SWOT analysis. I also created video in Spanish on how to do a quick and easy business plan that also talks about the SWOT in detail. If you haven't done a SWOT analysis for your business yet, I strongly recommend it. It will provide a clear roadmap towards business's growth.

If you have any questions regarding SWOT or even doing a business plan, please feel free to contact me (323) 773-4429 or rarredondo@invisioninsurance.com. Be glad to assist at no cost or “broker fee” to you. 🙂