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Magnificent obsession

Your Magnificent Obsession – Valuing a USP

During the time and development of iConsult, I’ve gained some insights into not just mobile devices but also the industry in general which I would like to share with you now.

Not too long ago I did a presentation at Aesthetic Medicine Live. I asked the audience how many of them had actually sat and designed their USPs, unique selling points, a really good think about what it is that makes them different, special, and clearly differentiates them in their marketplace. No one put their hand up. I thought that was a bit of a surprise so I asked, “Are you not putting your hand up because you think it’s a stupid question and therefore beneath you or is that because you actually haven’t done it?” No one in that room had actually sat and clearly defined their USPs.

No one really knew it was that which made them special which is an interesting thing if you look at business value versus tangible and intangible assets. Research from the Brand Finance Group in 2015, stated that in a real estate company, a company that manufactures houses, only 84% of that company’s value is actually a tangible asset in what they build.

A bricks and mortar business, 16% of it’s value is intangible.

Source: 2015 BrandFinance® Global Intangible Finance Tracker (GIFT™)

At the other end of the scale, an advertising agency is pretty much 99% brand promises, 99% is intangible value. Obviously staffing and IP will play its part in this valuation. However, it’s safe to say that a larger percentage than is often expected is the promise is made by your USPs.

If you take the healthcare sector, as it continues it’s transformation and the patient-as-a-consumer mindset takes hold, the value of intangible assets will only increase. I would estimate that in the average clinic, 40% of your value is based around your brand promise and your USPs, so if you haven’t got clearly defined USPs then you are not realising your business’ value to its full potential.

A great exercise you can do to help is to find your Magnificent Obsession. Let’s play a little game.

You’ve just pulled up outside the Starbucks in your Tesla, you’ve jumped out, you’re walking through the door, you’ve got your iPad or your Apple device under your arm and someone taps you on the shoulder and says, “Hey! Nice car, what do you do for a living?”

Take five minutes just to answer that question, just think about it, and say what it is you actually do for a living and then when you come back we can discuss it further. Boom right, done in five minutes, great.

Actually think about what that question relates to in terms of what you do for a living.

Is it actually telling you, “Tell me what you sell”?

What is it that differentiates yourself?

I can turn around and say, “What do you do for a living?”

I start the answer with what I call my Magnificent Obsession:

“I’m reinventing healthcare technologies to transform the patient journey, improve quality of care and change lives”.

The next stage of the answer is a credibility statement:

“I’ve focussed on the Cosmetic Surgery sector, and helped hundreds of businesses to strengthen relationships, build trust through compliance and create growth”

Finally the mission:

“we are expanding our reach and taking our iConsult platform into the wider healthcare industry”

It’s a much better story than, “I’m a doctor” or “I’m a developer” because your obsession, your brand story determines your value. Set a value on what you do, because your differentiation all comes from your USPs, and your USPs are born from a magnificent obsession.

This is my Magnificent Obsession, well, that and Rugby Union. The photo at the top is one of my all time favourite photos, and in times when I’m feeling a little low it helps me to reset.

So, what is your Magnificent Obsession?

Richard Crawford-Small is a Tech Entrepreneur, reinventing healthcare technology to improve quality of care and transform peoples lives. Founder of Cosmic.Global and creator of the iConsult System.

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