If you haven’t checked out our other posts on “Transcription 101”, where we explored the business model differences between online and brick-and-mortar transcription service businesses, these will help you decide which one best fits your idea for life and work when venturing into the transcription business industry. It’s useful to say that there’s nothing wrong with going the brick-and-mortar way, despite for the fact that going online seems to be better, easier and affordable, especially if want to start out as a freelance transcriptionist. Now let us but basically assume that you are quite well more committed towards developing your business as an online transcription service platform. The following content will serve as a helpful guide, in a creative way, when deciding which transcription service should you offer.
» READ: What is Radio Transcription?
This will be your main service offer that people will be paying you for. A feasibility study is best to be carried out in the most effective measure that suits your market. Brand loyalty does not develop even with the mere fact that your transcription service business is housed in a very good operating location or having securely registered a pretty memorable business name, without employing excellent service and schemes that you won’t experience anywhere, when getting customer attention.
Before digging deeper into business concepts, it should be made clear as to what specific transcription service should you offer. Knowing what to offer is about identifying the main service offer your transcription business has to bring to the people. Designing it should be quite easy, given the fact that it’s a concept that you’re interested in, had the training on, or have experience of. If you’re somewhat passionate to bring about transcription solutions, your focus and dedication will reflect to whatever you do in your transcription business.
Before we begin, give yourself a few seconds to think why would it be important to set your transcription service business apart from or distinct in comparison to others?
What is a Unique Selling Proposition (USP)?
USP or Unique Selling Proposition is basically a business concept that’s strategically shaped for product or service marketing. The idea for Unique Selling Proposition theory was initially introduced in 1961 by Rosser Reeves, who proved to be a persona in marketing. Rosser’s professional undertakings serve as an inspiration to many. In “Reality in Advertising,” a book he authored, he mentioned that USP forms the basis of any marketing strategy employed. A USP should be formulated keeping in mind that it’s specifically designed to emphasize the company’s distinction on how its products or services differentiate from the competition. The USP can be attributed as the single superiority or purpose that makes your transcription service stand out from the crowd. Reeves actually implemented this view into his adverts, including this particular slogan you may already know of— M&M’s “Melts in your mouth, not in your hands.”
A USP is not totally about targeting all the possible customers. In fact, the real strategy is to aim at your ideal potential customer: certain individuals who have a greater interest or value towards distinction of quality services or in other words, making things look like you’re delivering more value for less. Mainly, a USP defines who you actually are and what makes you different based on what you actually offer. It’s the one essential ingredient that can set your transcription business above some 10 other transcription service providers in your area.
Several businesses have already found success with USPs. When people encounter a successful USP driven transcription service provider online or offline, they can easily identify what the provider has to offer. They’ll firmly recognize it to be sort of being the right place for a certain product or service. Businesses having a solid USP tend to attract more people who look for something diverse compared to the average boring approach.
Basic Steps towards creating a USP for a transcription Business
The concept of USP can be further elaborated, particularly on its application to a transcription service business, once we get the following steps clear and vivid enough to understand. Having a strong USP is one of the top crucial ingredients as part of one’s recipe when building the ultimate path towards successful transcription service enterprise. Developing one and sustaining it to a considerable height for the coming months is quite the main thing, but before that, the best thing to do now is to focus on creating a strong USP along with a supporting structure that forms the firm basis for the success of delivering you transcription service message.
A strong USP materializes best when coupled with a solid supporting structure that covers even the minutest details possible - a compact and concrete plan on how to get it off ground and effective. So what are you waiting for? Get yourself something to write on and start collecting your thoughts—we’re about to structure a plan!
1. Listing down all the possible transcription services you can bring to the people
To begin with, let us first list down everything you could perhaps be interested to offer in your transcription business. In figuring out whatever these ‘EVERYTHING’ may be for your business, you may start with something that’s more like on the bases of your dreams or first idea when finally decided to start a transcription business, or maybe an inspiration of imagining yourself in a broad picture of working for yourself, making a living from the comfort of your home, in front of a computer. From that, start your list of potential products or services that you would like for your business.
Well, you may include anything that would make your business a solution— be it something like medical transcription and documentation, general transcription services, physical transcription products, recording software, phone tag transcription, etc. There are several transcription fields you can look into. For a tip, it’s been always an awesome strategy if you could go for it in a unique approach that no other transcription provider does, or you can even adapt a typical or truly classic approach but make sure to do it better and beyond the average.
Lastly, go over the list that you’ve got compiled down. These will now be main items to base your plan. Which of the listed items takes much of your attention? What are the actual services that could be created out of these main items? Is there any signature service among the list that you can develop as your main offer that will define or identify your business exclusively? In this kind of business, there will be a lot of transactions for the same service over and over again and to keep your loyal customers, you should be relatively consistent with the same great quality every time. Hence, this should be something that you and your team is interested in doing and that you know you can excel on pretty well.
2. Organizing Keypoints
The next step in identifying which service to offer is to find relationships and possible pairings or similarities between the concepts you had included in your list. Identifying unrelated items is commonly overlooked so now is the right time to look into this task.
Some of the ideas you’ve come up on this list might not seem really related to one another, but consider going over it another time to check for any possible links that you can work on to keep your products consistent with the others. After bringing together these key points, you will be amazed to finally get an overview of the summarized list of concepts that’s getting shaped, and smoothly getting formed into a collective illustration of potential service and/or product offers.
3. Looking Out Further
The third step is to look deeper into your identified transcription product or service concepts. This starts with investigating what already exist in the market and the likelihood of why people will choose another business over you who offers the same service you’re looking into. If you think, you’ve got little chances of winning over the competition, it’s either you’ll try to avoid the market or adopt a better approach to stand out in the market. In the world of business, uniqueness is crucial to survival. When going online, you’ve now got an advantage of beating out the typically traditional professional transcriptionist and also been able to set yourself apart from other brick-and-mortar transcription service providers looking for the same market of customers.
This doesn’t mean that you have to be a 100% unique in every aspect of your transcription business because obviously, that won’t be possible. All you should consider is to constantly ensure that people can see something that makes you the better choice or intriguing in some ways. Have you ever heard of this popular quote attributed to Pablo Picasso? “Good artists copy; great artists steal.” It’s not saying you should attack and grab another person’s concept—but it does say that it’s best to model how others successfully accomplish things similar to what you’re trying to do. Understand how brick-and-mortar transcription service providers, online transcription businesses, and other successful transcription freelancers does things; and think about how you can innovate to make it better. This is where your USP comes into play.
4. Going Through Feasibility Checks
Now that you’ve got your list finalized or polished down to a more reformed look, then it’s time to go over all the viabilities associated with each respective item. To find out the viability of an idea, relate it to the following essential checks:
• Will there be any major difficulties or obstacles associated with the preparation of such type of service?
• Will there be any need of use for specific tools and materials in order to produce the service?
• What will be the average delivery time duration required between the business and customer?
• Can we achieve parallel processing or work on simultaneous orders effectively?
• How much will it cost to prepare the service?
• What will be the needed average revenue to make it profitable?
If your final list is composed of simple with just a few items present that’s related to each other, then things will be easier. Easier to plan. Easier to focus. Easier to execute. That means you can invest more time and quality on your main or signature product/service while earning customer loyalty.
A Time of Getting the Offer to the finish line
Well done! At this point, you may have now got an idea on how to identify the main product or service to offer, or probably thinking of quite a strong and effective USP for your transcription business. So, keep it up and reach for your goals as there are unlimited opportunities waiting for you ahead. The question now is, how is your level of commitment to getting these things worked out in order to be one step ahead?
PS: The Transcription 101 program is intended to help aspiring individuals build a transcription service business or an independent freelance transcription contracting career, where you’ll learn ways to keep things organized and automated as much as possible.