What is USP and How to Develop it?
What is a Unique Selling Proposition?
By Definition: A Unique Selling Proposition (USP) refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. The unique selling proposition must be a feature that highlights product benefits that are meaningful to consumers. (Wikipedia)
One of the fundamental pieces of a marketing campaign is USP, but what does unique selling proposition mean? How can it help your business?
Pinpointing your USP requires thorough research and creativity.
A Unique Selling Proposition (USP), is a statement that briefly outlines your business. How your products and services differ from the others and what can you offer to your customers that your competitors don’t.
It identifies why your target audience should choose you over the others and what makes your business the best choice.
Unique selling proposition are usually grouped into categories such as convenience, customisation, guarantee, originality, price, quality, service, speed, selection and specialization. You must pick one that will best describe or will be the core of your promise to your customers.
Why Do You Need a Unique Selling Proposition?
Many businesses make this mistake of wanting to please everyone and attempting to do everything all at the same time when they first start their business.
They want to be known for their lower price. They want to be known for having the best BBQ and the most delicious sauce. They want to be known for the tastiest pasta. They want to be known for the crispiest chicken. They want to do everything so well and please everyone.
This becomes the problem. You’ll not be able to become known for anything if you are trying to do or if you are attempting to be known for everything.
Well, it would really be great if we can be the best of everything but, let’s face it, there is no one-size fits all when it comes to creating a unique point of difference for your business.
You need to make a stand for something rather than try to be the best of everything.
Your USP can give you a great deal of clarity about your business. What does your company do? Why do you do it? A solid USP lets you stand out from your competitors.
One good example of a great USP is Starbucks. They take a stand to provide premium coffee. They do not stand in having the premium coffee and the lowest price.
Starbucks uses the highest quality coffee beans and when we say highest quality, meaning it’s not cheap but it’s worth the price. They take the stand as the premium coffee company and they are well known for it.
Here are some guidelines on how can you create and develop your Unique Selling Proposition:
1) What will your business stand for? – Describe what products and services you are offering. What will your business stands for?
2) Your target audience – You need to know who are your target audience before starting your marketing. Are your target customers male or female? How old are they? What are their interests? Your target audience is the demographic of people that is most likely to be interested in your product and services
3) Problem Solving – from a client’s perspective explain how your product or services can help solve the challenges that their businesses are facing.
4) Identify the Differentiators – Identify why your solution is different from the others, why is your product and services the best option over the other competitors.
5) Assurance – this is where you make a promise to your clients. Write down your pledge or statement that embodies the value of your company.
Don’t rush in creating your USP. Take time to think clearly about it. Discuss it with your team. It might take you several tweaks and tries but it can really be an integral element of your marketing tool once you hit the perfect Unique selling proposition.
Don’t get discouraged if you are just starting out!
Successful business is not just about having a unique product or services; it’s also about how you make your product stand out in a market filled with similar element.
Do you already have a USP? What will you be known for? What makes your business stand out over the others? What makes it unique?
At VIS® we focus on a long-term plan for development in order to achieve specific goals.
Our specialised business consultants work on a 90 day strategy, planning, problem solving which helps clients to develop their business skills and knowledge.