Well, you have a business up end running and you’ve got customers and clients questioning you about your business. What is the most frequent question asked by a buyer? What makes your business stand out from that of your competitors? Perhaps? In a changing dynamic business environment, we have to admit the fact that there is competition in every field! If you can produce something very unique, before you hit the market, you’ll realize there are plenty others with the same product. So….what is that element that’s going to.differentiste your business from others? What makes your business special? The simple answer is USP or Unique Selling Proposition.
So what is Unique Selling Proposition?
USP is one of the crucial part and parcel of any effective marketing campaign! In other words, it’s a brief summary of how your business stands unique and different in the market. It’s an answer to customers’ question: What makes your business unique and different from your competitors.
What is the purpose of Unique Selling Proposition?
The main focus of USP of any business is to enable the customers to quickly differentiate your products from that of your competitors. It must also help your staff in communicating about your company’s services or products by explaining the uniqueness. What stands unique, stands attractive – This has been the mantra of USP since the times the term was coined. Without a USP, your business will become just one among the lot and thus will collapse in near future. No plans of shutting down your business? Define your Unique Selling Proposition today!
USP answers the questions of any effective marketing campaign like:
- What is your business on?
- Who are your potential customers?
- Who are your near competitors?
- What problems does your product or service cater to?
- Why should your customers choose you over your competitors?
- What is the primary objective of this marketing campaign?
Without defining your company’s USP, you will never be able to answer these questions with precision and thus will never be able to run an effective solid marketing campaign!
How to craft an effective USP?
The first step in crafting an effective USP is to understand your business and that of your competitors. After deep understanding of your business, follow these steps:
- Collect your buyer personas. This can help you in a better understanding of your target customers.
- Find answers to these questions: In what way does your product or service solve a problem of your customer? Or perhaps, cater to a customer’s need? How does it add extra value to your buyers which is over and above your competitor’s products? How do you stand different from others? Why should your customers buy from you? The answers to these questions will be the primary aspects that define your company’s USP.
- Compare these potential USPs with those of your competitors and strike off those that are already existing. We don’t want to seem similar in our Unique Selling Proposition, right?
- Align your USP according to what your business is best at? Think about how you want to be seen by your customers.
- Conducting interviews with people who are your target customers asking them about some of the best USPs is a great idea! You can conduct interviews with as less as 10 people to over 100 people.
- Re-verify your USP of its really the right one! Is it conveying a strong message that actually makes you unique? Is it short and memorable? Is your business capable of keeping up the promises your USP tells? Is it really unique or your competitors’ USP is somewhat similar to that of yours?
After following all these steps, you will be able to craft an excellent USP that is both going to tell what your best at and why should your customers buy from you! Having defined these answers clearly through your USP, there’s no stopping from reaching sky limits!
Unique selling proposition and competitive advantage!
Not all businesses have clearly defined Unique Selling Proposition. This factor in itself gives your business an edge! So in this regard, you are clearly barring out those of your competitors who do not have a USP. With those competitors who have defined their USP, the sixth step above will help you go past them as well. When your USP is very strong, your customers are going to buy only from you. (Yes, even if your competitors are dealing in the same line of products) Statistics reveal that no customer would be interested in purchasing from a buyer who says he’s the best at everything! Rather, customers are willing to purchase from a seller who say he’s the best at one particular thing!
Let that ‘one particular thing’ be communicated well and loud!
And you’ll see your business grow without any bound!