One of the very first things any business must do is create its 'point of difference' or Unique Selling Proposition (USP). This article suggests there is a 'formula' associated with creating an effective USP AND when you get it right, your business will boom.
The why and how of creating a Unique Selling Proposition . . .
Today's globalized market is all about cut-throat competition where many may survive but only the fittest truly succeed. And to succeed you need to stand out. One of the first steps in doing so is to create a mind-blowing USP for your business.
A Unique Selling Proposition is just what the name suggests. It is the one attribute that sets your business apart from your competitors in a way that is compelling enough to make your product or service sell. Time well spent on picking the correct USP today can go a long way in saving you loads of advertising money tomorrow.
There are three cardinal sins one should be wary of while creating a USP. The first is to have a USP that is not unique! Gone are the days of "me too" marketing and each business should define a USP for its special value offering. Selecting the ideal USP can be quite a task.
To start off, jot down some of the best offerings of your business. Ideally, the feature should also address some pain or problem currently experienced by the consumer. Narrow down on the one benefit that is yet to be exploited by others in the industry. After all, new companies mushroom every day, but only those that offer new value to the consumer hit the big league.
If you feel you can't come up with a unique benefit, talk about an emotional benefit or something that is seemingly small and overlooked by the competition as being too obvious. For example, most pizza houses deliver within 30 minutes, but only Dominos used this as an insight to create marketing history.
The second sin is to have a long and winding USP that people will not only never remember, but probably never even finish reading - much like this sentence! Make it short. Make it sweet. Make it memorable! A few well chosen words that roll of the tongue easily are the trick of the trade.
This brings me to the final cardinal sin regarding USPs - overpromising and under-delivering. Not only will this cause your hard-earned customer to become disloyal in a flash, it can also cost you far more in terms of negative word of mouth. In other words, marketing suicide!
Once you have decided on your USP, stick to it. Also try to integrate it into your brand or business tagline for even better recall. For instance, Sainsbury's urges its customers to "Try something new today" thereby reiterating their USP of providing choice.
The final step to a successful USP is to blast the world with it. Use it in every single marketing material you ever design. From visiting card to billboard, your USP is your signature. Use it well, and you shall be amply rewarded.
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