Creating Your Unique Selling Proposition (USP)
There are four key components to creating your USP. Let’s look at each of them a little closer.
Focus On Customers
A good USP centres on customer experience. Understanding what they need by offering the right solutions will draw customers to your business. To help you gain insight you must learn how your customers shop, how they use your products or services, how your brand fits into their daily life, and the types of interactions they have with your business.
Incorporate Your Business Values
You did not get into business by accident. You should have goals and a business plan on how to reach them. Somewhere in there will be values that you carry with your business, These are meaningful and deep reasons for doing what you are doing. Revisit your mission and vision statements and keep your customer’s needs in mind. Do you stand for something unique that will meet their needs?
Highlight Your Strengths
The best way to do this is by answering the question: What do we do best? Be honest. There are going to be weaknesses revealed here and that is okay as it is part of the process of defining your unique selling proposition. To help you find the right direction to this part of the process, use the five P’s. They are:
- product
- price
- place
- people
- promotion
Position Yourself Against Competition
Finally, your USP has to tell customers clearly what makes supporting your business better than one of your competitors. After you figure out the strengths of your business, and how they meet the needs of your customers, do the same with your competition. This will give you a better idea of what makes your business stand out from the rest who are selling much the same products or services as you do.
Things To Avoid When Defining Your USP
There are a handful of mistakes that are easily made when creating a USP. Here is a quick look at what they are:
Not Putting Customers Needs First
You can’t stay in business without customers. They feed you. One way to keep focused on them is to seek regular feedback and adjust your USP accordingly as their needs shift.
Sharing An Inconsistent Message
Consistency is important considering the various channels and feeds customers will receive information about your business. Your digital strategy and business strategy must align with your USP to be effective.
Creating A Weak USP
It is easy to veer off-centre if your USP does not reflect your values. Plus, customers will test it daily but when your USP is deeply rooted in your values, it will pass the tests it faces all the time.
Partnerships That Don't Align With Your Values
Business partnerships are commonplace in today’s competitive marketplace. Customers are savvy and will research every one of your partnerships so it is vital to team up with partners who share your values. If you don’t, customers will see this as an issue and will start to shift towards supporting your competition instead.
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Conclusion
While it may not be rocket science, having a better understanding of what makes your products or services unique in a competitive marketplace helps both you and your customers. It gives you that special something you can use to promote your business in your marketing programs. It also gives your customers a reason to give your business a harder look when they are making purchasing decisions.
Simply put, a unique selling proposition tells people what your company can do for them. In today’s business world, you need an edge, and a well-defined USP gives you that tool. Without it, you may miss many business opportunities that could result in great success. Remember, to be successful in business, you have to have something that sets you apart from the crowd. A USP is that very something you need.