Uncovering Your Unique Selling Proposition

Why is a USP important? USP of your company is the most fundamental marketing project that must be completed in order to grow the business, and is the key to implementing an effective marketing plan. Before you can complete it, it is important for you to understand the importance of this concept. What was the driving force behind you getting into business? Generally speaking it is the passion you feel for some aspect of the business that causes you to stay in business. Remembering this passion will help you in the process of uncovering your unique selling proposition. Answer this question: Why did you get into business? Your USP is what positions your business uniquely in the mind of your potential customer. How you are positioned in the mind of the customer determines whether or not they will choose to conduct business with you, or run the other way. The goal here is to create an image that reflects the substance of what you can and do deliver. Be sure that your USP matches the customer's experience, otherwise they will not return. Answer these questions: 1. Why do people buy from you? 2. If they aren't buying from you now, why should they? A company must have some kind of sustainable competitive advantage. This is what sets it apart from the competition, making it "Unique". Your companies USP can take form in four different ways: 1. Be the Price Leader - This means that your business always has a lower price than your competitors. 2. Differentiate - This means that your company can create an advantage by doing something better than or different from the competition. 3. Focus on a Niche - This means that your company can zero in on only one small segment of the market and then become either the price leader of differentiate in some way. 4. Extra Value Proposition - Your Company provides more value - more quality, more service than your competitors. Answer this Question: Which of these four ways do you see your company's strength or uniqueness? Here's a list of characteristics of an effective USP: 1. You should be able to articulate it in 90 words or less. 2. Quantify the benefit as much as possible 3. Be specific in the areas of quality, service, selection, and guarantee. 4. Fill a void the competition is not filling. 5. It must matter to prospects and customers. 6. It constantly evolves based on what the competition does. 7. You must be able to execute it! The point here is to be unique. The tendency is to say something like, "We have the best service or price or quality." And leave it at that. The problem is that everyone makes statement like that all the time - It's not different, it's not unique. The USP needs to be specific. Explain why you have the best service, quality, employees, or price. You cannot be all things to all people, you must get as specific as you can and quantify.

Get the Full Article: Uncovering Your Unique Selling Proposition