Unique Selling Proposition – The Foundation of a Successful Business
Many businesses have guiding principles. These are the reasons they exist. Many people have spent countless hours creating their ‘MVV’ (mission, vision, and values). These are important, but prospects won’t pay much attention to them.
Many consists of empty phrases like “market leader” or “doing businesses with the highest ethical standards.” Your MVV is a tremendous internal rally call to unite employees around a shared vision.
However, there is something missing. It’s a message for your market. The answer to this question is the driving force behind it.
“Why should you do business with me rather than anyone else?”
This is the most important question a business owner can ask, but many people don’t know how to answer it.
This question will help you identify your unique selling proposition (USP), which is one of the most critical assets in your business. It is the foundation of all your marketing and outreach efforts, as it reflects the needs of your market.
Clarifying your USP will shift the focus away from you to your customer. It’s not about how long you have been in business or whether you are family-owned, or if you offer high-quality products.
Prospects don’t like any of this.
Your market wants one thing: What’s in it to them?
What makes a good USP?
Your USP should be focused entirely on the market and how you can meet those needs. This shifts the focus of your marketing messages from talking about you to what you can do. This is a great way to sell your services.
It gives employees clarity about what to say to prospects and customers. Customers will leave confusion behind. A unified message from all employees to the market will give clarity and make it easier to do business with prospects.
What is a USP?
To create a unique selling proposition that is effective, you need to consider a few key characteristics. These are:
As much as possible, benefits-focused
Specific, but not generic
Fill a gap in the market that no one else is addressing
Realistically able to fulfill the promise
All of these are essential for developing a USP. These questions are essential for business owners to understand the nature of their business and how it compares with others.
These are the questions to ask when defining your USP.
Why should people do business only with you?
Why do people buy from your company?
Why should they buy from you if they don’t?
What are you offering that is unique from the rest?
Please complete the sentence: “My company is…
Domino’s Pizza’s USP was “Hot fresh pizza delivered within 30 minutes or less, or it’s completely free.” This powerful USP fulfills all of the criteria. It is benefits-focused, fills a void in the market, and resonates strongly.
Geico Insurance: In just 15 minutes, you can save 15% on your car insurance. This USP is simple, direct, and specific. The marketplace responds well.
I hope you see the power in a clearly defined USP. This forces you to be innovative and offer something that is unique to your market. This is good for your customers and long-term business health.
It is essential to understand that there is a sure way to create your USP. If you don’t, you will likely go around in circles and spend way too much time developing it. Your employees, the marketplace, and a survey of your competitors are all critical inputs. Before you start this process, consider hiring outside assistance.