A unique selling proposition (USP), or a unique selling point, is a statement that concisely summarizes how your business, product, or service is different from that of your competition. It identifies what makes your business the better choice, and why your target clients should choose you over the competition.
Your USP serves as an effective tool that helps you focus your marketing goals and verifies that every piece of marketing key performance indicator you create, successfully sets you apart from the competition. Your USP can also be a vital part of your branding that makes your business outstanding.
When it comes to crafting your USP, you should keep these five steps in mind:
1. Make a List of What You Know About Your Target Audience.
The foundation for your USP must come from a real understanding of your customer. Start by reviewing a list of what your typical customer really wants? Does your customer base want a lower price, better customer service, perhaps some form of flexibility, accessibility, ease, or customization.
2. Make a List of All Your Potential Selling Points
Ask yourself what specific benefit your product or service provides your customers, and what specific needs your product or service could meet. These attributes are all potential selling points for your business.
3. Match Your Potential Selling Points Against Trends and Competitors
In matching your potential selling points against your competitors, ask yourself, “What is it that my product or service offers that my competitors’ products or services don’t offer?” Then ask yourself what specific benefit this provides your customers. Be as objective as possible in determining what features of your business stand out as something that sets you apart from the pack. What can you highlight that will move prospective customers to patronize your business? And how can you position everything you do in your business to embody that USP? Remember that your USP is a unique selling point so you are looking for a gap in the market to set you apart from the rest.
4. Put It Together in One Sentence
Now, put it all together in one sentence that is memorable enough to use as an advertising slogan. For example, “There’s a better way to grow.”, or “The first bank you’ll love”, or “Top quality furniture you can afford?”
5. Double-check That You Have The Right USP
Does it convey one strong benefit? Is it memorable? Is it clear who the brand is targeting from the USP? Can you deliver what it promises? Is it really unique – or could a competitor claim the same thing?
As soon as you complete all these steps and have your well-crafted USP, use this positioning to develop your business and your marketing strategy. Evaluate your activities using your USP as a benchmark.
Keep monitoring trends and new competitors that could affect how customers see your USP. Start using your USP in your advertising, your marketing, and promotional materials, and wherever it might get the attention of potential customers, stay with it and don’t deviate.