What's Your Unique Selling Proposition in 2022?
March 23, 2022
| BusinessFocus-Business Focus
The first quarter of the year is already nearly past! We hope your business has been able to do well amid the various concerns we hear about in the general economy. This month, we would challenge you to consider the points in the article and reflect on what makes your business unique. That uniqueness can be leveraged to drive more sales!
What’s Your Unique Selling Proposition in 2022?
Competition is continually increasing. Even if you are in a local niche business, your products and services will eventually become a commodity. Once this happens, the only question consumers will have is “Who has the lowest price?” The good news is that you can command both customer loyalty and higher pricing. How can you do that? With a great Unique Selling Proposition (or USP for short).
Consumers have many choices, and they desire to quickly understand what differentiates one product/service or brand from the other. As a result, developing the correct way to position yourself and your goods/services can mean the difference between standing out and blending in. That’s why the best entrepreneurs use USP’s to guide their branding and marketing decisions. Simply stated, the USP is what sets your product and/or service apart from your competitors. The idea the USP creates for your client is this: “I love to purchase/order/hire from your business, instead of your competition.”
A USP is a company’s distinctive “hook” that tells the marketplace what sets them apart from the competition. Your USP defines the reputation and value of your company and allows you to charge higher prices than lower-value commodity products or services. Your USP is strategic and long-term, while your tactical marketing plan is short-term.
Research has shown that most people check out 4-5 different businesses before purchasing goods or services. Having a magnetic USP can turn the buyer’s head. Much like curb appeal is to sell a home, a USP is crucial to making a significant first impression that results in a sale. Your USP should tell the story of how your product or service is different or better than your competitors. It identifies your strongest values or benefits – and drives customers to choose you, not the competition.
Characteristics of good USP’s include: Specific benefits or features; easy to understand; distinctive from competition; concise; attention-grabbing; explain how to solve customer problems; and demonstrates value. The best USP should be truly one-of-a-kind – there’s no point in making a distinction about yourself that’s already being used by competitors. It also should be something that your customers want … and recognize as a benefit.
So … What’s Your USP?
As you can see, creating a great USP requires some soul-searching, knowledge of what your customers really want, and a bit of finesse.
You can consider these questions to ferret out your true value proposition:
| What are the aspects of our services or products that make a difference to buyers?
• Who is our target audience/client?
• What are the pain points of our ideal customer?
• What problem(s) or pains are we solving?
• How is your company or offerings different from the competition?
• What do my existing clients say they like about our business or offerings?
• Which are my company’s greatest strengths? Why do we stand out?
• Exactly what are we selling?
• How do we clearly and concisely state our USP?
Gather a few team members and have a session to drive out your USP(s). Think about who your perfect customer is, what they really want, and what motivates them to buy from you.
While all these ideas and considerations may seem obvious, the truth is that it isn’t easy to come up with that one magic USP. Don’t limit yourself to just one USP; set out to draft at least five. Look at your business from different perspectives or ask someone outside of your business to look at it with fresh eyes.
As soon as you decide on a strong USP, make sure that everyone knows about it. Include it in every ad, message, email, social media post, and landing page. Put it on your business card, flyers, postcards, and brochures. List it on banners and signage. Instruct your entire team to use your USP to compel customers to choose your services and products over your competitors.
However you find and define your unique selling proposition, know it’s not just about getting more customers in the door. It’s a sure thing that you’ll learn a lot more!