For every business there are countless others offering a similar service or product, all vying for a chunk of the market.
Frequently, business owners become discouraged by competition or start believing that success goes to the competitor with the biggest marketing budget.
What they don’t know is the most basic way to secure a large piece of the pie has nothing to do with money – it’s about creating a solid unique selling proposition (USP).
What is a USP?
In a nutshell, your USP is what your business stands for.
It’s a simple statement that explains to the consumer how your product is different from those of your competitors and how this difference makes your product the best solution to their problem.
Your USP should feed all of your online and offline marketing messaging.
It’s a common mistake for businesses to try to be everything to everybody: We’re the cheapest! The best! The easiest!
This overzealous need to appeal to as many customers on as many levels possible is doomed to fail for one simple reason: when you try to be known for everything, you end up being remembered for nothing.
What makes your brand special?
You often hear businesses complaining that they can’t compete with bigger brands that are able to offer lower prices, but the reality is, price is only one reason people decide on which product to buy.
What, besides cost, makes your product special?
Determining your USP requires some honest and methodical analysis of your brand.
A SWOT analysis will give you a clearer picture of what defines your brand. The next step is to pinpoint what it is about that brand that makes it special.
You can do that by asking these questions:
- What problem does your product or service solve for the customer?
- How is your product different from the others on the market?
- How does this difference best solve the problem identified in the first question?
How to develop your USP
1. Gain an insight into the market, competition and consumer
Do extensive research into your customers as well as your competition.
You have to know what your customers are searching for before you can know how your product will help.
And you need to know what your competition is offering to determine your point of difference.
2. Develop a unique proposition that addresses the insight
Your unique selling proposition needs to clearly tell visitors how your product solves their problem.
Be as specific as possible. Avoid sentences like “we are the best” or “we are the easiest”.
Your proposition should explain it rather than say it.
Netflix is one company that nailed this when they developed their unique proposition: Netflix enables people to watch as much TV and movies as they like in the comfort of their home.
3. Align your brand marketing with this promise
Netflix took this USP and forged a marketing campaign with a simple message: Netflix offers an extensive library of TV shows and movies that cost less than a single trip to the cinema.
Netflix hadn’t developed a particularly unique product – pay TV had long been part of our lives – what they had developed was a unique selling point.
They understood that successful business marketing is about making your business stand out.
Need help defining your unique selling proposition?
At Assemblo, we offer tailored marketing workshops for businesses looking to refine their messaging and clarify their unique selling proposition.
To find out how we can help your business, give us a call on (03) 9079 2555 or send us note via the contact form below.