What Is A USP Or Unique Selling Point
Before you go ahead and start selling a new product or service to others, you first need to sell yourself on it.
The current business landscape is over saturated in almost every industry. To target your sales efforts effectively, you need to pinpoint what makes your business unique by devising a Unique Selling Point.
Simply put, a Unique Selling Point, also known as Unique Selling Proposition or USP is what your business stands for. It is one of the vital pieces of any solid marketing campaign that can make or break your business.
A USP refers to a summary or statement presented by a seller, identifying what makes their business the better choice, or why consumers should choose them over competing alternatives. A simple phrase highlighting your business and showing why it’s unique and valuable can turn out to be exactly what you’ve been missing all along.
Communicating your USP quickly and precisely in online marketing is a proven way of producing sales leads. This is because, statistically, web visitors spend 80 percent of their time viewing the info above the page fold. This info can include your Call To Action, Headline or USP.
Examples of companies that have successfully integrated a USP into their marketing efforts
Certain organisations easily draw you in because of who they are. Such businesses exude uniqueness. Many successful companies have in the past used a USP as their slogan to put themselves in a better position in front of their prospective clients.
The interesting part is that these businesses sell products and service that consumers already have. The difference is that unlike other players in their respective markets, they have taken a unique approach that sets them apart.
Examples of companies with exemplary USPs include FedEx Corporation’s, “When it absolutely, positively has to be there overnight,” M&Ms “The milk chocolate melts in your mouth, not in your hand,” Gillette’s “Look sharp, feel sharp” and Domino’s “30 minutes or it’s free.”
How to define your USP
Picture this: you want to get your business up and running, but you haven’t found an aspect that differentiates it from others. If you are facing a similar challenge, you’re not alone. Many new business owners have no idea how to determine their USP. Unless you are the only player in your industry, which is very unlikely, you will need to discern yourself from your competition. Creating a successful USP offers consumers something that other competitive products don’t or can’t provide in a few memorable words.
To reap the best benefits, you need to get out of your comfort zone and craft your own inimitable and instantly recognisable USP. Avoid competing directly in an already crowded space. Your USP should be something captivating enough to attract new customers. You need to think like a potential customer to conclusively determine the value of your product or service for your audience. You have probably heard it already from your clients in their praises and recommendations.
You can try to reach your competitors’ users and get to know the features they like in their favourite product. Coming up with a Unique Selling Point needs creativity and inspiration. Another good strategy is analysing how top companies utilise their USP’s to their advantage. You can do this by scrutinising the companies’ marketing messages and ads. You can then peg your USP on the 4 P’s of marketing: price structure, product characteristics, promotional strategy or placement strategy.
Here’s how you can use a USP to increase your sales:
- Consider what your customers actually want from you by putting yourself in their shoes.
- Know what drives and motivates consumers’ buying decisions.
- List the benefits and features that are unique about what you’re selling
- Know why customers buy from you instead of your competitors.
- The phrase you use in your USP must be easily communicated and understood (short, clear and concise) by your target audience.
Benefits of developing a USP for your business
It is likely that many consumers experience difficulty determining which option deserves their money, time and trust in your industry.
A USP will:
- Allow your product or service to claim a distinctive place in the market and have the edge over competitors.
- Create a clear differentiation that defines your business’ unique position in the industry; telling consumers how you will solve their problems and the value they will get from your product or service.
- Ensure that your sales efforts are targeted efficaciously. Your revenue will improve when people purchase the products that match their needs.
- Helps you stick to your company’s mission.
- Helps to create a huge and loyal customer base. When you use a USP to deliver an awe-inspiring value proposition, customers are more likely to buy again in the future. At some point, repeat purchases grow into loyalty to your company.
You have gotten this far in this post, so you now understand why a USP is valuable for your business. A successful business is all about making your product or service stand out even in an already crowded market. A USP will help you to do exactly that, define your business, highlight the benefits of doing business with you and sets you apart from your competition.