Uncovering Your Unique Selling Proposition

Because of the rush to build profits, some business owners neglected to study the fundamentals. It's these fundamentals that can lead to lack of clarity, loss of momentum, and failure to capture "low-hanging" profits.

Scattered throughout this guide you will find series of questions. These questions are meant to stimulate your mind, since asking quality questions will produce quality answers.

In order to grow any business you must have a sustainable competitive advantage to set yourselves apart from the competition. Without a clearly defined USP, prospects will never know why they should do business with your company.

Why is a USP important?

USP of your company is the most fundamental marketing project that must be completed in order to grow the business, and is the key to implementing an effective marketing plan. Before you can complete it, it is important for you to understand the importance of this concept.

What was the driving force behind you getting into business? Generally speaking it is the passion you feel for some aspect of the business that causes you to stay in business. Remembering this passion will help you in the process of uncovering your unique selling proposition.

Answer this question:
Why did you get into business?

Your USP is what positions your business uniquely in the mind of your potential customer. How you are positioned in the mind of the customer determines whether or not they will choose to conduct business with you, or run the other way. The goal here is to create an image that reflects the substance of what you can and do deliver. Be sure that your USP matches the customer's experience, otherwise they will not return.

Answer these questions:
1. Why do people buy from you?
2. If they aren't buying from you now, why should they?

A company must have some kind of sustainable competitive advantage. This is what sets it apart from the competition, making it "Unique". Your companies USP can take form in four different ways:

1. Be the Price Leader - This means that your business always has a lower price than your competitors.
2. Differentiate - This means that your company can create an advantage by doing something better than or different from the competition.
3. Focus on a Niche - This means that your company can zero in on only one small segment of the market and then become either the price leader of differentiate in some way.
4. Extra Value Proposition - Your Company provides more value - more quality, more service than your competitors.

Answer this Question:
Which of these four ways do you see your company's strength or uniqueness?

Here's a list of characteristics of an effective USP:
1. You should be able to articulate it in 90 words or less.
2. Quantify the benefit as much as possible
3. Be specific in the areas of quality, service, selection, and guarantee.
4. Fill a void the competition is not filling.
5. It must matter to prospects and customers.
6. It constantly evolves based on what the competition does.
7. You must be able to execute it!

The point here is to be unique. The tendency is to say something like, "We have the best service or price or quality." And leave it at that. The problem is that everyone makes statement like that all the time - It's not different, it's not unique.

The USP needs to be specific. Explain why you have the best service, quality, employees, or price. You cannot be all things to all people, you must get as specific as you can and quantify.

Here is a list of effective sample USPs:

Largest Selection - Special Threads Clothing Store has the greatest selection in the area in comfy down coats with more than 200 in stock. We have a colorful and exciting selection of Levi and Wrangler jeans. There are over 300 pair in stock with five different colors in maroon, blue, black, white, and beige to choose from. We are the only store in this area that distributes Machiavelli brand clothing. No one else in the area has it! We have the largest selection of woman's shoes with over six quality brands and 200 pair in stock.

Guarantee - At You Need Us Company we believe in assuming full responsibility for all our products. We are the only company with a guarantee this broad! If you are not completely satisfied, return it at any time for a complete refund.

Best Pricing - At DIY Inc. we have the same products as Home Depot or Lowe's but we are the only company that can sell them at 30% to 50% less. This is because we have an overhead that is approximately 50% less than that of our competitors. Because of our building location and the design of our facilities we are able to keep costs at a lower level. We also purchase in greater volume than our competitors - providing us with quantity discounts - which we can then pass along our customer in lower prices.

Write your USP Now:
Obviously there is value in creating and implementing a unique selling proposition into all aspects of your sales process. Invest some time now and apply these insights to uncover your Unique Selling Proposition.

May your Business Grow!