Unique Selling Proposition is defined as the factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.
What makes your business unique?
What is your unique selling proposition -U.S.P.?
If you don’t have a U.S.P, list 10 Ways Your Business is Unique . If your competitors can say it, then it’s not unique!
A successful U.S.P. is…….
- Truly unique
- Exciting to your target market
- Something that will get people talking
- Something that can’t be easily copied, or if it can be, it will be an obvious rip-off on the part of the offending business
Finding your USP requires some hard soul-searching and creativity. One way to create your USP is to analyze how other companies use their unique selling propositions to their advantage. You can learn a great deal about how companies distinguish themselves from competitors.
Example 1: Real Estate Industry
Pain – People want to sell their house fast without losing money on the deal.
USP – “Our 21 Step Marketing System Will Sell Your House In Less Than 45 Days At Full Market Value”
Example 2: Dental Industry
Pain – Many people don’t like to go to the dentist because of the pain and long wait.
USP – “We guarantee that you will have a comfortable experience and never have to wait more than 15 minutes” or you will receive a free exam.”
Example 3: Food Industry
Pain – The kids are starving, but the parents are too tired to cook!
USP – “Pizza delivered in 30 minutes or it’s free.” (Dominos Pizza) (This USP is worth $1 BILLION to Dominos Pizza)
Companies with well known USP’s: FedEX, Starbucks, Google, Cracker Barrel, McDonalds and Nordstrom.
Federal Express (FedEX) dominated the package shipping market with the following USP: “Federal Express: When it absolutely, positively has to be there overnight.” The deployment of this USP allowed Federal Express to emerge as the dominant leader in the industry, taking market share rapidly, and also increasing its sales and profits.
Google’s USP is its vast amount of information, and how easy it is to use compared to other search engines. Google organizes the world’s information and makes it universally accessible and useful.
McDonalds USP is cheap, fast food. For example, McDonald’s doesn’t just have hamburgers. They also have a Big Mac. And do you know what makes the Big Mac unique? The product and the song they used to market it…”Two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun.”
The key to finding your unique selling proposition is to put yourself in your customers shoes. Remember what the customers needs are and address them. Price is never the only reason people buy. If your competition is beating you on pricing because they are larger, you have to find another unique feature that addresses the customer’s needs. Once you find where you are unique then build your sales and promotional efforts around that feature.
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