The importance of your Unique Selling Proposition (USP) Segal LLP
Promote your Company’s Uniqueness Every company has its good and bad points, yet some business owners spend so much time trying to eliminate weaknesses that they never capitalize on their strengths. Take the time to identify your company’s unique selling proposition (USP) – the element that differentiates your business from the competition. It may be something as complex as developing a state-of-the-art computer system or as simple as having warm, friendly employees.
Failing to communicate the attributes that make your business special is like entering a boxing ring with one hand tied behind your back. The odds are against you coming out the winner.
Powerful and Concise So get employees from every level in your company involved in some brainstorming sessions to come up with an appealing USP that shows how your business stands out from its rivals. A USP should be a powerful, concise statement that prospective customers understand.
To start, ask the following four questions:
- What elements make our products or services unique?
- Which elements are most important to our growth?
- Which elements are the most difficult for our competitors to copy?
- What is the Number One Reason customers should buy from us?
Here are examples of some successful advertising USPs you may have heard:
- "When it absolutely, positively has to be there overnight." (FedEx)
- "The nighttime, coughing, achy, sniffling, stuffy head, fever, so you can rest medicine."(NyQuil)
- "Pizza delivered in 30 minutes or it’s free." (Domino’s Pizza)
However, steer clear from adopting a USP that your company cannot deliver, and analyze the market potential of various USPs in terms of volume, profits and return business.
Remember that you can’t appeal to everyone. USPs are generally meant to appeal to just one part of a huge market. For example, there is a wide divide between upscale customers and those who are looking for bargains. Look at your revenue streams. While your company’s high- est marketing niche could be customers looking for exclusivity, its biggest revenues may come from bargain hunters. Determine which segment you want to stake out.
Final note: USPs can become stale over time. So periodically look at your current USP to deter- mine if it needs refreshing. A fresh USP can bring new life to your bottom line by adding new interest and appeal and making your business look new again.
Parlay Strength into Success An office equipment retailer appeared to be doing everything right. They offered 24-hour service on all business machines sold or leased, free loaners when equipment was being repaired, and renewal of maintenance contracts for as long as customers owned the machines.
No other retailer in the area matches these perks, yet the company was being hit hard by rivals. Long-time customers took the service policies for granted and potential customers never learned about them. Even some of the company’s employees didn’t know the policies were special.
Eventually, the CEO recognized the problem and took steps to communicate the company’s strong points. Today, prospective customers are given detailed brochures outlining the unmatched services. The process turned out to be a real morale builder for employees too.