The Importance of Having a USP
The Importance of Having a USP
Whatever business you decide to launch, it needs to stand out from the competition. If your business is identical to your competition, then you will be forced to compete on price alone, and that can be a tough fight if they are well established and you are fighting for market share.
The Saddleback Leather Company :- sells amazing leather briefcases, suitcases and saddle bags. Its primary USP is that it gives a 100-year warranty that you can pass down to your heirs, but the company is so darn different that once you visit its website you’ll see why it’s not just the warranty that makes this company special(The Importance of Having a USP)
This next one is a feel-good USP. If you buy a pair of Toms Shoes they will give a pair to a child in need somewhere in the world. To date they have given away one million pairs of shoes. Every week they choose one customer and follow their purchase around the world on a Toms giving trip.
Eight Foundational Principles of a USP
- It gives your company a unique image.
- It is the focal point of your company.
- It makes your company appealing to a certain type of customer.
- It is part of the character, personality and philosophy of your company.
- It is the foundation of your marketing strategy.
- It provides excitement.
- It differentiates you from the competition.
- It gets you noticed.
Tips on Discovering Your USP
First things first :- you can’t please everyone. A USP is not a catch all – remember the anti establishment consulting firm mentioned earlier? One good way to get started is to answer the question – who would be an idea client? Once you know who it you want to attract, the easier it will be to discover the right type of bait.(The Importance of Having a USP)
Having said that, here are a few strategies to get you started.
Use your personality :- there’s nothing more unique than you! How can you figure in your USP?
Find a gap in the market :- or discover a need. Don’t look at what your competition is doing – look at what they’re not doing.(The Importance of Having a USP)
Explore the intersection of ideas :- What is your business truly about? What can you add to the mix to make it more interesting and unique?(The Importance of Having a USP)
Narrow your target audience :- finding a niche can also mean discovering your USP. There is a financial planner in Victoria, BC that specializes in advising physicians and dentists. He writes books advising them, and is a highly sought after keynote speaker
Narrow your topic :- for example, be a florist but specialize almost exclusively in selling orchids.
Carry out a strengths and weaknesses analysis :- make a list of all your competitors and make a table for each of them listing all of their strengths and weaknesses. Now make one for your own company’s strengths and weaknesses. Study the tables and you may well see a pattern that will lead you to your USP. Need a clue? Think about how to make one or more of their weaknesses into your major strength.(The Importance of Having a USP)
Brainstorm :– gather friends, family, your banker, your accountant, your lawyer, your business friends and anyone else you can think of, supply