Marketing: How to Grow Your Business - Part 2: Your Unique Selling Proposition (USP)
By: June Bachman ~
5/10/2017 9:00:00 AM
Your unique selling proposition is what makes you and your products stand out from your competition—what is truly unique to you, and something that your competition does not possess. Your unique selling proposition answers your niche market's question - why should I do business with you instead of with your competition?
Benefits of a unique selling proposition are two-fold.
- it clearly differentiates your business from your competition, from your niche market’s perspective.
- it helps you focus on the delivery of the promise of your USP . . . tighter focus facilitates your business decision making.
The best USPs fill a gap in your industry . . . what needs or solutions have the competition missed that you can fulfill? Figure that out and focus your USP on that need!
- Question 1 - What is truly unique about your business, brand or products and services in relation to your competitors?
- Question 2 - From the answers you generated from the above question, which items or service:
- Are most important from your customer's perspective?
- Are not easily copied by your competitors?
- Can be easily communicated to your customers?
Here is an example of a brainstorm list for a retail online store:
Quality of merchandise.
Range and speed of delivery.
Ease of ordering.
Reliability of delivery.
Review the Competition
Study your competition - How well does your competition address the items in your brainstorm list? It is important to have a sense of where your firm stacks up in relation to your competition. Identify a unique selling proposition that is truly different from those propositions of your competition. Remember, your unique selling proposition is your competitive advantage!
Once you have answered all of the questions from the previous page and specifically described your niche market, you will have a great foundation for the understanding of your niche market, and why they buy from you.