HOW TO DEFINE YOUR UNIQUE SELLING PROPOSITION

In today’s marketplace; Competition has become the natural order, especially for tech or e-commerce brands where it’s not just your local competitors that you need to worry about. The business world is obviously overwhelmed with several options, and customers want to quickly understand what makes one product or brand different than another. Knowing the right way to position oneself and your products can make the difference between standing out and blending in.

That’s why it’s crucial for all entrepreneurs to understand how to identify a unique selling proposition (USP) to help guide their branding and marketing decisions.

?A Unique Selling Proposition explains what makes your company unique. It’s more commonly referred to as a USP, is the one thing that makes your business better than the competition. This is a specific benefit that gives your business an edge when compared to other businesses in your industry. It resonates with customers why they should do business with you instead of one of your competitors.

You’ll agree that the acronym USP truly conveys the concept well. It’s a company’s main selling point and shapes your brand, market positioning, marketing messages and techniques, and client interaction.

Defining your unique selling proposition is an essential part of successful business planning.?Although being “unique” is rarely a strong USP in itself. You have to differentiate around some aspects your target audience cares about, otherwise your messaging won’t be nearly as effective.

?A compelling USP should be:

1.?Assertive, but defensible: A specific position that forces you to make a case against competing products is more memorable than a generic stance, like “we offer you high-quality products.”

2.?Focused on what your customers value: “Unique” won’t count for much if it’s not something that truly addresses your customers’ challenges.

3.?Not just a slogan: While a slogan is one way your USP can be communicated, it also embodies other areas of your business, from your return policy to your supply chain. You should be able to talk the talk and walk the walk.

Let’s go through the examples below:

1.??Taylor Stitch is a clothing company that relies on crowdfunding in order to develop new products. While some consumers may frown upon established brands that leverage crowdfunding, that isn’t the case here because of how they make it a part of their USP.

?Taylor Stitch successfully turns crowdfunding into a competitive edge: “We design new products. You crowd fund them and save 20%. Our planet takes on Less waste. We deliver them when they’re seasonally appropriate. Everybody wins.

?2.??The Women’s lingerie is a billion-dollar industry, so newcomer Third Love had to find a way to make sure they were able to compete with the legacy brands.

ThirdLove has made their?“we have the right fit”?USP an integral part of their branding. It’s not just a key part of the messaging in their ads and the copy on their site—they even have a Fit Finder quiz that allows first-time customers to find the right fit for them.??

( Google the brand above to see for yourself )

?Now that we’ve looked at two examples of strong USPs from other businesses, you might be wondering how you can go about creating, discovering, or refining your own unique selling proposition.

?Every USP is going to be, well, unique but that doesn’t mean there isn’t a process you can follow to put yourself on the right track. Here's how you can write yours:

1.???Make a list of all the potential differentiators of your brand and what you sell. And get specific. Breakout products and compelling marketing messages rely on precision: they solve the exact right problem and communicate that benefit to customers in their own words.

2.??Research the competition. Who are your competitors and what are their USPs? Look for gaps where you can potentially introduce your brand differently. Products in the same category can be positioned in wildly different ways—footwear, for example, can emphasize style, comfort, or durability.

3.??Compare your most unique angles against your audience's needs. Are there any customer needs that haven’t been filled? Do you see any pain points that you can appeal to that your competitors haven’t?

?4.?Compile the data. Take the information that you’ve learned, and sift through it to single out your strongest USP.

5.?Think about viable ways to apply it across your brand. Applied properly, a USP can be woven into different areas of your business, from your brand name to your return policy to reinforce the idea to your customers.

Once you have a vague idea of what your USP is, it might help to express it as a positioning statement so you can get it down on paper:

[YOUR BRAND] offers [PRODUCT/SERVICE] for [TARGET MARKET] to [VALUE PROPOSITION].

Unlike [THE ALTERNATIVE], we [KEY DIFFERENTIATOR].

This might be exactly what you apply on your website, but it should serve as a guide to clarify your USP, its audience, and any specific differentiators that might be worth highlighting. In summary, before launching your product/brand you can focus on:

1.??Look for unfulfilled needs in your industry.

2.???Apply preemptive marketing.

3.???Adopt a technique that is simple and of relevance.

Your products don’t need to be wholly unique in and out for you to have a strong unique selling proposition. Instead, look for a spot in the market where you can plant your feet that is relatively untouched by the competition.

There may be a dozen ways you can sell your products, but your USP is the big idea that best positions your brand according to what your customers care about and what your competitors aren’t.

I strongly believe that this edition had been quite insightful.

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