As much as any business owner would hate to admit it, most businesses are not one-of-a-kind. Why do some companies do better than others in a homogeneous marketplace?
They have grasped the concept of their USP.
What Make You Special or “USP” means ‘unique selling proposition’
The marketing term “USP” means ‘unique selling proposition’ or ‘unique selling point,’ and can be defined as the key factor presented by the seller as the reason that one particular product or service is distinct and better than the offerings of competitors. As a small business owner in a competitive space, unless you’re able to define the USP of your business, you’ll be unsuccessful at standing apart in a crowded market.
Here are a few tips to help you better understand the USP marketing term and its application:
- Start by considering the way your competitors use their USPs in marketing. Spend time examining their advertising and marketing messaging. Then take note of the companies that seem to stand out, and pay attention to the way they present their products or services. What are they saying? Are they really different to others? Have they manufactured their own niche?
- A USP can be based on a single or combination of the four P’s of marketing strategy: product, price, placement and promotion. Consider your business’ offerings, it would make sense to use this knowledge to help you define your unique market position.
- To make use of a USP in marketing strategy, you need to understand what makes your customers tick. Forget about your brand for a minute and consider your customers’ needs, and how your business can satisfy them. Take it up a notch by considering how you could exceed their expectations to ensure that you retain repeat business.
- It’s not always about price – build your strategy around what your customers need and also want. Delve into your customers’ minds to really try to understand what is their motivation to buy. You could go as far as to ask your customers to rate your business to give you an indication of what they expect and prioritize when using your service or products.
Once you have a better understanding of what your USP actually is, you’ll be able to highlight it in your marketing strategy. At the end of the day, running a successful business is more about making your product or service stand out in a monochromatic marketplace rather than actually having a unique product or service.
Wishing you all the best for effective marketing!