What is my Unique Selling Proposition and why is it so important?
Your Unique Selling Proposition (USP) is that one distinct thing that sets you apart from your competition. It is in fact the very clear reason why your customers or clients should do business with you and not your competitors. It is your USP that gives you your competitive edge in the market place and allows you to win sales accordingly. Without this your marketing activities will lack focus as will your management and staff.
It is highly important that your USP is clear, simple and concise so that your customers and potential customers clearly understand it. Some examples we are come across every day include:
- Hungry Jacks – “Makes It Better”
- Woolworths – “The Fresh Food People”
- RACV – “We’re There For You”
- David Jones – “There’s No Other Store Like David Jones”
It doesn’t matter whether you are selling a product or a service, the same principle applies.
OK so what is the reason your customers should buy from you rather than your competitors?
If you are not sure of this then there is a good chance they don’t know and you run the risk of losing their business now and well into the future. Even if you think you know the answer, what about your staff? Perhaps you could run this buy them and also get your customers to complete the following sentence clearly and succinctly:
“I buy (the product/service you sell) from (your business name) because (strong, compelling reason).”
What a missed opportunity it would be if you have a potential customer out there who really wants what your selling but you have failed to convey your offer to them or they couldn’t clearly understand why they should buy form you and not your competitors.
Most days I hear of business owners complaining about lack of profit margins and the need to sharpen their prices to win new business. Could this be one reason? Could it be that if you can establish your USP and therefore create your own competitive edge that you could win new business at higher profit margins?
Written by Russell Dowling from Business Revamp.
If you would like more information on forming the perfect USP for your business, contact Melanie from Engana Graphics.
