It may seem like a simple question: what’s your business’ Unique Selling Proposition (USP)? Yet, many business owners would tell you it’s not an easy one to answer. In this article, we will explain how to identify your business’s unique selling proposition.
What is a Unique Selling Proposition?
A unique selling proposition is a unique and distinguishing factor or aspect of a product or service. Whether it be a tangible feature, a particular design, a physical characteristic, or an intangible point, such as a specific quality, a business’s USP is one of its most valuable marketing assets.
Why is a Unique Selling Proposition Important?
A USP acts as a quick statement that tells customers why they should do business with you. It saves you time because it’s a memorable and simple expression of who you are and what you do.
If your USP is memorable, it will stick in your customers’ heads and make them remember your business. It will also help you stand out from other businesses, as it creates an image in the minds of your customers that is unique.
How to Identify Your Business USP?
There are several ways to identify a business USP:
- Identify Your Ideal Target Audience
The first step to identifying your USP is identifying your ideal target audience. Then, consider what they want or need. How do they decide which products or services to purchase?
Once you have identified your target audience, it will be easier to identify your USP.
It’s not enough to simply say “people in my town” or “parents like me.” Instead, identify an actual person or a specific type of person.
Once you have identified your target audience, you need to research what they are looking for. What are their pains or problems? What do they like the most about your competitors? Most importantly, what are they not getting from your competitors?
- Consolidate Your Business Strengths
After identifying your target audience, it’s important to identify your business’s strengths. These can be your product’s strengths, your customer service, your price, or your brand. Whatever your business does well, that’s a good start.
Identify the strengths your customers are looking for, and use them to create your USP.
- Highlight the Problem You Can Solve
After identifying your business strengths, your next step is to identify your customers’ problems, from a business-centric point of view.
This means looking at the ailments of your customers, whether the pain is physical, emotional, or financial. A successful USP addresses the problem of your target audience and solves it.
An effective USP doesn’t promise to solve abstract problems like “making customers feel better” or “helping people sleep better.”
Instead, it solves a specific problem. Maybe it’s “restoring a worn mattress to like-new condition”, or “relieving pain by improving muscle function and range of motion.” A compelling USP works from the business’ perspective, not the customer’s.
What’s Your USP?
The biggest mistake business owners make is not actively identifying their USP. It’s taking the time to identify your target audience, understand their problems, and decide how your business can be the solution. If you don’t have a USP, it will be harder to grow your business, resulting in misdirected marketing and missed opportunities.
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