A unique selling proposition, also known as a ‘sweet spot,’ is the aspect(s) of your brand or service/product that makes your business stand out from the crowd – it tells your customers what’s special about you over your competitors.
So how do you discover your USP? Having a good understanding of your industry, your target market and you competitors is a good place to start.
1. Firstly, what do you know about your target audience and why they buy from your market? What needs to these products/ services fulfill for them. What is your competitive advantage? What is it that your business is really good at? Speaking with your target market is a great way to discover your strongest USP – conducting short interviews with a small group of individuals about what they see as your business strengths, and what it is that they want in a particular product or service.
2. A USP gives your company a competitive advantage over the competition. Assess a selection of your competitors and review what needs they are meeting. Ask yourself how your company and business is distinctive – is there something different about how you manufacture your product or deliver your service compared with your competitors? What are your values, and how do they impact your business and what you’re trying to achieve as compared with your competitors?
3. Assess industry trends and those issues that will be most important in 5 years’ time, considering if you can extend your advantage into those areas. Be aware of any shifts in trends or competitor activity that could undermine your USP.
Your USP is at the centre of your marketing communications campaign and informs your key messaging and brand story. A company with a strong unique selling proposition can present a solid position to prospective customers about why they are a preferable company to do business with over others.
Having a strong USP enables you to reach customers by:
- Developing a strong ‘stand-out’ brand: Your USP defines your brand and helps potential customers understand your strengths, what your company stands for, and why your company’s product/service would suit them over your competitors’ product/service.
- Creating strong and consistent marketing messages: Having a USP gives you strong consistent key messages – you can use the features and benefits that define your USP to promote your product/ service across all of your marketing channels.
- Being top-of-mind with potential customers/ clients: Your USP helps differentiate your product/ service so that your company and product sits top-of-mind with potential customers/ clients, instead of any of your competitors’ products or services.