Determining your company’s USP is a necessary task in ensuring your company stands out from the rest. But how do you go about finding out what your USP is when you’re not sure where to start? Keep reading on for the top tips and strategies for uncovering your company’s USP and translating it into a way to attract customers.
What does USP actually mean?
Chances are you’ve heard the term ‘USP’ in conversation, but maybe you aren’t sure what exactly it means. USP stands for ‘unique selling proposition’ and is what makes your company different or better than your competition. Determining your company’s USP forms the basis of your ethos, marketing material, and more. But how can you determine what sets your business apart from the rest when you’re not sure what makes you different? The good news is that every company has a USP – you just have to dig deep to find out what that is. And if you find out you don’t have a USP, it’s time to create one, and fast!
The term USP was first introduced to the world of business back in the 1940s by Rosser Reeves, a champion in the world of development advertising. According to Rosser, a USP is what makes a marketing campaign tick and makes you stand out and connect with your customers. A company that operates without a clear idea of what its USP is risks getting lost in the crowd. After all, how are you meant to compete with countless other businesses doing exactly the same thing you do? By offering them a unique selling proposition, of course!
Where to begin
No matter how much you spend on expensive marketing material, without a clear USP, customers can’t help but wonder why they should work with you instead of someone else offering the same thing. Without a USP, you risk being bullied with pricing and don’t have a leg to stand on when your customers decide to jump ship.
If you’ve tried thinking about what makes your company different to the rest and are hitting a wall, try the following 3 exercises to determine your USP:
List the benefits of your product
Instead of stressing out trying to find out ways that your company is different to the rest, go back to basics. Create a list of all the features and benefits of your product or service. Make sure you include everything – even things that don’t seem relevant. Are your phone lines open until 10 PM every day? Write it down! Does your team reach out to customers 1 week after they purchased your product to see how they’re getting on? Make a note of this! When going back to basics, you may uncover something your company does that your competition doesn’t. Even if it’s small, it’s worth uncovering.
Think about the value your product offers customers
Products and services were created to add value to people’s lives. The best way to sell something isn’t by riddling off all the benefits your product has, it’s by identifying pain points for your customers and demonstrating how your product helps alleviate those pain points. Instead of focusing on how great your product is, think about how great it is for your customers. How does it make their life easier/better? This may help uncover one of your USPs.
What makes your product unique?
Make a list of all the ways your product is unique. What about your product can’t be easily duplicated or reproduced? Do you hold a patent that your competitors don’t?
Examples of USPs
While determining your company’s USP may seem like a difficult feat, it can actually be really simple. Just take a look at these USPs from some of the world’s biggest brands for inspiration.
- Domino’s Pizza: They provide customers with hot, fresh pizza in 30 minutes or less.
- M&M’s: Chocolate that melts in your mouth, not on your hand!
As you can see, determining your company’s USP doesn’t have to be some gigantic task. In fact, most companies highlight a very small part of their business which ends up being their USP. As long as it’s adding value to customers’ lives, it’s worth bragging about.
Research your competition
One of the biggest mistakes any company can make is getting comfortable in the face of competition. If you’re looking to stand head and shoulders above the rest, it’s important to keep ongoing tabs on what your competition is doing. There’s a reason successful companies have entire divisions devoted to market research.
Find competitors who offer similar products/services that you do. Analyse how your competition promotes their products and review their social media channels. How do they market their goods? What makes them different to you? This is a great strategy for uncovering the strengths and weaknesses that your competition has and using them to your advantage.
Be honest about your weaknesses
While this is a difficult step in determining your company’s USP, it’s a necessary one. Think about your company’s weaknesses and why a customer may choose not to do business with you. Are your products priced higher than your competitors? Are you only open for business 4 days a week when your rival is open 7? Take some time and be honest about the weaknesses your company has. While daunting, this is actually a great way to find strategies to overcome your weaknesses. You may even end up creating a USP in the process! It’s also a great exercise when creating your marketing strategy. If your pricing is higher than your competitor’s, make sure you leave pricing out of your marketing material. This will help you create compelling campaigns focused on your strengths.
Translate your USP with exceptional copy
Have you ever come across a company’s website and had no idea what it is they do? Their page is sleek and has great photographs but you have absolutely no idea what they do or how they do it. This is down to poor copywriting. When translating your USP for social media channels and marketing activity, it’s important to find strong one-liners that clearly communicate how you stand out from the rest. Do your best to keep your USP short and sweet. Having a short, concise USP is more likely to get your target audience’s attention than something lengthy.
Determine your company’s USP today
Determining your company’s USP can take you from great to excellent. By following these simple strategies, you’ll be on your way to uncovering your strengths in no time. To find out more about how Yo Telecom is helping businesses increase their success through communications, enter your details in the form below and we’ll be in touch.