What is USP?
USP stands for Unique Selling Point or unique selling proposition. It’s a phrase used to describe what makes you or your product different from anyone else.
To stand out from the competition, you will need one. This will be crucial in helping your business succeed and grow – but how do you go about creating a USP? What makes a good USP?
There are a few different ways you can go about this. It might be as simple as creating an app that’s going to do something no other competitor has done before, or it could be as grounded as providing a new spin on what your company is offering.
Why is it crucial to your success?
Having a USP is crucial because it gives you something unique to offer your customers. This is what’s going to make your business stand out from the competition, and this is also what will make people want to do business with you over anyone else. With a USP, you’re able to show off just why your company deserves attention more than any other.
A USP will be the determining factor in whether your business succeeds or fails. This is because it will attract people and ensure they do business with you over anyone else. And if you’re not able to convince them that your company is better than everyone else and has something different to offer, you simply won’t succeed.With a USP, you're able to show off just why your company deserves attention more than any other. #USP Click To Tweet
How can you find your USP and get the best out of it?
To find your USP or, more importantly, to write down your USP, you need to follow the following steps.
Step 1: Define your target market
Who is your company trying to sell to?
Make sure you know who exactly it is that will be buying from you. This means their age, gender, income, and location and their lifestyle, interests, and what motivates them. Once you can determine this information, look at the competition and see what they’re offering.
Step 2: Define your value proposition
What makes you or your product different from the competition?
To find out what sort of USP you need, you must look at your competitors. What are they offering customers? How are they positioning themselves? Look at your product or service once you have the information you need. What can you offer that’s different from what they have on offer?
Step 3: Clearly define what makes your company special
What are you selling? Why does it stand out from the crowd?
Once again, it’s vital to go back to your competitors and see what they have on offer. If possible, talk to customers about what they like and dislike about your competition’s products or services. Once you have all this information, you need to decide how you’re better than the competition.
Step 4: Ensure uniqueness of product & service
How can your product stand out from the crowd? What are you offering that competitors aren’t?
Once you’re able to determine how your product or service is unique, think about the areas where it might be lacking. What are customers always complaining about when it comes to what you offer? How can you improve upon these shortcomings and make sure your product is as close to perfect as it possibly can be?
Step 5: Make a list of your competitors.
Who are you competing with? What do they offer customers that you don’t?
When it comes to creating a USP for your company, it’s crucial to look at what the competition is offering. This means knowing who your competitors are and going through their products or services so you can determine what makes you different from them as well as what might make you similar. You need to know exactly how your business is unique and where it falls short.
Step 6: Run a comparative advertising campaign
What makes your product or service sell over the competition? What should you emphasize in your advertising campaign?
When it comes to figuring out what will make people want to do business with your company rather than anyone else, you must look at the competition. If you’re going to run a successful comparative advertising campaign, you need to know who your competitors are and what they have on offer so you can determine which of their products or services are lacking. It’s also essential to decide how your business is unique to focus on emphasizing these points in any advertising campaign.
Some examples of USPs of famous companies
Let’s have a look at the USPs of some famous companies.
The USP of Nike is that it offers excellent sports apparel and equipment at affordable prices, which means it has a lower cost than the competition. It positions itself as an affordable, high-quality alternative to its competitors.
The USP of Apple offers beautifully designed electronics with a sleek, streamlined interface and a focus on ease of use. It positions itself as being simple, user-friendly, and innovative.
Instead of just offering furniture at affordable prices, IKEA also allows customers to build their own furniture in the knowledge that it will be affordable and high quality. This is what differentiates IKEA from its competitors.
The USP of Starbucks is that it offers high-quality specialty coffee at affordable prices, which means it has a lower cost than the competition. It positions itself as being high quality yet affordable.
The USP of Subway is that it’s offering freshly baked bread which means customers know they’re getting fresh food every time. This sets it apart from the competition in terms of quality and differentiates it from restaurants where sandwiches are prepared off-site. It positions itself as being high quality yet affordable.
6. Polo Ralph Lauren
The USP of Polo Ralph Lauren is that it creates well-designed clothing at affordable prices, which means it has a lower cost than the competition. It positions itself as being high quality yet affordable.
7. Dollar Shave Club
The USP of Dollar Shave Club is to send customers razors, so they don’t have to do it themselves. This sets them apart from the competition and differentiates them from subscription services where they’ll send multiple items. They position themselves as being time efficient.
To create a USP that will make your product or service stand out from the competition, you need to look at what the others in your industry are offering and determine where they fall short. It’s also important to know who your competitors are so you can learn from their successes and failures. Once you’ve done this, you can figure out how your business is unique and emphasize these points in any advertising campaign.