USP

 

Unique Selling Proposition is your business’s raison d’etre. For something so important…it is surprising that more time is not spent identifying what makes your venture unique.

In today’s ultra competitive world, there are more choices to spend money on, than there is money to go around. Why would someone deal with you? If nothing very original comes to mind it doesn’t mean you should close the doors. It just means that you need to identify why customers choose to come to you, especially those that come again and again.

To plan for growth, USP needs to be identified and revised over time, to accommodate the changing demands of the customer.

1. Price – Are you the lowest priced? The use of price alone to differentiate, leaves you open to constant attack by big box price cutters. The consumer who is price motivated has no loyalty and needs to be bought each time. This is an expensive intention, especially if you are selling, high volume/low margin items. Although this looks like the easiest option, it is the most difficult.

2. Convenience – Time starved, stressed, the average consumer is looking for ways to put more hours in their day. If you offer a wide selection of products, ancillary services (e.g. decorating advice with furniture sales) and on line shopping 24 hours a day; you have identified this opportunity.

3. Guarantee – On ebay, you will note that sellers who offer a satisfaction guarantee, get more sales.

4. Unique product or service – Do you have something no one else is able to offer?

5. No frills chic – Martha Stewart…love her or hate her, created the realization and expectation, that you don’t have to be wealthy, or shop at expensive, exclusive stores to entertain, decorate, or garden with style.

6. Early birding – You offer cutting edge products and have an eye for the next big thing.

7. Experiential – Do consumers enter your establishment feeling as if they have entered a new world? Do they tell all their friends about the marvellous experience they had with your business? Shopping today is about being entertained and consumers are willing to pay additionally for exceptional experiences.

Ultimately customers want to feel they receive value when they deal with you. Over the years one of the questions I have consistently asked the many businesses I have worked with is, “ What advertising and marketing have you done, that delivered the best result for you.”. Invariably, the number one answer is “Word of mouth”. Discovering your unique significance will help you cultivate “evangelists” who will go out and spread the word about your business. It’s up to you to enhance their experience and utilize this opportunity.Word of mouth is an opportunity worth exploring. What can you do to motivate and get people talking about your business?