A unique selling proposition also known as USP is what businesses use to stand out and thrive in a competitive business market. If you’re not lucky enough to be the only player in your business (which is hardly ever common), you will need to set yourself apart from the competitors with a compelling USP.
In a world filled with so many options, customers always want to quickly understand what a brand or business is all about and what makes it different from other brands in one glance or contact with the brand or business. Therefore, it is not only important to be unique, but it must also be communicated properly.
This blog post will outline how to create a Unique Selling Point for your SME and go into the specifics of what a USP is, why it should be defined, and how to define it for your business.
What is a Unique selling proposition?
A unique selling proposition (USP) is a statement that communicates a particular product benefit or characteristic that distinguishes a brand from its competitors. The most important query of your audience should be addressed by your USP.
A USP should be the particular advantages your brand or SME offers potential consumers, such as a quicker method to manage their accounts or a less expensive alternative, or it can be the way you do business, such as employing sustainable materials and local labour.
Your SMEs USP should be built on what makes your brand particularly useful to your target market and play to your strengths.
What are the advantages of a unique selling proposition?
If done correctly, a company’s or product’s USP may serve as the cornerstone of an efficient marketing plan.
A unique selling proposition’s primary advantage is that it establishes the company’s identity and sets it apart from rivals. You can draw attention to particular distinguishing qualities, premium materials, an easy-to-use user interface, affordable prices, first-rate customer service, etc. as the unique selling proposition (USP) of your company’s products and services.
Other advantages of a unique selling proposition are:
- Establish a clear distinction between your business and that of your rivals.
- Improve the calibre as well as the number of potential leads.
- Gain market share in the segments you’ve chosen.
- Gain operational efficiency.
- Boost your income.
- Make sure that the same message is sent by everyone in your organization.
Essential elements of a Unique Selling Proposition
It’s crucial to include these essential elements components while creating your product’s USP:
- It should be genuinely original.
- It must be uplifting and compelling enough to attract the interest of your target audience, encourage discussion about it, and eventually prompt purchases.
- It ought to be challenging to copy.
- It ought to be simple to comprehend.
- It should include a feature that your clients need, require, or anticipate.
How do you create a unique selling proposition for your SME?
Now that we know the benefits of using a Unique selling proposition for our SMEs, how then do we create one for our SMEs? Read on to know how to.
- Recognize your Ideal client: Forming a strong USP starts with doing this. Recognize the needs and problems of your clients. You may create sentences that will catch their attention by understanding how your target audience thinks. This will help you discover the driving factors behind the purchasing behavior and choices of your consumers
- Describe how your company solves the problems of your ideal clients: Customers want to find solutions to their issues, not items. This may be as straightforward as investing in a solid set of tools that will endure for many years, and maintaining it properly.
- Create a list of all the various ways your brand and what you sell might be distinguished from others: Be more specific. Precision is a must for groundbreaking goods and persuasive marketing communications; they address the ideal problem and convey the advantage to clients in their own words.
- Know your competitors: What are the USPs of your rivals and who are they? Search for areas where you may promote your business in a distinctive way. Products in the same category might be marketed in a variety of ways; footwear, for instance, may focus on comfort, style, or durability.
- Make Your Business Hard for Customers to Resist: It’s time to explain to your ideal customers why they should select your company over that of your rivals now that you are aware of who they are and the issues they encounter. You must effectively communicate this in your USP using catchy captions for your brand name and tag lines.
Some of the brands in Nigeria that have been able to hack this Unique selling point marketing strategy and have used it to scale their businesses are Coca-cola, Dangote, Lenco, Access bank, etc. You can also achieve this with your brand.