This is by far the most common Suicide Strategy businesses make. Let me explain…USP is the one thing that differentiates your business from your competitors in the minds of your customers and prospects. The USP is what makes the difference between having a truly outstanding business or one that will not be around next year unless you develop a strong one. Often the USP already exists in your business – but you just need to discover it and then articulate it in a way that makes you stand out from the crowd.
However, in most cases the USP has to be created. I can’t stress enough how important this is to the success of your business especially in this economy. How can you expect your customers to be able to choose you, over and above any of your competitors, if the customers can’t quickly see what it is that you do that is so unique and beneficial to them? Tom Monahan of Dominos Pizza created one of the most successful fast food franchises in the world from the strength of their USP. For example, here’s the very well known USP from pkv domino qq.
“Fresh, hot pizza delivered to your door in 30 minutes or less guaranteed.”
Fred Smith of Fed Ex knew the importance of a USP with his well known USP and great slogan.
“When it absolutely positively has to be there overnight.”
Don’t you dare dismiss the importance of a USP. Outstanding businesses have been founded on a USP alone. I guarantee you your business will be committing business suicide if you do not develop a strong memorable one. Your competitors often lack the understanding to recognize its importance. Developing a unique USP or a slogan with your unique benefit can create massive growth and profitability in your business.
If you are viewed by your customers and prospects to be the same as your competitors, what do you think becomes the important criteria when customers want your product or service? That’s right – price. And you can never win this battle because there will always be someone around the corner willing to offer a similar product or service for a cheaper price.
There’s no hiding the fact that as soon as you create the USP, you automatically take your business out of the ‘price war’ and into the nirvana of higher prices or fees and therefore there is less competition.
And that is the power of a USP and why your business must have one to survive in this economy.
I have actually used the term ‘USP’ because most people have heard of it. In actuality I prefer to use the term ‘Unique Perceived Benefit’ (USB). That’s because most business owners are so poor at promoting their uniqueness that if you are the only one promoting the benefit even if it isn’t all that unique – it is perceived to be unique.
In other words let’s say your ‘Midas Touch’ gadget has the benefit of unlocking your house with the touch of a button. This big benefit although amazing isn’t probably unique because 3 of your competitors have the same benefit on their gadgets or they will develop it shortly thereafter.
However, these 3 competitors don’t communicate this benefit in a powerful way even though it’s major so it gets lost on the public. On the other hand if you communicate it so powerfully with the proper copy that it sticks in the minds of your prospects, then you are perceived as the only one who offers this fabulous benefit, thus making it unique. That’s what Unique Perceived Benefit is all about.
So although identifying the target market is always our first and most important priority, the next thing I do for my clients is to articulate the UPS of their product or service in one or two sentences. This alone can have an almost unbelievable impact on your sales and profits sometimes overnight or in a very short period of time. Your business will fail in this economy if you have not given a lot of thought to developing your USP or USB as I like to call it.
Gail M. Barsky Attorney, Speaker, CEO Teachs Business Owners, Entrepreneurs & Professionals how to leverage Offline Marketing Systems with Internet Market Strategies & Social Media.