3/31/2021 Tip: Do You Have a Great USP?

Today’s Quote

“The few who do are the envy of the many who only watch.”
~ Jim Rohn

 

Today’s Tip

Having a strong Unique Selling Proposition (USP) is critical. Your USP separates your product or service from your competitors. It makes your product or service a “unique, must have” item. And it helps customers to remember you when they need a product or service in your category.

In fact, great USPs have been noted as the keys to success for companies in multiple industries such as these:

  1. The Domino’s Pizza USP is “Fresh hot pizza delivered to your door in thirty minutes or less, guaranteed” (key USP elements are quality (hot/fresh) and timeliness (30 minutes or less))
  2. The Federal Express USP is “When it absolutely, positively has to be there overnight.” (key USP elements are reliability and quick delivery)

Building a great brand and getting widespread awareness of your USP takes time. But the first step, defining your USP, can be done pretty quickly.

Simply follow these steps/exercises to create your USP:

  1. Put together a detailed description of who your customers are and the problems and desires they are looking to solve/fill.
  2. Describe the key values and/or benefits that your customers will receive from buying your products and/or services.
  3. Describe how customers will feel after consuming your product or service (e.g., their teeth will be whiter, they will feel more confident, they will feel safer, they will have more energy, they will have more money, etc.).
  4. Write down ways in which your company is different, and ideally stands out from competitors (factors such as price, location, exclusivity, results, safety, timeliness, etc.)? (And if currently nothing really makes you unique, come up with some new ideas!)
  5. Branding: How would you like customers to think about your business? (e.g., as being the guaranteed lowest cost provider, as being the most reliable company, etc.) (e.g., customers think of WalMart as low price; they think of Lexus as luxury, and Toyota as value).
  6. Long USP summary. Take your answers to questions 1-5 and create a paragraph that portrays your unique selling proposition.
  7. Final USP. Condense your long USP summary to just one line. Use the Domino’s and Fedex examples as inspiration. Realize that you can’t say everything in just one line, but you must get your key points across.

 

Today’s Resource

Is your marketing plan working?

Ask yourself these 3 questions to tell if your marketing is failing or succeeding:

  1. Does your marketing generate a steady flow of new leads and sales?
  2. Are your marketing activities growing your profits month after month?
  3. Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?

If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.

Fix your marketing plan <–

 

Trivia

Today’s Question: On a hunting trip in the Alps in 1941, George de Mestral was intrigued by burdock burrs (seeds) that kept sticking to his clothes and his dog’s fur. After subsequent observations and trials, what did he invent?

Previous Question: What was the original source of the Hearst publishing family’s fortune?

Answer: Gold mining. George Hearst struck it rich in Nevada in 1859, nine years after crossing the plains from Missouri to join the California gold rush.

Great entrepreneurs like Hearst are often able to parlay one success into another success.

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