What Is a Business’s Unique Selling Point (USP)?
Hey The Wizard of Iz here, have you ever heard the term “USP” thrown around in the world of business? If you’re not familiar with what it stands for, it can sound a little confusing. But don’t worry, I’m here to help you understand what a business’s USP is and why it’s so important for your business.
When I started my business I didn’t have one. I thought offering the best price was my unique selling proposition. But boy was I wrong cause it was NOT. I didn’t end up with one until have my business had been around for more than 5 years.
So let’s talk about what a USP means and what it means for your business.
USP stands for “Unique Selling Proposition” or “Unique Selling Point.” In other words, it’s the unique benefit that your business offers to your customers that sets you apart from your competition. Your USP is the reason why customers should choose your business over all the others in your industry.
Why Should Your Business Have A USP?
So why is your USP so important? Well, in today’s crowded marketplace, it’s easy for businesses to get lost in a red sea of sharks. With so many options available to consumers, you need to find a way to stand out and make an impact. Your USP is what helps you do that.
When you have a strong USP, it helps you differentiate your business from your competitors. Wether it’s a service or you sell products, it what makes them different. It helps you communicate why you’re different and what you offer that no one else does. This can help you attract the right customers, increase customer loyalty, and ultimately grow your business.
So How Do You Develop A USP For Your Business?
Well, it starts with understanding your customers and your competition. You need to figure out what your target audience is looking for and what your competitors are already offering. It helps to know and understand demographics such as age, income, male or female, etc. Then, you need to find a unique benefit that your business can offer that sets you apart from the rest.
Your USP should be clear, concise, and easy to understand. It should communicate the value that you provide to your customers and why they should choose you over anyone else. You can use your USP in your marketing and advertising to help customers understand why they should do business with you.
Let’s review some examples:
- “Payments infrastructure for the internet” – Hubspot
- “When it absolutely, positively has to be there overnight.” – FedEx
- “Expect more than a coffee.” – Starbucks
- “You get fresh, hot pizza delivered to your door in 30 minutes or less—or it’s free.” – Domino’s Pizza
Some of these sound more like tag lines than USP’s but your Unique Selling Point can also evolve into your tagline.
In summary, your USP is the unique benefit that your business offers to your customers that sets you apart from your competition. It’s an essential part of your business strategy and can help you differentiate your business, attract the right customers, and ultimately grow your business. So take the time to develop a strong USP for your business, and watch your business thrive!
For more on this topic listen to our Podcast linked below. We dive more into this subject and uncover other ways to come up with your own business USP? It’s easier than you think and you can come up with something unique and exclusive for your business. Tune in and take some notes!