Identifying your Unique Selling Proposition (USP) is one of the most challenging features of being an Entrepreneur or Small Business Owner. Why is this? What is a Unique Selling Proposition, and why is it important?
Mashable reports that there were over 500,000 startups in 2012 and based on various headlines, that number is set to to rise significantly before the end of 2014. With those huge numbers in mind, and adding them to the 23 million small businesses in America alone, it becomes critical for business owners to clearly identify what makes them unique.
What is a Unique Selling Proposition (USP)?
A Unique Selling Proposition (USP) is a statement that explains how your business is different from everyone else in the same market. What makes you stand out? It tells your customers how and why you are in a better position to meet their needs instead of your ‘competition.’
Can you see why it is “one of the most challenging features..?” As a business owner you know what you do; you do it well, but it takes time and diligence to determine what makes YOU different from everyone else. What gaps do they fail to cover that you cover? What need do you fill better than anyone else?
Why You Need a USP
Whether you refer to others who provide similar products or service as competition or ‘coopetition’, they will always be there. In fact, if you were the only one providing a particular product or service, that would be a red flag that you may not bee in profitable market.
You need a good USP that will stay in the minds of those in your market so that they will think of you when they need your service or products. This must be clearly and concisely articulated so that it will contain the biggest benefit that your clients and customers will receive from doing business with you, as well as an emotional reason to do business with you.
Why include an emotional component? Because until your customers are emotionally connected with you, you do not have loyal customers and your goal should always be to build the relationship with your clients and customers so that they remain loyal to you.
What are the Elements of a Good USP?
A good USP is memorable so that it sticks in people’s mind. This way they think of you first when they need your products or service.
It addresses specific needs, solves their problem, and makes the lives of your target market easier.
It connects with your customers and potential customers emotionally as it addresses their fears, frustrations, worries, and desires.
Remember that while a clearly defined Unique Selling Proposition is an asset in a crowded market, you also want to use your USP to establish your brand in the minds of your customers and potential customers.
Do you need help developing your Unique Selling Proposition, I can help you solve that problem. Contact me at http://yvonneajones.com/contact-me/ or send an email to yvonne [at] yvonneajones [dot] com so we can schedule time to talk and I’ll also send you a copy of my report.