Unique Selling Proposition - Your Competitive Advantage!

To capture a larger market share and be viable, sustainable and profitable, you absolutely need to differentiate or distinguish your business, products and/or services from your competitors.

In other words, you need to make your business special in the eyes of your customers and/or prospects.

You can do this by creating what's called an Unique Selling Propostion or USP and then effectively convey that USP to your target market via your marketing efforts and business performance.

This is particularly crucial if you're operating in a highly competitive market.

What Is An Unique Selling Propostion?

Your USP is the one thing or idea that sets your business favourably apart from your competitors'. It's a statement of Advantages you bring to your customers that differentiate you from your competitors.

It's the focal point around which the success and profitability of your business is built and so you must be able to state it and fulfill it honourably and effectively. It's always stated in terms of the benefit it delivers to your customers.

Think about this:

"What's the one thing that makes your business unique and distinct? Why should people buy from you and not from your competitors? Do you promise great value, benefits or service?"

Advantages could include factors like a broad range of product selection, superior customer service, highest quality, best prices, and so on.

Effective USP Components

When formulating and implementing your USP, it's crucial that you bear in mind the following components:

1. Your USP must be truly unique
2. It must be strong enough to excite your target market and get them talking about it.
3. It mustn't be easily imitated or copied.

Look, anybody can claim that they provide the best service in town - "We're The Number One Service Provider In America". Do you think this is credible? Of course not, people can see right through it; it's lukewarm and is an empty promise because you can't measure it and you can't hold them accountable. USP such as this can in fact harm your business instead of helping it.

Your USP really needs to pack a punch.

Now, let's take a look at good example:

"Your Parcel Delivered To You The Very Next Day, or It Costs You Nothing!"

The above is a powerful USP. As you can see, you can actually measure it and hold the Company accountable; the company actually guarantees the delivery of your parcle the very next day or it doesn't cost you a cent.

Can you imagine what this will do to the Company? It'll put it head and shoulders above its competition.

Many business owners often wonder why they should be unique. They wonder what's wrong with being a "me too" business.

The fact is that if you're unique, you're almost guaranteed to outperform and outdistance your competition. It's also a fact that a "me too" business will eventually go to the wall.

Let me ask a question:

Do you set up shop before identifying and formulating your USP?

If you do, don't!

Here's an illustration why...

You set up a provision shop in an area where there're already four of them operating in it.

The current market share is being split amongst the four provision shops, and out of the four, three of them are struggling.

By setting shop in that area, it means that the current market share will have to be further split amongst the five of you.

What makes you so sure that you'll be profitable if you're not unique and operate as an "also ran"?

The fact is that the odds is really against you because you're no different from the rest of your competitors.

The days where businesses compete on price and service alone is no longer that effective because the potential customers can always get what you have to offer much cheaper and with a better service somewhere else.

What you really need is to be different and unique in order to outperform your competitors.

By now you can see how powerful a statement of USP is to your business. As I've mentioned in the beginning, it is the focal point around which your business is built. It forces you to be clear and define exactly what advantages your customers can expect from doing business with you.

And as such, it'll drive your marketing efforts and have a profound impact on your operations.

Coming up with a clear statement of your USP doesn't cost you money - just some of your time and thoughts. At the end of the day, it'll be time and thoughts well spent because of the increase in sales and profits that you'll reap.

Just do it today; this step is absolutely crucial.

About the Author

Copyright 2005 by Larry Lim, MarketingSphere

Larry Lim is a practising marketing strategist and tactician who dishes out highly effective marketing strategies and tactics that will enable you to successfully start and grow your business on the Internet.

His Internet Marketing Strategy website is jam-packed with internet marketing secrets and softwares that will skyrocket your sales, and shoot your profits through the roof.

---

Finding a Brochure Printing Company

A brochure can be a great promotional tool, whether it... Read More

The Words That Sell

What You Say, Who You Say It To, How you... Read More

10 Awesome Ways To Attract More Orders

1. Create a free ebook directory on a specific topic... Read More

Five New 5 Ps!

NO! When I say "5 P's", I'm not talking about... Read More

Judge Rules in Consultant?s Favor with 80-20 Rule

I opened the registered letter and was shocked. My best... Read More

Medias Dirty Little Secret

I'm constantly amazed by all of the media reps from... Read More

Two kinds of Advertising for a Marketing Strategy

Advertising is the lifeblood of any business. If you do... Read More

Trapped in Your Comfort Zone? Break Out and Send Your Marketing Skyrocketing

A marketer whose advice I generally respect recently published an... Read More

7 Marketing Lessons I Learned From the Muscleheads at Golds Gym

Can I share a secret with you?I love working out.... Read More

Strategic Internet Marketing

I met Sue at a recent networking event. She is... Read More

How to Use Marketing Judo to Beat Big Competitors

If yours is a small business and you have big... Read More

Business Marketing For Consultants, Coaches, Speakers, and Trainers: How To Be Noticed and Trusted

Business marketing is essential for professional services, such as consultants,... Read More

When You Need More Than Magic To Keep Your Marketing Going

It is easy to focus on what remains outstanding and... Read More

Successful Non-for-Profit Fundraising Letters Share Eight Qualities

You'll be encouraged to know that the art of writing... Read More

Common Exhibit Marketing Mistakes: Ten Tips on How to Avoid Them

The key to great exhibiting is marketing. But marketing is... Read More

Viral Marketing

Viral marketing involves the use of surf-exchanges, and if you... Read More

Getting Into Marketing Momentum ... The Accelerated Way

GETTING INTO MARKETING MOMENTUM: The 5 Power Principles for Getting... Read More

Four Super-Deadly Marketing Sins - And How To Fix Them

It seems nowadays every marketing guru and their brother-in-law has... Read More

Good Marketing Pays for Itself

Most companies ask themselves this question: "How much will this... Read More

Ready, Aim, Fire...Oops...Wheres The Target?

Everywhere you go on the Internet you find the words,... Read More

Keep Costs Down and Keep the Marketing Strategy Simple

One of the biggest mistakes we could make as business... Read More

Is Most Marketing by Small Businesses KILLING THEM?

I just collected my mail. As usual, more than 80%... Read More

Why Smart People Dont Know How to Market

As an educated professional, your success is based on what... Read More

Profitable Marketing Programs (Part 1)

Deciding whether a particular marketing program is profitable to your... Read More

Do You Really Know Your Prospect?

I'd like to introduce you to someone. I don't actually... Read More

Fax Marketing : Reaching a New Niche of Customers

Traditional marketing and advertising assumes that all of your customers... Read More

Get More Clients From Networking - Follow The Rules Of Dating!

If you're a business owner, you probably spend quite a... Read More

What The Heck Is An Eponym, And What Does It Mean For Your Brand?

Today I've decided to share with you a new word... Read More

What Does Your Logo Color Say About Your Business?

And not only your logo, but also your website, your... Read More

Help! What Happened?

Let's be honest, when you're writing sales material for a... Read More

Your Marketing ? From The Couch To The Cash Register

When you put time or money into any marketing plan,... Read More

Marketing Through Associations

©2004 Jeffrey DobkinIf you're in direct marketing, you're continually looking... Read More

How to Measure the Benefit Your Product or Service Offers

Measuring the benefit of your product or service means putting... Read More