A fundamental understanding of your business' Unique Selling Point (USP) is key to the success of any marketing or sales effort. USPs are a core part of a business, not just some airy-fairy statements on a piece of paper that is locked in a dusty cabinet. If you don't have USPs, or feel that your existing USPs do not accurately describe your business, four simple questions can help you get started.
Every business in Australia, large or small, B2B or B2C, faces a variety of marketing challenges, and there is always room to do better. One major challenge facing 65% of businesses, according to a recent Hubspot survey, is the task of generating traffic and leads: the fundamental function of the marketing department.
Fortunately,the inbound marketing approach has lead generation at its heart. It also happens to bundle website management and automation, and is also budget friendly, with measurable returns on investment.
Inbound marketing consists of content, social media, SEO, and PPC, with each channel amplifying the rest to create a marketing machine which is greater than the sum of its parts.
But to make inbound marketing really work for you, your business must be in touch with its USP. Here are four questions that can help with the discovery of your USP.
1) What is your core service or product?
Understanding what your business is providing the consumer will help establish your value. Business Queensland recommends the first step in discovering a business' USP is through innovation. By creating new products, or producing better designs for existing ones, ensures customers retain an interest in your business. This also provides a boost in profits when new products are brought to market.
"Many businesses make the mistake of attempting to stand for everything when they first get started. They want to do everything well, and they want to be all things to all people. They want to be known for having the highest quality products AND the lowest prices. They want to have the best food AND the cheapest prices. They want to be known for the best burgers AND the most delicious salads AND the juiciest steaks and ribs.
The problem is this:
When you attempt to be known for everything, you don’t become known for anything."
2) Who is your target market or buyer persona?
Understanding your audience is paramount in the beginning stages of your businesses marketing strategy. Research who your consumer is and the market you plan on entering. This will help to better establish what individual factors the audience will respond to most favorably.
3) What are the benefits of your product or service?
Does your business provide the most eco-friendly products? Have you developed a technology not available anywhere else? Indicating the benefits and value your product or service provides to the consumer, with an innovative solution will help identify your USP. Pinpoint and exceed the competition with your valued features to establish your USP and create originality.
4) What is your point of difference from the competition?
Realizing the value of your product or service is the foundational element of today's business culture. It is what your business offers that no other business can. Understanding the distinct differences you hold from your competition will make your business stand alone.
In their book Ultimate Guide to Google AdWords, experts state that A USP is worthless if it doesn’t convince people to buy from you. USP is the knife-edge of your chisel that empowers you to “chisel your way in” anytime, anywhere. If you’re not getting enough traction, sharpen your USP.
Although the USP may be your slogan, there is no need for it to be in the same tone and style your target audience may identify with. A few examples of clear taglines that convey their brand are; FedEx - "Absolutely, Positively Overnight" and Zappos claim to "free returns." The Australian media news excels because they have adopted the mantra of going back to the basics. They are the most compelling source of news in their cities and understand that even as publishers, they need a USP.
Research, review and revise the essential components down to one concise and clear statement that conveys your value and differentiates you from the competition.
Find out more
Getting reconnected with your USP is just the beginning of the road to increased competitiveness and growth. We've got a whole lot more information about developing a better understanding of your USP and your "Why", and mapped out the entire road to growth for you in a our new eBook "Cracking the Code to Business Growth."