Brand uniqueness is not a new concept. With the arrival of the information age and the overwhelming bombardment of advertising invading our everyday lives, how can a company get noticed?
The numbers of unemployed and “underemployed’ people have been on the increase for many years. This has led to an equal increase of new companies and startups.
The Small Business Administration sites that about half a million small businesses are started every year in the United States alone. However few of them survive more than two years in operation and almost half of the remaining close down in four years.
The list of reasons for those who fail is fairly common and well known, lets focus on ways to stay on the shrinking list of successful and happy companies that are thriving in this “Hunger Games” business world.
Catchphrases in the startup world are as common as flannel shirts in Canada. We are going to touch on one main phrase … USP or Unique Selling Proposition.Entrepreneur.com defines USP as “The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition”.
For example, Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Some airlines sell friendly service, while others sell on-time service. Neiman Marcus sells luxury, while Wal-Mart sells bargains.
How does one build a great USP?
1. Consider Your Audience – Do you know what your customers are looking for? Take a good look at the demographics and psychographics of the group that you are selling to. What are they focused on? (Price, Quality, Aesthetics, Professionalism, Politeness, Reliability, Relatability). The more you know about you audience, the more focused and relevant you can make your USP.
2. Consider Your Competition – What is your competition missing? Your business is as unique as you are. It is a must that your are able to explain this to your customers … WHY they should choose you over the other guy.
3. Consider Your Product – What do you have that they don’t know they need? Do you have the lowest price? Is your product available to those who have a limited budget or the “thrifty” consumers? Is your product the best quality? Do people come to you to pay a premium for excellence? Do you have that “hard to find item”? Are you the source to offer what others can’t offer?
Building a brand around what makes you different and draws attention is not always easy. It may take some time, but it’s not impossible. Write down all the factors about your business you think are important.
Make another list of those that your competitors are and aren’t using. Study the list and then strike off those you don’t think are unique. Make your final USP list short. Don’t overwhelm them with a flood of marketing research just a catchphrase that can convey an idea or feeling.
If you are asked at a later time by a customer you should be able to back up your USP with a small list of facts and references … but only if they ask.
Remember the 3 S’s … Story, Skill and Style.
1. STORY – What in your short or long history will draw the customer to you? “That one life changing moment made me want to do this better than anyone else”.
2. SKILL – What in your short or long history will give that customer confidence that your are they one they are going to go with? “15 years trying to save someone else’s company taught me how to be successful”.
3. STYLE – What in your short or long history gives you that special “IT” factor? “When we were mentioned in that publication that we were the leaders. It was then that we knew that we had the style that others were going to follow”.
Levels of success are as diverse as snow flakes. You may have to put a lot of time and effort into figuring out what your USP is but once you do, it will open the doors to endless possibilities. At that point you won’t waste money and time with trendy marketing to people who will never be interested in what you have and let you focus in on those who didn’t know you were “The one for them”.
Remember … You have to be YOU – because everyone else is already taken!