Your Positioning in the Marketplace
Unless you are in a monopoly position, you are one of the many suppliers in the market. All your competitors are vying for the same market segment. Whether you are aspiring to grow your market share, or trying to position your new business in your target market, your success is highly dependent on how you stand out vis-a-vis your competition.
Your marketing effort is to attract your target prospects. But they are currently buying from your competitors. They might even be quite satisfied with the service and solutions that your competitors provide. Ask yourself: Why should these customers, or even other prospects buy your products and services? What’s their advantage in doing business with you? How can you make your business more attractive to them?
These questions are the core drivers of all your marketing campaigns. Your objective is to inform and educate your prospects on how your products and services will give them an extra advantage.
Your unique advantages relevant to your target market define your Unique Selling Proposition (USP). What really matters is how your prospects perceive your unique advantages, and how you demonstrate your winning edge in the marketplace. That is the key factor to attract first-time buyers.
How to harness the power of your USP?
Is it enough to define your USP and communicate it once?
No, you must continually promote your unique advantages and your USP. Your competition is active and always chasing your market. That requires you to keep pounding your market with your USP in all your marketing communications and all your marketing collateral. In fact, your USP must be part of your entire business in all its aspects every day. USP is not merely an interesting-sounding concept; your prospects must perceive real value in your unique advantages. That’s is what gives you edge over competition.
Make sure that your USP is visible and evident to your prospects. They must clearly understand your unique advantages. Give them a “hands-on” opportunity to try out, touch and feel your products and services and experience your advantages first-hand. You may conduct product demos, show videos, distribute free samples, make trial offers, allow test drives, offer satisfaction guarantee, etc. Once they see, they’ll believe; once they experience, they’ll be compelled to buy.
Creating and communicating your Unique Selling Proposition (USP)
Let’s say you meet your target prospect in an elevator going from the 3rd floor to the 8th floor. In those 10 seconds, what can you say about your business that gets their attention and sparks a positive interest, and you get favorably positioned in their mind? In those 10 seconds, you would portray your unique advantage to your prospects. That’s your USP.
Once you articulate your USP, grab every opportunity to make it known. Place it everywhere — on your web sites, ads, email signatures, carrying bags and packages, and on the business cards and brochures, etc.
Company Name vs Unique Selling Proposition (USP)
Some business owners make the mistake of highlighting their company name in the ads. Your prospects hardly care about your company name. It’s a waste of valuable real estate in the ad.
Want to make a successful ad?
Incorporate your USP, and articulate your unique advantage in a way that your ad appeals to the real “wants” of your target market. Communicate your difference in no uncertain terms. “Me too” marketing pitch will go unnoticed. Let the readers see without doubt what’s in it for them, and how you are distinct from others. Give them a reason to choose you over others. They will want to contact you and will seek you out.
Do you want to develop a magical Unique Selling Proposition (USP)?
i) First, know in depth what your target prospects really “want” and what really matters to them; and
ii) Secondly, conduct thorough research on your competitors; find out what they offer, how they market and promote themselves, why customers buy from them, etc.
A complete understanding of your prospects’ desires will be your key to developing your unique advantages from your customers’ perspective.
Positioning: How to Stand Out in a Cluttered Market.