- Nov 15, 2012
- 192
- 62
- 28
- Real Name
- Joel Cohen
- Business Location
- United States
Tuesday's Tactical Tip: Tip #4
Unique Selling Point (USP).
Your unique selling point is a precise statement of why your company is special.
It should answer the question:
‘Why should I do business with you versus any or all of your competitors?’
Don’t worry if you can’t answer that question now. We’ll go over how to formulate your Unique Selling Point.
First I want to tell you how powerful a USP can be.
In 1960 there was a college student named Tom. He and his brother Jim had to pay their way through college somehow. So they decided to borrow $900 to buy a pizzeria named Dominick’s in Ypsilanti, Michigan.
Brother 1 would run the place during the day and go to school at night. Brother 2 would go to school during the day and run the place at night.
After a year, they were losing more money than they were making and Brother 2, Jim, wanted to get out. In exchange for an old beat-up Volkswagen Beetle, Brother 1, Tom, owned the entire business.
Not long after, Tom developed a USP that turned his company into a multi-billion dollar company in a very short time.
This was his USP:
Fresh, hot pizza delivered in 30 minutes or less. Guaranteed.
Of course, that’s the story of the Dominoes and that’s how Tom Monaghan’s fortune was made. And now they don’t even guarantee the 30 minutes but that’s irrelevant. They’re so huge now
and everyone knows them that its not hurting them.
But the USP Made them BIG!
The important point is that this USP is not complicated; it’s simple.
It doesn’t promise all things to all people. It never mentions a homemade sauce from the ‘old country’ or even good taste!
What it did was hit an opportunity gap in the pizza delivery business. No one was quick. It used to take at least an hour or longer.
If you see an opportunity gap in your area, go for it.
One of the biggest opportunity gaps is giving a small time window.
Most people hate to wait around all day or even 4 hours. They are annoyed but no one is offering them a different alternative.
You can dominate your market if you hit an opportunity gap.
How To Decide On Your USP?
You should think this over for a while. Don’t rush it.
Your USP is very important. You should mention it in all your marketing materials, even your business card. My business card is my expanded USP.
Talk to your clients. See what they really like about you. Why they chose you. What else they want from you? What they hate most about doing business with you?
Analyze all these answers from many different clients.
Out of all that, decide which points are most important.
Then narrow your USP down to 1 - 3 sentences.
Start using it. Use it in all your marketing materials but also in your every day life.
When you meet someone new, they almost always ask ‘What do you do?’
Stop saying ‘I’m a carpet cleaner.’ The conversation usually ends there. They never ask ‘Oh, how do you do that?’ This is what you want them to ask so then you can start ‘selling’.
Your USP should convey one or two major benefits and create interest.
For example Dan Kennedy’s USP is:
I cut all the fat and waste out of businesses’ advertising and marketing and make them 10 times more profitable without spending another dollar!
I’ve heard him tell people this at all sorts of places - at conferences, at dinner parties, even on the street. Everyone always asks more questions after that. He’s gotten so much business from this; it’s hard to believe.
So create your USP and start using it!
Continue reading...
Unique Selling Point (USP).
Your unique selling point is a precise statement of why your company is special.
It should answer the question:
‘Why should I do business with you versus any or all of your competitors?’
Don’t worry if you can’t answer that question now. We’ll go over how to formulate your Unique Selling Point.
First I want to tell you how powerful a USP can be.
In 1960 there was a college student named Tom. He and his brother Jim had to pay their way through college somehow. So they decided to borrow $900 to buy a pizzeria named Dominick’s in Ypsilanti, Michigan.
Brother 1 would run the place during the day and go to school at night. Brother 2 would go to school during the day and run the place at night.
After a year, they were losing more money than they were making and Brother 2, Jim, wanted to get out. In exchange for an old beat-up Volkswagen Beetle, Brother 1, Tom, owned the entire business.
Not long after, Tom developed a USP that turned his company into a multi-billion dollar company in a very short time.
This was his USP:
Fresh, hot pizza delivered in 30 minutes or less. Guaranteed.
Of course, that’s the story of the Dominoes and that’s how Tom Monaghan’s fortune was made. And now they don’t even guarantee the 30 minutes but that’s irrelevant. They’re so huge now
and everyone knows them that its not hurting them.
But the USP Made them BIG!
The important point is that this USP is not complicated; it’s simple.
It doesn’t promise all things to all people. It never mentions a homemade sauce from the ‘old country’ or even good taste!
What it did was hit an opportunity gap in the pizza delivery business. No one was quick. It used to take at least an hour or longer.
If you see an opportunity gap in your area, go for it.
One of the biggest opportunity gaps is giving a small time window.
Most people hate to wait around all day or even 4 hours. They are annoyed but no one is offering them a different alternative.
You can dominate your market if you hit an opportunity gap.
How To Decide On Your USP?
You should think this over for a while. Don’t rush it.
Your USP is very important. You should mention it in all your marketing materials, even your business card. My business card is my expanded USP.
Talk to your clients. See what they really like about you. Why they chose you. What else they want from you? What they hate most about doing business with you?
Analyze all these answers from many different clients.
Out of all that, decide which points are most important.
Then narrow your USP down to 1 - 3 sentences.
Start using it. Use it in all your marketing materials but also in your every day life.
When you meet someone new, they almost always ask ‘What do you do?’
Stop saying ‘I’m a carpet cleaner.’ The conversation usually ends there. They never ask ‘Oh, how do you do that?’ This is what you want them to ask so then you can start ‘selling’.
Your USP should convey one or two major benefits and create interest.
For example Dan Kennedy’s USP is:
I cut all the fat and waste out of businesses’ advertising and marketing and make them 10 times more profitable without spending another dollar!
I’ve heard him tell people this at all sorts of places - at conferences, at dinner parties, even on the street. Everyone always asks more questions after that. He’s gotten so much business from this; it’s hard to believe.
So create your USP and start using it!
Continue reading...
