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:
โWhy should I do business with you versus any or all of your competitors?โ
Donโt worry if you canโt answer that question now. Weโll 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 Dominickโs 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, thatโs the story of the Dominoes and thatโs how Tom Monaghanโs fortune was made. And now they donโt even guarantee the 30 minutes but thatโs irrelevant. Theyโre 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; itโs simple.
It doesnโt promise all things to all people. It never mentions a homemade sauce from the โold countryโ 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. Donโt 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 โWhat do you do?โ
Stop saying โIโm a carpet cleaner.โ The conversation usually ends there. They never ask โOh, how do you do that?โ This is what you want them to ask so then you can start โsellingโ.
Your USP should convey one or two major benefits and create interest.
For example Dan Kennedyโs USP is:
I cut all the fat and waste out of businessesโ advertising and marketing and make them 10 times more profitable without spending another dollar!
Iโve 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. Heโs gotten so much business from this; itโs 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:
โWhy should I do business with you versus any or all of your competitors?โ
Donโt worry if you canโt answer that question now. Weโll 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 Dominickโs 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, thatโs the story of the Dominoes and thatโs how Tom Monaghanโs fortune was made. And now they donโt even guarantee the 30 minutes but thatโs irrelevant. Theyโre 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; itโs simple.
It doesnโt promise all things to all people. It never mentions a homemade sauce from the โold countryโ 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. Donโt 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 โWhat do you do?โ
Stop saying โIโm a carpet cleaner.โ The conversation usually ends there. They never ask โOh, how do you do that?โ This is what you want them to ask so then you can start โsellingโ.
Your USP should convey one or two major benefits and create interest.
For example Dan Kennedyโs USP is:
I cut all the fat and waste out of businessesโ advertising and marketing and make them 10 times more profitable without spending another dollar!
Iโve 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. Heโs gotten so much business from this; itโs hard to believe.
So create your USP and start using it!
Continue reading...