When it comes to attracting customers, being able to define a company USP (unique selling point) is your first step. A USP, defined by Collins English Dictionary, is a particular feature that differentiates your product or service from others.
While showing where your business is unique forms the basis of any USP, there is a second factor to consider. This is your company value proposition. If your USP is what makes your business different, your value proposition is why your customer should choose you. The keyword here is value. What value will you deliver to your customer in return for their money.
Perhaps the most important part of any value proposition is the problem your product or service solves. After all, any potential customer is reviewing your business in relation to a pain they are facing and looking to solve.
Okay, so how do I define a company USP?
- Start by listing all of the potential differentiators of your business
- Create a list of your 3 most important competitors. This list will be useful for more than just your USP and can be made up companies you’d like to compete directly with, but also companies you wish to emulate.
- Research your competitors USP’s and compare to your list from step 1. How unique are your differentiators? Eliminate items from your list of potential differentiators based on uniqueness.
- Define your customers need. What is the pain they are facing that you are looking to solve? This is where you will uncover your value proposition. Compare your list of differentiators to your customers pains. Do any of them further reduce the pain? Are any of your differentiators able to solve your customers need as well as a need or want threat they may not even be aware of yet? Further eliminate items from your list.
- The remaining items on your list will be your differentiators. It is important to note that your USP is your unique selling point. That is singular. The final step is to choose the one single differentiator from your list that resonates with you.
An example of a USP
Generate leads for your product or service using automated scanning of forums like Quora and Product Hunt. Find people who are searching for help with the problem your product or service solves automatically without spending hours trawling through forums.
The above USP concisely outlines the problem solved as well as the unique value it brings. The problem it solves is lead generation and the unique offering is that it does it automatically for you while saving you precious time (which is a secondary pain the product relieves for it’s user) .
Once you have defined your USP and value proposition, head on over to our registration page and sign up for a free account. Enter your USP and find potential customers who’s problem your product or service solves!