You might recently be finding yourself asking the question, in business what does USP stand for? Maybe you’ve read an article which mentioned the importance of USPs, or perhaps you’ve seen the termed bandied around but aren’t really what it means, and if you do know what USP means, how can you figure out if you’ve got one or not?
Unique Selling Proposition (or sometimes Point) is a critical factor in driving leads and conversions, whatever business you’re in. The increasing competition surrounding all industries, especially those offering developmental or professional services, makes it harder and harder to be remembered for the right reason.
Therefore, knowing what a unique selling proposition is, and how important this is to your business, can be the difference in securing a successful conversion or being forgotten amongst the noise your competitors are making.
This is especially important to consider when you want to start marketing your business, service or product – even more so if you’re going to start outsourcing services such as professional telemarketing services, which traditionally rely on generating customer engagement through the funnel of USPs.
You can have the best product or service in the business, which solves your customers’ pain points perfectly – but without a well-crafted USP, the impact of your product or service falls flat and there will be a yawning gap between your potential and your results.
Luckily, all businesses have USPs. When asking yourself “in business what does USP stand for?” the only answer should be whatever makes your business unique to you, and what allows you to step out from your competitors.
Creating The Perfect USP IN BUSINESS
Finding a USP that accurately conveys the advantages of your business over competitors often requires some deep introspection and creativity. Analysing how other businesses use their USPs can give you some great insights into how they make themselves stand out. Ask yourself what these competitors say they’re selling, not just the products or service characteristics.
To create a highly relevant and impactful USP, you can consider:
- Explaining what your company/business prioritises in terms of what it will deliver to its customers
- How you can instil trust in a prospective customer
- What your customers want to hear – put yourself in their shoes
- What motivates your customers’ behaviour and buying decisions
A USP should be short, concise but emotive. It’s your chance to grab your prospective customers attention and make sure it stays with your business or your product. However, it’s not enough to just say that your business/service/product is the best; you need to offer some sort of validation for your claims.
USPs are not just about declaring that whatever you’re offering is better than anyone else’s, it’s about making sure that prospective customers understand their needs can be fulfilled. In this case, social proof is critical.
Because USPs are all about standing out from the crowd, you’ll need something that your competitors can’t replicate. Anyone can shout the loudest when it comes to marketing, or offering services. But what is unique to you, is what your customers think of your business. Something as easy as asking for their reasoning behind choosing your services, or product, can provide critical social proof which you can turn into an impactful USP.
If you’re starting out, why not ‘shop’ your competition instead? Learn what customers who shop with your competitors think, and what you might do differently. This can all be used to generate impactful USPs.
Why Are USPs So Important?
A well-crafted USP will catch the focus of your target audience, and often a concise message that a customer can remember will keep your business in the forefront of their mind.
When a customer sees a brand or business that seems to be answering a question they hadn’t thought of asking yet, or providing a solution to that pain point they had without them having to really look that hard, this brand is going to drive conversions. This brand is using its USP to great effect.
So understanding how your customers think and what would make them choose your business over your competitors means that you can generate great engagement from your target audience. Once you’ve alighted on a USP that works, your marketing essentially does itself – your USP, if it’s good enough, can become a ‘peg’ on which drives marketing strategy in other areas of your business.
Thinking about “in business, what does USP stand for?” takes you down a path that shows just how linked the pillars of marketing are. When you think about what a USP will provide, it becomes clear how important they are.
A business can ‘peg’ its USP on certain product or service characteristics, price, location, distribution, or promotional strategy. When you think about what the heart of your advantage as a business, product, or service is, this gives you an in to discovering a ‘peg’ that can become pivotal in how you market your business.
Understanding your USP and creating a truly unique one to you, means you’re likely to give yourself a market position that sets your business apart from competitors.