After walking through this exercise, you should be able to clearly articulate your unique selling proposition. You will be able to define the key attributes which distinctly position your company in the marketplace and understand why customers choose your brand.
The 4 P’s vital to a unique selling proposition
The 4 P’s are product, price, place, and promotion. Each of these areas are a lens to evaluate your business. After reviewing each area, think of the 4 P’s as hooks on the wall. In evaluating your business thru each of these lenses, determine which hook (or hooks) your business would hang its proverbial hat.
Product
In the most basic sense, define what you are selling. Then dig a little deeper. Product entails more than being one of a kind. Compare what you are selling to your main competitors. Your product includes both tangible and intangible qualities.
Quality
Is your offering comparatively unique because it is of high-end quality?
Service
Do you have service that is bar-none?
Variety
Do you offer the best variety available?
Selection
Do you offer the largest selection?
Price
When people hear price they often equate it with being cheap. But price does not simply mean cheapest. It can also mean the best value. If you price-match or offer a lowest-price guarantee, then this P is probably your wheelhouse.
Once evaluating your product, you may find that what you are selling + your service proves you to be the best value and thus your USP has an element of price. A national brand example of a price-focused USP is Walmart whose brand statement is “saving people money so they can live better.”
Place
Evaluating your business thru the place lens means both brick and mortar as well as ecommerce.
Convenience
Established
Destination
Is your store a ginormous warehouse that consumers will travel miles and miles to visit?
Travel
Do you make house calls while your competitors do not?
Promotion
While you will want to promote your unique selling proposition no matter its definition, sometimes what makes a brand unique is the promotion itself. Are you known for always having a sale or offer? If so, your hat is hung on the promotion P.
Summary
Now that you have thought about your business identity though each lens of the 4 P’s (Product, Price, Place, Promotion), you are ready to craft your USP. Still need help clearly defining your brand in the marketplace? Rogers Advertising is here to help. Our team is happy to discuss your business and help you get on track to understanding your brand and developing a strategic marketing plan to grow your business.