Philosophers have been trying to help people answer the question of “Who Am I” for centuries. While answering this deep personal question may seem impossible, answering this question for your business is absolutely attainable – and critical to marketing and growing your brand. Just as fingerprints define an individual, there are hallmarks of your business that define your company’s brand. Let’s walk through four key areas to help you define who your businesses is and claim your USP (unique selling proposition).
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
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.
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. Is your offering comparatively unique because it is high-end quality? Do you have service that is bar-none? The best variety available? The largest selection? These are indicators that your product drives your unique selling proposition. A national brand example of product-focused USP is Maxwell House coffee which claims to be “good to the last drop.”
When people hear price they often equate it with being cheap. But price does not simply mean cheapest. It can also mean best value. If you price-match or offer lowest-price guarantees, 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 price-focused USP is Walmart whose brand statement is “saving people money so they can live better.”
Evaluating your business thru the place lens means both brick and mortar as well as ecommerce. Do you have a location every five miles? Is your store a ginormous warehouse that consumers will travel miles and miles to visit? Do you have ecommerce established on your site while your competitors are behind the curve? Do you make house calls while your competitors do not? If you answered yes, then place is an integral part of your USP. A national brand example of place-focused USP is 7-11 who are available 24-7 and have nearly 730 stores in the state of Virginia alone (that is roughly one store for every 11,000 people!).
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.
Now that you have thought about your business identity though each lens of the 4 P’s, 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.