Unique Selling Proposition – do you really have a USP?
I believe the unique selling proposition is a myth, here’s why:
The USP is lauded as the holy grail of marketing. We’re constantly told to “focus on your Unique Selling Proposition”. But how many businesses can say they truly have one? If it’s the case (as I believe) that we don’t, then what should we focus on instead?
The term USP is said to have been coined by Rosser Reeves of television advertising firm Ted Bates & Company back in 1940. It has been used extensively in advertising since. There are various definitions of the term but essentially it’s:
That one thing about you that’s unique, that no other business has or does, that makes your offering a better proposition to potential customers than your competitors are.
Although highly successful back in the day for brands such as British Airways, Head & Shoulders and Anadin, the world of commerce has changed in the past 80 years and what worked then doesn’t anymore.
Globalisation and population growth
Firstly, there are way more brands and commercial enterprises doing the same things than there were in 1940. That said, population growth and globalisation means markets are larger too. Even small businesses can compete with large ones for market share by selling to customers the world over or by occupying tiny niches that wouldn’t otherwise be served.
However, if you’re a business owner, the fact that there are many more businesses doing the same as you makes it almost impossible to have (and hold on to) a unique selling proposition. Even if you do have one, it’ll only be a short time before someone else is doing the same but cheaper and better. Anyone who’s watched Dragon’s Den (UK) or Shark Tank (US) understands this.
Trying to compete through unique selling proposition today is as pointless as trying to compete on price alone.
The importance of customer experience
According to research by PWC, 86% (that’s almost 90%!) of buyers are willing to pay more for a great customer experience and 49% have made impulse purchases after receiving a more personalised experience. A 2020 Walker study predicted that at the end of the year, customer experience would overtake price and product as the key brand differentiator.
So, if you don’t have a Unique Selling Proposition, what’s the answer? How can you set yourself apart and stand out from the competition?
There is only one thing that’s truly unique about your business and that’s you! More specifically, the elements that make up your story so far are the building blocks that brought you to where you are now. Your story is truly unique. There isn’t another person in the known universe who has the same story and experience as you. That experience can help connect you with people and set you apart. And with buyers more focused on customer experience now, your unique story and how you present it is the most valuable selling proposition you have.
For me, this is the true USP – your Unique Story Presentation.
6 tips for creating your Unique Story Presentation:
1) Be authentic – this will help you connect with people on an emotional level. Don’t brag, tell the truth. There’s a place to brag in marketing but it’s not here. People will get that you’re successful – you’re running a business! If you’ve struggled in life, say so. If you’ve learned from mistakes – great, tell us! If you failed 100 times before becoming successful – we want to know. If you ended up in prison and now you’re reformed, what was that like?
2) Don’t hide – it’s common for people to think they’re not interesting or to hide aspects of their life (or character) because they’re self-conscious. Conversely, some people have no filter and tell all to everyone, which can be damaging to reputation and relationship building. It’s about balance – telling your story authentically but sensibly and appropriately.
This is why it’s good to engage a copywriter, someone who’s external, impartial and can see you from the same perspective as your audiences. An experienced writer will guide you appropriately.
The man who mistook himself for uninteresting
I once interviewed an MD to write his profile for the company website. A quiet, unassuming yet highly intelligent man, he seemed nervous and all he offered up were dull narratives his PR people had given him. By way of reassurance, I explained that nothing would be published without his approval and to ease the pressure, I started making small talk. I’d noticed a photograph on the wall and asked about it. The MD told me it was a picture of his late father (and other members of his cohort) who worked with Francis Crick as part of the team at Cambridge University that deciphered the structure of DNA. I was gobsmacked as my interviewee told me he never talked about this aspect of his life because he didn’t want to come across as a show off. I explained that, on the contrary, in terms of his business profile, this was a ‘stand out’ fact and needed to be highlighted and underlined!
Telling your own story is not easy, which is why working with a professional writer will help present you in the best light (even if there are things you don’t like about yourself, don’t feel comfortable talking about or don’t think are interesting). A skilled interviewer will bring out the best and make it an enjoyable experience (I’ve had people leave when the interview’s over and thank me for helping them to feel good about themselves).
3) Identify with your customers and vice versa. If you know your customers, you understand the kind of issues they face, what keeps them awake at night and the sorts of problems they deal with. Use anecdotes from your own professional life that demonstrate your understanding of their situation.
4) Be appropriate – if your target market is young, fun-loving generation Z, your story needs to be fun and “gucci” (Google it, I had to!). B2B audiences aged 28-50 want something more serious and aspirational. Mums want to hear from other mums, they want reassurance that they’re not the only ones feeling overwhelmed……and so on, you get the picture.
5) Your personality – always open up about what you do outside of work, your hobbies and interests and don’t just mention them, weave stories in that will entertain, interest, inspire or influence. This gives your business personality, which is crucial in the digital world where businesses rarely interact with customers face to face. It’s impossible to cultivate loyalty if you’re a faceless operation. Build personality in with images and entertaining bios of your team.
6) A word about humour and controversy: it’s great to be humorous and controversial, if you know what you’re doing. But it takes a skill that doesn’t come naturally for most people and must be learned. An experienced copywriter understands this and will know when and how to use both tactically to make your story stand out.
In this post, I started off discussing Unique Selling Proposition and how (in my view) it’s not something you should focus on because (basically) you don’t have one! But, you should emphasise your Unique Story Presentation because we all have one of those – and they’re usually a lot more interesting than you might think. There is a caveat, however, in that you might not be the best person to write your story. So, if you want to know more or would like to discuss any aspect of your USP, get in touch.