Unique Selling Proposition: An Easy Guide In 5 Steps

Introduction

With many products in the market, it is necessary to understand how you can sell your product. The answer to this is to understand your Unique Selling Proposition or Unique selling point. This unique selling proposition is what makes your business stand out in an ocean of similar products and informs your customers on what makes you and your product different and unique. 

Even if you do not plan to launch a product into the market, and interest in the field of business or marketing guarantees a scenario wherein you’ll come across the concept of a Unique Selling Proposition.

1. What is a Unique Selling Proposition?
2. Purpose
3. How to write a Unique Selling Proposition
4. Importance
5. Examples of Unique Selling Propositions

1. What is a Unique Selling Proposition?

A unique selling proposition is a clear and succinct statement that describes how your product is different from and, to a certain extent, better than the rest of your competitors. It shows what you have to offer that the rest of the market does not- it could be higher quality, lower price, better customer exposure, or an absolutely new technology used to build the said product.

In simple words, a unique selling proposition’s definition would be “what your business stands for.”

2. Purpose

One might often question what does the unique selling proposition actually does?

Your Unique Selling Proposition is an effective tool that will help you reach your marketing goals by branding you as an equivalent, if not a better opponent to your collateral in the market.

A unique selling proposition will help your business’s sales and marketing team make crisp, compelling arguments instead of iterating a whole essay on why your product is better. 

From a customer’s point of view, it would help them re-evaluate the goods and services offered to them in the market. They can strategize and choose a product based on different categorizations that the market stands for. A unique selling proposition makes this categorization easier as it would state whether the good is under the most affordable or in luxury or maybe even the safest category. 

3. How to write a Unique Selling Proposition

A compelling Unique Selling Propositionmust is assertive but not generic. It should be short, crisp, and concise. It should be a personal unique selling proposition that is not in use by others. It must focus on what the target customers want and need. It should be more than just a slogan. It should embody the idea behind your business and should cover everything about your business, from your production to your return policy.

Here is a step by step approach one could follow while drafting a Unique Selling proposition for their business-

• Lay down the basic foundation

One should first take a step back and review the vision statement, business plans, market one wishes to penetrate, and overall goals before drafting a Unique Selling Proposition. It should be ensured that extensive market research is done before determining the target audience.

• Find a solution to the problem

The next step is to identify your target audience’s issues and explain how your product is the perfect solution to their problems.

• Identify what makes you different from the rest 

This step focuses on proving to the customer how your solution is different or better than the rest of the competitors’ solutions. The differentiator should be the primary catalyst behind a customer’s choice.

• Seal with a promise

A concise statement that embodies a promise regarding what your business offers is the crux of your Unique Selling Proposition. This promise should leave the necessary impact on the customers that would draw them towards your product.

By following this procedure, one can learn how to develop a unique selling proposition that yields results.

4. Importance

No matter how splendid and useful your product is, it is of no use if the customers have no idea about its existence and its uniqueness. A unique selling proposition’s importance is that it provides more value for money to customers who have an open view to better quality at the best prices. It allows a business to create a distinct image and boost sales in ways other than the customer’s actual usage of the product.

Therefore, a smart point Unique Selling Proposition will ignite your business and be based on what your company has to offer to prospective customers and projects and is a door that opens to various opportunities.

5. Examples of Unique Selling Propositions

Let’s look at a few examples of Unique Selling Propositions of different businesses trying to penetrate different markets.

The popular Milk Duds was once just a small candy brand that was sold in movie theatres. Its Unique Selling Proposition is “Long-lasting candy” as it is chewy in nature and is different from the rest of its competitors such as Hershey’s and Snickers that would essentially melt in your mouth. The company’s marketing campaign played on the fact that it took longer to eat positively and made it their Unique selling proposition, helping the brand grow substantially.

Other Unique selling proposition examples include:

Domino’s Pizza states that “You get fresh, hot pizza delivered to your door in 30 minutes or less or it’s free”. They use their fast delivery capability as their Unique Selling Point.

TOMS shoes market the good they do in society as “with every pair of shoes purchased, TOMS will give a new pair to a child in need.”

Target markets its brand via the Unique Selling proposition of “expect more. Payless”, attracting a huge customer base. 

FedEx’s Unique Selling Proposition is that” when it absolutely, positively has to be there overnight,” giving it an edge over other courier companies that take a few days, maybe weeks to deliver a good or service.

Conclusion

There are a million ways you could use to sell your products. Still, your Unique Selling Proposition is the primary idea that best positions your brand in today’s ever-expanding market according to what your customers want and care about and what your competitors cannot provide, and this makes it an absolute necessity.

Interested to learn all about Product Management from the best minds in the industry? Check out our Product Management Course. This 6-month-long program takes place online through live instructor-led sessions. It is the only program in India that offers the ‘Bring Your Own Product (BYOP)’ feature so that learners can build their product idea into a full-blown product, and go through an entire Product Development lifecycle. Not only this, but this is the only program in India with a curriculum that conforms to the 5i Framework. Post completion, learners receive a joint certification from the Indian Institute of Management, Indore, and Jigsaw Academy. 

Also Read

• Customer Acquisition: A Simple Guide in 5 Important Points