Once you know and understand your target market, it will make it a lot easier to identify your unique selling proposition (USP). You might be wondering what your USP is and how it will benefit your company's growth. It’s simply one thing your company does better than anyone else. Once you identify your USP, it will help differentiate your company from the competition and help you to scale.
Many financial services companies haven't thought about what their unique selling proposition is, so when we ask them, “What makes you different?” we hear a lot of responses like:
- We provide excellent customer service
- We have a unique way of selling a problem
- We don’t have any competition
- We have a great team
These are all great attributes, but you have to get more specific to ensure you are creating a great experience for your clients with every touchpoint, from your website and office space to the person answering the phone.
For example, take a company outside financial services—Nordstrom. Many of us know Nordstrom for its outstanding customer experience. When you go to Nordstrom, you can count on the space being organized. It's clean, returns are very easy, and it has a great selection. You know you're going to be taken care of at Nordstrom. Time and time again, it has proven to offer a uniform experience. It, therefore, has done an amazing job pinpointing its USP—and its team ensures you feel that unique difference at every single touchpoint, from entering the store to opening a package mailed from it. This is just one of the reasons why Nordstrom has grown leaps and bounds—it has a clean and targeted message. It knows its target and has aligned its USP to match.
- Here are some other examples of strong USPs. Remember, a USP is more than just a slogan—it’s a promise.
- FedEx Corporation. When it absolutely, positively has to be there overnight.
- M&Ms. The milk chocolate melts in your mouth, not in your hand.
- DeBeers. A diamond is forever.
- Domino's Pizza. Fresh, hot pizza delivered to your door in 30 minutes or less or it's free.
- Dollar Shave Club. Affordable blades to your door.
Now it’s time for you to identify your company's USP, align it with your target market, and ensure it's embedded in everything you do. This is the key to scaling your business this year and continuously year after year.
Want to know how Out and About Communications is set apart from the competition? Read The Cookie Cutter Conundrum to see what we’re all about, and don’t hesitate to say hello. We’d love to get to know you and help you understand your USP.