Formulating a compelling Unique Selling Proposition (USP) is not an easy task. As important as your logo, it sets the foundation for effective communications strategy. Meaningful and distinct, the objective of this statement is to set you apart from your competitors and create a memorable catch line for solving your customers’ problems.
According to an IBM study, 80% of customers affirm that brands do not understand them as individuals. Your USP is what will make your audience feel like you have the solution to solve their challenges.
How to create and communicate these key messages to your audience?
In this article, you’ll find a step by step guide for formulating your USP and integrating it within your marketing communications.
1. Research your market
First and foremost, undertake market research on both your audience and competitors. The objective here is to identify what your customers want and what your competition provides them with.
- Customer profiles
The easiest way to define your audience is to select three target persona for which you define the following components:
- Demographics: their age, gender, income, marital status.
- Their story: Where are they in life? What are their values and interests? What challenges are they experiencing that would lead them to need your products or services?
- Their needs and wants: What must they have to solve their challenges? What product or service characteristics would they desire?
- Competitor analysis
Once you know who your audience is and what they are looking for, list out the competitors that target the same audience as you. From there, determine their offering based on the following criteria:
- Key products and/or services attributes: tangible and intangible characteristics such as size, colour, taste, quality, price or reliability to list a few.
- Positioning: What makes their product or service u