Unique Selling Proposition, Explained

Dear Reader, So you have an information product and want to sell it online. But why should someone purchase your product instead of your competitor's? How do you make your product not only stand out, but jump out, from the competition? You need to develop what's known as a Unique Selling Proposition, or USP for short. As Robert G. Allen (author of two bestsellers: Nothing Down and Multiple Streams of Income) says "To catch the fish, you've got to design your own unique bait." The USP is a special promise that you make to your customer; something that your competitor is not promising. This promise is uniquely yours. The promise usually takes the form of a short phrase (but can also be highly detailed). For example, Federal Express promises "to deliver when you absolutely, positively have to have it overnight." That promise combined with the belief that the promise will be honored is what motivates the customer to purchase from Federal Express instead of from another overnight delivery company. The USP can be considered intellectual property, and may be registered with the US Patent and Trademark Office as a trademark. No one can legally use a trademark without permission of the owner. You, the owner, are then able to monopolize the expression of your USP. Not only does the USP differentiate your product from your competitor's product. It also focuses the company on delivering on the promise. This focus can lead to direct benefits in the eyes of the customer; for example, guaranteed on-time delivery. Consider the following when designing your USP: 1) What is your unique offering? What are the properties of your product (or service) that differentiate it from your competitors? 2) What properties of your product are the most important to your customer? (Federal Express properly conceived that its customers wanted to receive the package quickly and on time.) 3) What properties of your product would be difficult for a competitor to copy? 4) Can you craft a message in such a way that it represents your product and is both meaningful and memorial to your customers? 5) How will you inform your potential customers of your USP? 6) Finally, test your USP to make sure that it meets the needs of your potential customers. Talk it over with your customer base. Run a survey if necessary. Make sure that your USP properly reflects your online business. Tweak it accordingly. Jim McCabe