USP & Elevator Pitch
In a crowded marketplace, fitting in is failing – Seth Godin.
Being different is better than being better - Tom petters
A quick TLDR
No need to complicate this - if you struggle to find a way to condense your USP into a catchy phrase just make sure it is as teh very least very clear. Clear is better than trying to be clever!
Here is a simple framework....
Different is better than being better...
When you do a proper competitor analysis you will realise most companies are all generic copies of each other....they are standing side by side offering the same boring thing, saying the same thing over and over again to a customer…in essence to win the customer over it is like playing Russian roulette and is based on luck…but with a USP you can easily stand out and become the obvious choice…
What is the one unique thing you offer that makes your prospects think “wow, I must have this product or service”
If a prospect can immediately see what makes you unique over your competitors they will have no choice but to go with you.
Most businesses cannot articulate this and wonder why they are struggling. Therefore even if most of your competitors offer what you offer the chances are they either don’t tell anyone about it or they cannot articulate it to the customer; thus as far as your prospect or client is concerned this is UNIQUE!
What do you do if you can't find something unqiue about yoursleves?
What do you do if you cannot find why you are unique?
You have two options...
- Stop running your business, give your investors back their money and go work for a business that does
- Fix it!
There is ALWAYS a way to make anything unique!
Some part or element of your business can be changed in a way that supports a legitimate and authentic unique selling proposition.
Your Unique Selling Proposition (USP)
This is essentially the main single benefit that you want to highlight. A unique selling proposition (USP) is the one thing that makes your business better than the competition. It’s a specific and clear benefit that makes your business stand out when compared to other businesses in your market.
Zappos – We have the best return policy ever
Macy’s - You can bring back any item whether it’s a week or a decade from now for a refund, even if it has holes in it
M&Ms -- The milk chocolate melts in your mouth, not in your hand.What is the one pet peeve of all chocolate lovers? The dirty hands they get afterwards. This is another example of truly understanding the client beyond demographics.
Avis - We're number two. We try harder.This is absolutely genius. For many years Avis lagged behind Hertz in the number two spot and were facing financial turmoil. Hiring the famous advertising agency ‘Doyle Dane Bernhach’, Avis decided to do an image makeover and implemented a new campaign that saved the company. The “We try harder” campaign skyrocketed their market share from 11% to 35% in the subsequent years.
FedEx Corporation - When it absolutely, positively has to be there overnight.
USP’s can come from any aspect that the customer values
- Service (Zappos)
- Guarantee (Macy’s….you can bring back any item whether it’s a week or a decade from now for a refund even if it has holes in it)
- Pricing (Walmart….generally DON’T DO, history has shown that most companies that compete on price eventually go bankrupt)
- Selection (amazon…not a huge fan as it kills cashflow for a lot of companies)
- Timing (Fedex or dominos)
- Exclusivity (Ferrari)
- Uniqueness (The ave venice)
"If you don't have a competitive advantage, don't compete.” -
Jack Welch, Former CEO of GE.
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