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The True Value of a Unique Value Proposition
The idea of using a unique selling proposition (USP) isn’t unique or new in business.
So what is a USP? Do you have a simple statement about your brand or business that tells your prospects how you are the only alternative for to solve their problem? You have one already that just rolls off your tongue? Not? It is Business 101 yet most businesses simply do not have an answer that pops into their mind for this?. Even worse there isn’t one on their letterheads, business cards or on their website home page! What a wasted opportunity!
By unique selling proposition (USP) I don’t mean a slogan or a phrase that appears in your advertising. I mean that powerful yet concise and memorable phrase that answers the main question in your prospect’s head, “Why should I do business with you instead of somebody else?”
A unique selling proposition is very important. Let’s ask ourselves…
Why should your ideal customer purchase from you rather than from someone else?
So ask yourself, what one single thing about your company, or your product selection, or your customer service or your customer loyalty is so compelling a value, that even if your product was out of stock, or some par of the supply chain was broken (e.g. your website checkout), it would make a customer stick around and buy something anyway? Can you answer this? Why not? If you can’t answer this what hope has your customer of answering this, who has less insight into your business? Nothing closes clients on using you more easily than showcasing a unique unbeatable edge that they value.
Many marketing experts believe so strongly in the importance of having clarity in your Unique Value Proposition, that they proclaim that if you get your unique value proposition correct, you can afford to do many other things wrong and still get great results!
Whether we are helping our clients determine their Unique “Selling” or “Value” Proposition, we still find it is the biggest energizer you can have in your business. It is one of our 7 Business Sweet Spot Keys that enables your entire organization to zone in on the edge that you have over your competition and turn it rapidly into more sales at every level. Helping you find and clarify your unique value proposition for use across your whole organization, gives you a powerful guideline for your marketing decisions.
I was reminded of this recently when one of our shares their most recent success story. He was testing a variation in the wording of a client’s unique value proposition on their website. The result was an increase in his conversion rate of 36.2 percent. What did we do for our client that worked so well? We started by writing several suggested unique value propositions, since this company didn’t have one to begin with. Then we tested several different and unique value propositions, until a clear winner emerged in our testing. Not only did our client see a conversion rate increase, our customer took their new unique value proposition (UVP) and put it on all their stationery and other marketing materials. Within twelve weeks their sales had increased by over 47%, their sales team was pumped and all their staff felt like they had a new secret weapon, part of their not so secret sauce.
Unique Value Proposition Supporting Headlines
Recently we have seen even better results by surrounding their Unique Value Proposition with supporting headlines. These are often derived from the initial brainstorming to find their Unique Value Proposition. They are supporting value statements that paraphrase, or dimensionalize an aspect of the Unique Value Proposition. e.g. In support of lowest price in UVP, you may offer “We will beat the lowest price you can find – guaranteed”. Or in support of guaranteed service quality, a guarantee that if the solution is not 100% then the labor charge is waived. These headlines are great to add to your PPC ads and for enhancing the landing-page consistency. When visitors take their precious eight-second first impression, you want them to know why they should buy from you and not your competitors.
Strengthen Your Unique Value Proposition
Creating a unique value proposition and supporting headlines that are sticky, isn’t for chumps or posers. Your unique value proposition must be clear, relevant, and easy to understand. Here’s a quick, easy process for creating a more powerful unique value proposition:
* Ask your clients or potential must have clients what they value most about your product or service – make a list. Ideally use our use our 5 killer Ideation Creator questions to max the value of your answers.
* On your list, look for repeating themes.
* Review your list and using the answers you gathered write 5 to 10 versions for potential unique value propositions or headlines.
* Select three of the most promising unique value propositions and test them.
* Pick the best-performing unique value proposition and apply it everywhere in your business.
How strong is your unique value proposition? It is the key to conversion rate increase and boosting your business success.
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