Friday, 31 August 2012

How to develop a unique selling proposition for your business

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Have you ever wondered why Apple products command a cult follower-ship? The answer is simple – they have distinguished themselves through innovation. Apple may not be the biggest phone maker or laptop manufacturer, but the company has a market share that no other company can take away from them. They do not compete on price, in fact their prices are higher yet, and their customers are loyal to them for one reason – their innovative products.
Competition is getting in tensed by the day, more products chase fewer consumers and everyday, consumers are given more opportunities to make choices in satisfying the same need with the same product. So the big question now is whose product will they pick? The product they will pick is dependent on one thing – that unique value you are offering them. 

In business, creating a compelling unique selling proposition is a strategy that puts you above board. Many businesses fail to penetrate the market because they lack that extra value that will make the consumers abandon competition’s products for theirs. They wonder why consumers will not buy a quality product even at the best price. The consumers will not buy because there is not distinguishing your product from the rest in the market.

Creating unique selling proposition involves the following:

Identifying the needs of your consumers
Consumers’ needs are the basis for creating a unique value that will drive a business. You identify the need you want to satisfy, and then find a better way to do it better than competitors. You can start by asking what the competitor is doing for them that you can do better. What part of their need is unmet? What are they always complaining about? etc.

Turning those needs into promises?
Every consumer wants that assurance that his or her needs will be solved, and that is what your product or service is out to do. Your product or service is a promised solution to the consumer. To turn a need into a promise, you have to develop the capacity to satisfy that need. Any need that you cannot turn into a promise, cannot be a USP

Keep your side of the bargain
There is nothing a consumer hates like being disappointed. Don’t make a promise that you cannot keep. USP is a promise and guarantee, and you wouldn’t want your consumers to be disappointed because you failed to fulfill a promise you made to them.
When you fail to keep to your promise, the competitor can take advantage of your lapses to cut your market share.

Always remind your consumers about your promises
Let every part of your business reflect the promise or the value proposition. Advertise it, talk about it at every opportunity, always make it a duty to remind the consumer the promise you have made to satisfy his or her need uniquely.

Finally, you don’t have to be the best to succeed in business; all you need is to create an extra value that your consumers will be willing to pay for.


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