Do you have a USP?

Do you know your USP, your Unique Selling Point?

Your USP is the thing that makes your business stand out from every other one, therefore telling the world why you are different and why they should buy from you.

Now if your business is a new idea, then your USP should be easy, it is your new idea.

However, if you are joining an existing market you will still have many competitors, therefore it is essential that you have a USP, which explains what you do and what you bring to market.

This USP identifies you as different from your competitors. This is the same for any industry as even if you have a new product that’s opening up a new market, you still have competitors, those who supply whatever people were buying before.

I remember in the 60s when I was selling copiers, they were an innovation. Originally, we had no competitors (until Xerox arrived!), however, even with a revolutionary product that copied documents, it still took time for us to persuade people to use this sophisticated modern system. We needed a USP to convince people. Today every business has a copier, so now to sell them you need a different USP, but you still need one.

Once you have worked out how you are different you have your USP. Now you need to bring it down to as few words as possible. Remember this message from Lewis Black.

“If you don't want another Enron? Here's your law:

If a company, can't explain, in ONE SENTENCE....what it's illegal.”

Lewis Black is a comedian who practices making people laugh at the absurdity and hypocrisy that dominates modern business, this is a case of a comedian telling us the best business lessons in the fewest words.

To explain the Enron scandal, it was in October 2001. It led to the bankruptcy of the Enron Corporation and the dissolution of Arthur Andersen, which was, at the time, one of the top four audit and accountancy partnerships in the world. Enron's founder and his Financial Director, developed a series of accounting loopholes, special purpose entities, and poor financial reporting, that enabled them to hide billions of dollars in debt from failed deals and projects. They were so successful they not only misled the board of directors, but at the same time they so confused Arthur Andersen that they simply ignored the issues.

Therefore, to make certain you don’t confuse your customers, prepare a USP and then tell it in as few words as you can, preferably just a sentence.

That's what we do at Think Cash!

Tony Dalton is a well respected business Mentor covering the Midlands and Warwickshire area. Click here for more information on Tony and "Think Cash"

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