Why you and not the other guys?
Why you and not the other guys?
Creating and sustaining your unique selling proposition
Sustainable Competitive Advantage
A competitive advantage exists when the firm is able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits that exceed those of competing products (differentiation advantage). Thus, a competitive advantage enables the firm to create superior value for its customers and superior profits for itself.
How does marketing fit in?
Traditional marketing theory talks about the “Four P’s”: Product, Place, Price and Promotion. All marketing campaigns use a mix of these ingredients to build customer awareness and loyalty. Differentiation is a key goal of any good marketing program. The Four P’s are sometimes referred to as the Four C’s: Capability, Convenience, Cost and Communication.
How do we use this framework to differentiate our product or service?
Your USP = your brand
There is no one approach to creating a USP, but what you choose to do must be honest. Start by analyzing your personality, capabilities and goals. Do not create a USP based on superior service if you are not 100% committed to that in your DNA. Do not create a USP based on low price unless you can sustain those prices through low-cost sourcing or low overhead.
Be unique through personality
No one can duplicate you.
Be unique by combining old ideas
You don’t have to invent something new, but you can find a new spin on a familiar product or service.
Be unique by narrowing your focus
Choose your target audience and cater to them exclusively
Be clear, concise and repetitive
Simple messages resonate because they are quickly understood in the clutter of daily life. Consumers do not have more than a few seconds to decide whether your message is important to them. A great USP can often become a great slogan.
Examples:
✤ The Greatest Show on Earth
✤ Is it live, or is it Memorex?
✤ When your package absolutely, positively has to get there overnight
✤ The ultimate driving machine
✤ We’re Number Two. We Try Harder.
Next Up: Unique Selling Proposition
