M5 – Unique Selling Proposition

Your Unique Selling Proposition (USP) is the most important part of your strategic marketing plan for your business. Your USP, tells your story and lets prospects know why they should do business with you versus all other options available to them, including doing nothing.

Business is simple. If you make a product that people want and need and are begging for, then, you will be successful.

The late Gary Halbert said it best. If he was stricken penniless and had to start over from scratch, and could only chose one advantage, he would choose a starving audience.

That’s what you have to do. If you are a plumber, you may think that you do something that everyone wants and needs, but the truth is, people will only think about a plumber when they need one. When we need a plumber, we assume they are all the same, so we look at the price.

That’s a bad spot to be in as a plumber. It means that your price has to be lower to get business and it leads to price wars and erosion of your profits.

In this M5, Michael speaks more about how to understand a USP and think like a business owner.

You see, business owners fall into several categories: guessers, testers, and skilled/service.

“Guessers” think about what the marketplace might want to buy and then create products based on those assumptions. “Skilled/Service” were trained to provide a service, or create a product – they know there is a market for their skill, but they don’t know how to interest the market in hiring them to perform it. “Testers” look for a market need and test a solution. If the solution catches on, they ramp-up production. If it doesn’t catch on, they stop and move on to something else to test that might catch on.

Successful businesses are created by testers. In order to be a tester you have to have a story about the need in the marketplace and how you fulfill that need better than any other option available. Testers start with a USP and build their entire business around it.

If you want to grow your business, you must become a tester. If you already have a business, in order to be successful, the first thing you must do is identify your USP. Pretend that you are developing a business that serves a need in the marketplace and define and describe why a prospect should do business with you versus your competition.

About Michael Miller

Michael Miller is the owner of Mindwhirl.com, a sales and marketing coaching and training company in Atlanta, Georgia.

Michael’s mission is helping small business owners understand, and organize their marketing so they can make money and grow.

Mindwhirl helps business owners plan and implement effective, profitable marketing campaigns and sales programs.

If you need more sales, we know how to get leads and grow businesses. Call us today at (404) 858-3105, or email me at mmiller@mindwhirl.com.

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