One question I always like to ask business owners: Why should I buy your products/engage your services instead of your competitors’? (My trademark question)
Basically, I’m asking for their Unique Selling Point (USP). I like to know this because if you don’t have a strong differentiation, what’s stopping me from going over to your competitors?
Here’s the cold hard truth: Businesses without a powerful USP are committing long-term brand suicide. A slow, agonizing fade into oblivion… while they watch in envy as their competitors skyrocket their profits. That’s why your USP is one of the most important aspects of your whole marketing strategy.
REAL TALK: Without a powerful USP, your business will either languish in mediocrity (if you’re lucky), or be condemned to the wasteland of business failure.
Yesterday, I met the owner of a boutique creative agency. He told me that he was struggling to get qualified leads for his business.
So I asked him my trademark question, and he replied: We’re an innovative and creative 360 agency that covers all aspects of your marketing and creative activities.
Can anyone tell me what’s wrong with that USP?
Simple… first of all, it’s not really that unique. Many bigger agencies are already using the innovative and creative angle.
And when you’re competing against the big boys and you have the same USP as them, the only way you’ll beat them is by playing the pricing game. (VERY BAD STRATEGY!)
Sooner rather than later, your business will become unsustainable and die off. So actually, you’re not really beating anyone but yourself.
Secondly, it doesn’t really hit their prospects’ biggest desires. Sure, a 360 agency that handles everything can save time and convenience for the client.
That’s a nice benefit, but it shouldn’t be your BIGGEST BENEFIT. There’re much bigger desires that you can target, and much stronger benefits you can promise!
He later told me that he did a recent project where he delivered more than 300% ROI, which translated to a 6-figure profit for the client. There’re a few other projects he handled which got similarly amazing results.
When I heard that, my jaw dropped. I was dumbfounded. I was seriously stunned and speechless for like 5-10 seconds.
Why? Because they’re not using the ultimate weapon they have at their disposal! They’re keeping it locked away for whatever reason I can’t fathom, and waddling in mediocrity because of that!
Imagine if they used the ROI exploder angle as their USP. Compared to what other agencies are doing (360, creative, innovative), that’s a sure-fire attention grabber right there!
That’s because their target audience (SMEs) love getting big profits and ROI. I dare say it’s the biggest desire for all SME owners. Definitely more desirable and a stronger differentiation than innovative, creative and 360.
If they link their USP to fulfilling that desire… BOOM! Explosive profits. Exponential growth. Niche domination. All within a short time.
So think about your USP. Is it really hitting the biggest desires of your prospects? If not, take some time, do your research and come up with something more powerful. It’ll be worth your while.