Any business can sell a product, however those that succeed do so by selling a unique business proposition. Customers are not only looking to purchase a product when they walk into a store or visit a site, they are looking to purchase an experience.
Imagine purchasing a pair of jeans from generic retail store, or a pair of jeans from a high-end brand, such as Armani. While the material itself may be similar on a structural level, and the design maybe very similar as well, no one would argue that purchasing jeans from a generic, average retail store compares with purchasing jeans from a high-end store, such as Armani.
In this case, it is not so much about the difference in design, as it is about the experience itself. While having higher quality materials and products is essential to growing and keeping a loyal customer base, higher quality does not necessarily mean more customers, or better profits.
When customers to choose to work with your business over another, they will do so based on a number of factors. One of these factors is the experience they believe they will have in shopping with your company rather than another. For this reason, it’s important to focus on being unique and high-quality, rather than being of the highest quality alone.
There are a number of benefits to establishing a unique selling proposition:
- Setting yourself apart from the crowd will allow you to more effectively and more quickly build your brand.
- You will not have to focus on price being your main selling point, as customers will not be coming to you for the lowest price, but for your selling proposition itself.
- Strong and unique selling proposition have been shown to increase conversion rates, which in turn results in a better bottom line in faster growth.
Unfortunately, coming up with a unique selling proposition for a company is much easier said than done. It’s typically difficult for people to be creative on the spot, however there are some tips and tricks that can be implemented in order to make the process a little easier:
- Research your audience. Understand what they would like to see in a company, and what motivates them to purchase a product. Develop a customer Persona, and use this as a way to better understand your potential customer base. Use this to develop your unique selling proposition, as it will allow you to tailor your company to the interests of your buyers.
- Understand what makes one company in your field better than another. Learn what benefits the customer has by visiting one store versus another store, and implement this as part of your selling proposition.
- Do research to learn what is unique in your field, as well as what is in demand.
- Create a simple yet effective selling proposition that will leave a fast and memorable first impression on customers visiting your store or website. Create a motto comma or other statement that shows customers what your company is about, and what set you apart from the rest.
- Include a customer guarantee of some kind, and have a way to back it up. Many food companies and restaurant chains have quality and taste guarantees, with full refunds if customers are not satisfied. Include a similar guarantee for your product that will set you apart from the rest.
- Finally, market your unique selling proposition. Make it a key part of how you advertise yourself throughout the web. Included in any of your social media marketing strategies, and be sure that it is the prime focus of all marketing you do.
Essentially, the key to developing a unique selling proposition is to look for something that your audience will want to buy, that stands out from other options they may have. Make your company special, and ensure that customers have a unique and one-of-a-kind experience while shopping at your store. By leaving a lasting and positive first impression on customers, you can increase your conversion rates, and begin to reach exponentially larger audiences with time.