You’ve heard of USP. A strong Unique Selling Proposition can produce more sales because it works to engrain new long-term memory in the hippocampus region of the brain. A proven way to differentiate yourself from your competitors is through repositioning your copy and design. If you haven’t examined your USP lately, there’s a good chance you’re not leveraging your unique strengths as strategically as you could. Here are five proven ideas to help you refine your USP and create a blockbuster campaign.
Over the years, I’ve come to appreciate what repositioning of a USP can do to skyrocket response. For client Collin Street Bakery, a number of years ago, we repositioned the product from what is widely called fruitcake to a Native Texas Pecan Cake. Sales increased 60% over the control in prospecting direct mail with a repositioned USP. For client Assurity Life Insurance, repositioning the beneficiary of the product, through analysis of data, increased response 35%, and for another Assurity campaign, response increased 60% (read the Assurity case study here).
First, it may be helpful to clarify what a Unique Selling Proposition isn’t:
- Customer service. Great customer service doesn’t qualify because your customer expects you’ll provide great customer service and support in the first place.
- Quality. Same thing as customer service. It’s expected.
- Price. You can never win if you think your USP is price and price cutting (or assuming that a high price will signify better quality).
A strong USP boosts the brain’s ability to absorb a new memory because you’ll be seen as distinct from competitors.
Identifying your position, or repositioning an existing product or service, is a process. Most organizations should periodically reposition their product or service (or in the case of a non-profit, reposition why someone may be moved to contribute to your cause).
Here are five approaches I’ve used to better understand buyers, and create a repositioned USP to deliver blockbuster results:
- Interview customers and prospects. Talk directly with customers about why they have purchased or supported your organization. And for contrast, talk directly with prospects about why they didn’t act. You can interview by phone, but a better approach, in my experience, is in a focus group setting.
- Review customer data. Profile your customer list. A profile can be obtained from many data bureaus to review more than basic demographics, to more deeply understand your customer’s interests and behaviors. You need to understand what your customer does in their spare time, for example, what they read and, to the degree possible, what they think.
- Analyze only your best customers. As a subset of the prior point, consider analyzing only your very top customers. You’ve heard of the Pareto Principle, where 80% of your business comes from 20% of your customers.
- Review prospect modeled data. If you are using modeled mailing lists, make sure you look at the subset of data you’re mailing for the common characteristics of your best prospect. Like the profile of customers (mentioned in the previous point), you need to transform the data into charts and graphs, to reveal trends and insights. Then have a discussion and arrive at your interpretation of results.
- Conduct a competitive analysis. Examine a competitor’s product or service and compare it to your offer. Be harsh on yourself. While conducting focus groups, you might allocate some of your discussion to your competitors and find out who buys from whom. As you look at your competitor’s products, make sure you analyze their positioning in the market. Much can be learned from analysis of a competitor’s online presence.
Follow these steps to smartly reposition your USP, and you’re on the way repositioning your own product or service that could deliver a new blockbuster campaign.