The 1, 2 Synergistic Combo That Sets Million-Dollar Founders Apart
In the 1940s, legendary ad man Rosser Reeves proposed the idea of a Unique Selling Proposition (USP). This is a powerful, yet often overlooked, component that every founder must master to survive and thrive in a competitive landscape. In a nutshell, a USP describes what differentiates you from the competition.
Nuance Alert: The differentiating factor, or USP, must be effectively conveyed from the viewpoint of your best customers.
As business owners, we are often "too close to the trees to see the forest." The value that we believe we provide is often out of alignment with the actual experience and concerns of our best customers.
Let's use life insurance as an example. An agent trying to communicate their USP might say: "We only offer insurance products that have received the coveted A++ Rating from A.M. Best." In the insurance industry, that's a strong, logical marketing claim. However, your clients aren't insurance agents, and they likely assume all agents offer high-quality products. Plus, that USP is dry and utterly boring.
Instead, we must approach the USP from the client's perspective. They don't really care about insurance; they are shopping for peace of mind. Taking that into account, a more client-centric approach might be:
When life gives you the worst, we are at our best. At ABC Insurance, we partner with our clients to help them get top-rated coverage for the best price. Plus, our world-class team helps you through whatever life throws at you. We do the work, so you don't have to.
That example is certainly closer to aligning with the client’s emotional concerns, but it brings us to the second part of the synergistic combo: the Elevator Speech.
The Combo: USP + The Elevator Speech
Now that you've worked through the complex ideas behind your USP, you must edit the message down to maintain the emotional punch while minimizing the text.
The idea is simple: if you had 30 seconds in an elevator, how would you communicate your USP effectively? To take it a step further, how can you summarize your USP into a compelling sound bite to use in your marketing?
This is an iterative process, but if you invest the time to truly figure out your USP, it will keep you from the dreaded compete-on-price debacle. That, coupled with a strong elevator speech/sound bite, ensures that you did the work most founders will not. And in turn, you take the crucial first step toward selling your product or service for a premium price and differentiating yourself dramatically in the market.
Your Path to a Business that Supports Your Dream Life
If you are an ambitious Million Dollar+ Founder who wants to transform into a world class business that supports your dream life.
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