Identify Your Unique Selling Proposition
“The nightmare, coughing, achy, sniffling, stuffy head, fever, so you can rest medicine.”
Sound familiar? That is the unique selling proposition of Nyquil, the popular nighttime cold medicine. A unique selling proposition (or USP) is a short and concise statement that identifies a specific benefit to consumers that differentiates you from your competition.
Just like most markets, the real estate market is saturated. Competition is fierce and the only way to grab a piece of the pie is to differentiate your services, thereby creating a competitive buffer.
To effectively develop your USP, you must first perform an indepth analysis of your service’s unique benefits, not features, and compare those benefits to those of your competitor’s.
Why It Pays to Be Unique
When identifying your USP, consider the following qualifiers:
- A unique selling proposition states a specific benefit, not a feature, of your services. For example, a feature such as a 20-point marketing plan may translate to the
benefit: “Your home will get the exposure it needs to sell faster for more money.”
- A unique selling proposition distinguishes your services from those of your competitor.
- A unique selling proposition proposes a solution to or addresses a consumer need. For example, “I want my home to sell in 30 days or less for above asking price.”
- A unique selling proposition is laser-focused toward your target audience. Understand the needs, desires, and decision-making criteria of your target market and then develop a marketing message that addresses them.
Once you have identified your USP, get the word out. Your wonderfully unique benefits don’t mean anything if your market doesn’t know they exist. Reference your USP in all of your marketing materials, along with your tagline and other branding items.
Mia Orantes is a licensed residential salesperson and principal of Real Estate Geeks, a consulting firm offering Real Estate 2.0 marketing and virtual assistance to agents and brokers.
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Comments
The unique selling proposition is best described as the main thing separating you from everyone else who does what you do. It tells why your widget or service is a “must-have.” It’s so important many marketers consider it to be the #1 detail in successful advertising copy.
Posted by: unique selling proposition | May 14, 2008 03:31 AM
Great point about letting the world know about your USP! One idea I have recommended is sending out a Press Release to your sphere of influence. Format the press release as if it was going to the media (send it to them too). When your clients open it, it looks "official" and professional and they are more inclined to read it.
Posted by: Crystal Clark | July 17, 2008 12:46 AM