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What is a Unique Selling Proposition
A unique selling proposition (USP) or also known as unique selling point is what your business stands for. It is a simple strategy that sets you apart from your competitors.
Before you can begin to sell your product or service to anyone else, you have to sell yourself on it. This is especially important when your product or service is like those around you. Very few businesses are one-of-a-kind. Just look around you: How many mortgage brokers are truly unique? How many financial advisors?
Guess what? The key to effective selling in this situation is what marketers call a unique selling proposition (USP). Simply put, your unique selling proposition is what makes your business different from everyone else in your market. A strong unique selling proposition can help you attract and retain customers and stand out from your competitors.
But, I often encounter unique selling propositions such as:
“We are one of Canada’s largest insurance companies. We are in business for more than five decades and we provide personalised service to each and every one of our customers.”
Does this unique selling proposition sound like your business?
Still wondering what’s wrong with it?
With this unique selling proposition you aren’t giving anything special to your customers, you’re not motivating them. Such types of businesses are dime-a-dozen.
Why Your Firm Needs a Unique Selling Proposition
When your service is well-defined by your unique selling proposition, your target audience learns to appreciate it for that particular aspect e.g. 24/7 support or contacting your leads in the next 5 minutes. Otherwise, your customers will simply gravitate towards others that offer the lowest price, regardless of what other product benefits you may have to offer.
Also, when you build a strong and positive unique selling proposition, it tells your high-value market where they stand with you. You don’t want your service to be an option amongst other brands, after all. With a strong unique selling proposition, you can easily target the market that needs and wants exactly what you're offering, increasing as a result its loyalty to your brand.
How to Find Your Unique Selling Proposition
So, now that you’ve learned the importance of a unique selling proposition, what should you have in mind now when creating your unique selling proposition?
First, here are some things you should research and write down about your chosen unique selling proposition for mortgage or real estate:
•In what way are you different than your competitors?
•What is your competitive advantage?
•Who is your unique selling proposition for? Describe the type of person who would be perfect for your unique service.
•Who is it not for?
•What processes do you need to put in action to guarantee your unique selling proposition going forward?
Here are some ways you can use to create your own unique selling proposition:
Many brokers and other professionals in the financial industry make the mistake of attempting to do everything when they first get started. They want to do everything well, and they want to be all things to all people. If you offer the same as everyone else, you're not gonna stand out, quite on the contrary, you'll get mediocre results.
Offer a Unique Process
Can you offer a unique process for getting the deal done? That could be an automated online process, maybe an additional tool for managing their policies/loans online, something else? What can you add to the core service you offer to make it easier, more convenient, enhanced?
Put Yourself in your Customer’s Shoes
Before you start thinking about which qualities set your business apart from your competitors, you need to know almost everything about your perfect customer. So, ask yourself questions such as:
What does the consumer want?
What is their pain/problem that is driving this inquiry?
Therefore, what are the things that are going to move them towards saying YES to you?
Pure hard work
Another way to help you differentiate from your competitors is through pure hard work. If other brokers are only doing phone calls and taking hours to call back, use text and text everyone within 5 minutes. The early bird gets the worm...
Here at FinanceVine, we are experts in generating ROI-positive results in the financial services space through online lead generation.
Schedule a call with us and discover how we can help your business.