This week's concept: Unique Selling Proposition (USP)
What is it:
Your USP is the intersection between features which your target audience cares about and the features which your brand excels at and excludes features and messaging which your competitors has in common with you.
The remaining features which fulfils these conditions will be your unique selling proposition.
Why it is important:
Your Unique Selling Proposition will help you define the features which make your product or service differentiated from your competitors and more appealing to your chosen target audience in comparison.
By defining your USP clearly, it makes it easier to construct the messaging around the reason(s) potential customers would prefer your solution over your competitors.
A strong and well-defined USP will also help to guide your positioning by providing the context / foundation around which you would want your potential customers to consider your product - e.g. what benefits your product has over other competitors (Positioning) vs what features your product has over other competitors (USP).
It also helps your business strategically as you will have a clearer understanding of why customers purchase from you leading you to know which features to prioritize over others - i.e. the features which make you stand out over others to your chosen target market.
As more potential customers resonate with your solution, this results in a deeper penetration of your product within the selected target market. A larger market share of your target audience would be reflective of Product-Market Fit as compared to just the total number of users you have.
DoorDash's Application Video for YC S13 [Video] - If you have not already seen this video, it is a good demonstration of an elevator pitch. It lasts just under 2 minutes but manages to cover DoorDash's two target markets, their value proposition, and a surface-level validation of market need.
Elevator Speech vs. Unique Selling Proposition vs. Value Proposition [Article] - While sometimes these terms are used interchangeably, there are nuances to each term which this article goes more in-depth on. By understanding the differences between the three terms, you can get a clear understanding of when each have to be defined and is applicable to your situation.
Just some cool things
Burger Restaurant Renames Menu So You Can Expense Items [Article] - Just a piece of interesting marketing news which happened over the past week that I thought is worth sharing. While it would technically be considered tax fraud to expense it, there is no doubt that this serves as a great free marketing stunt which drives significant awareness through word-of-mouth.
Create your personal board of directors [Article & Video] - This has been a concept which has interested me since I first heard of it. It takes the concept of a board of directors / mastermind group and applies it to how we lead our personal lives.
If we aim to treat our personal lives as important as we do any business venture (and we should), we need to also implement structures which help us to be as strategic and intentional with it as we are for our businesses / side hustles. This serves as a great way to do so.
Some quotes to get you through the week
Here are some startup quotes I've illustrated to keep you motivated through the week ahead!
We share them on our Twitter so be sure to follow us there for your daily dose of startup motivation!